Park Ridge (Ill.) Policemens & Firemens pension funds hired Salomon Smith Barney to manage active domestic large-cap growth equities, said Carl Braweiler, city treasurer. The amount for the allocation has not been set, he said.
Funding will come from rebalancing. Trustees for the two plans, each with $33 million in assets, decided to diversify the funds portfolios, he said. All of the plans assets had been in fixed income.
Additional equity managers may be added in the future, although no details have been worked out, he said. Laurel Capital Advisors is assisting.