Tallahassee (Fla.) Pension Plan hired three active domestic midcap equity managers, each running $10 million to $15 million, said Gary Herndon, city treasurer. The $725 million pension plan hired Insight Capital and NCM to manage growth portfolios, and Iridian Asset for value. Funding will probably come from reducing the plans large-cap and small-cap equity portfolios, Mr. Herndon said. Current large-cap managers are Goldman/Liberty and Davis Selected; current small-cap managers are Westport Asset, WEDGE Capital and Nicholas-Applegate. Plan officials wanted to increase the midcap equity allocation, he said.
The plans asset allocation is 52% equity, 43% fixed income and 5% real estate. Clark/Bardes Consulting advised.
Separately, Clark/Bardes is putting together a shortlist of managers to run an active domestic enhanced index strategy for the plan, but details have not been determined because the search is in the preliminary stages, Mr. Herndon said.