Champaign (Ill.) Police & Fire Pension Funds, with $66 million in assets, hired Lord Abbett to manage $3.6 million in active domestic midcap value equities for its $38 million Police Pension Trust, said Richard Schnuer, treasurer. Funding comes from a similar portfolio run by Mellon Equity Associates, which was terminated for performance, he said.
Bill Jurick, junior portfolio manager at Mellon, did not return calls by press time.
The trust also hired two managers to run $1.7 million each in active international equity. Harper International will manage a large-cap value portfolio, and Oakmark will run midcap value, said Mr. Schnuer, treasurer of the fund. Funding will come from terminating a $3.4 million active international large-cap value equities portfolio that had been managed by Merrill Lynch.
The termination was because of the turnover in portfolio managers that resulted from Merrill Lynchs disbanding of its Hotchkis and Wiley unit; performance was not an issue, Mr. Schnuer said.