New York City Fire Department Pension Fund hired nine active domestic small-cap and midcap equity managers for the $5.4 billion system, said Nicole Lise, spokeswoman. Ariel will run $60 million in small-cap value; Lord Abbett, $60 million, midcap value; Forstmann-Leff and John McStay, $40 million each, midcap growth; MacKay Shields and J. & W. Seligman, $40 million each, small-cap to midcap growth; Chicago Equity and Franklin Portfolio, $37.5 million each, midcap core; and Emerald Advisors, $20 million, small-cap growth. Funding came from reducing a Russell 3000 index fund, which had $2 billion in assets as of March 31; information on the funds manager could not be obtained by press time.
The pension fund also committed $15 million to the AFL-CIO Housing Investment Trust program as part of its targeted investment program, and it raised its allocation to MDL Capitals Government bond strategy to $50 million, from $10 million, Ms. Lise said. Funding came from the plans fixed-income account. Further details were not available.