Boynton Beach (Fla.) Police Pension Fund hired Frank Russell to manage $16 million in a pooled account fund invested 60% in equity and 40% in fixed income, said Barbara B. LaDue, administrator of the $25 million pension plan. Funding came from terminating INVESCO, which ran the money in a balanced portfolio with a similar split, Ms. LaDue said. The termination was because of performance and personnel changes, she said. Bill Hensel, INVESCO spokesman, did not return calls seeking comment by press time.
Salomon Smith Barney advised.