Flagler Healthcare System, St. Augustine, Fla., hired Sawgrass to manage $10 million in active domestic fixed income for its $24.3 million capital reserve fund, replacing SunTrust, which was terminated for performance, said Linda Kirker, CFO.
Flagler also terminated SunTrust as mutual fund manager for its $16.5 million pension plan for performance reasons, said Ms. Kirker.
The manager handled all of the plans assets in five STI mutual funds. Carolyn Gosselin, first vice president, public relations, at SunTrust, declined to comment on the termination.
The pension plan reallocated its assets as follows: 25% of total assets each to active large-cap domestic equity managers 1838 Investment and National Asset; 30% to the PIMCO Total Return fund; and 5% each to AIM Aggressive growth, Putnam New Opportunities, Putnam international and Europacific growth funds.
Merrill Lynch assisted.