Birmingham (Ala.) Retirement and Relief System, with $900 million in assets, switched an $80 million portfolio to Prudential Investments’ Quantitative Management Group from Prudential subsidiary Jennison Associates. Prudential will manage the money in a core enhanced indexed domestic equity portfolio benchmarked to the S&P 500, said Philip Lawton, vice president at consultant Deutsche Bank.
Jennison ran the portfolio in active domestic large-cap growth equities, he said.
The change came as a response to an option offered by Prudential, said Mr. Lawton.