Tamarac, Fla., hired Hutchens Investment, an active domestic large-cap value equity manager, to run $5 million for the $20 million Firefighters' Pension Trust Fund and $4 million for the $19 million General Employees' Pension Trust Fund, according to a city official who declined to be identified.
Greg McNeillie, senior vice president at consultant Dahab Associates, said funding came from terminating INVESCO for performance reasons. The firm ran $5 million for the firefighters' plan and $4 million for the employees' fund, both in the same style.
The two plans have separate boards and do not mirror each other, Mr. McNeillie said. The asset allocation for both plans is 55% domestic equity, 35% domestic fixed income and 10% international equity. Dahab Associates advised.
Bill Hensel, spokesman for INVESCO, did not return calls seeking comment by press time.