North Miami (Fla.) Employees Retirement System hired DePrince Race & Zollo to manage $5 million in active domestic large-cap value equities for its $30 million pension plan for sworn police personnel, said Miguel A. Codorniu, administrator. Funding came from reducing Montag & Caldwell’s active domestic large-cap growth equity portfolio to $20 million.
The change was made to maintain the plan’s target allocations, he said; its asset allocation is 57% equity, 38% fixed income and 5% cash. GRS Asset Consulting advised.
