Sanford (Fla.) Police & Firemens Pension Funds selected State Street Global as its first international equity manager; overseeing $3 million for the $31 million plan, said Greg McNeillie, senior consultant at Dahab Associates. Funding will come from an active domestic equity portfolio formerly managed by SunTrust, which was terminated for performance reasons. Officials at SunTrust did not respond by press time.
In addition, the plan opted not to hire balanced managers as planned, but it selected finalists in several other searches. They are: Eagle Asset, Freedom Capital and DePrince Race & Zollo for domestic growth equity; ICC, Key Asset and Cutler for domestic value equity; and Atlanta Capital, HGK and Sawgrass for domestic fixed income. The equity managers will receive $8.5 million each and the fixed-income manager will run $11 million. The fund expects to announce hirings in May.