Sarasota (Fla.) Firefighters Pension Plan hired Richmond Capital Management to run $24 million in active domestic fixed income; PIMCO, $4 million, active domestic midcap growth equities; and DePrince, Race & Zollo, $4 million, active domestic small-cap value equities, said Benita Saldutti, pension plan administrator for the $80 million fund.
Funding came from reducing an active domestic large-cap value equity portfolio managed by INVESCO by $12 million, leaving it with $20 million, and an active domestic large-cap growth equity portfolio managed by Montag & Caldwell by $20 million, leaving it with $20 million. The funds remaining $8 million is in a Merrill Lynch International mutual fund, she said. The plans current asset allocation is 70% equity and 30% fixed income.
The hires follow an asset allocation study by consultant Merrill Lynch that was finished three months ago, he said.