Austin (Texas) Firefighters Relief & Retirement Fund hired five managers to run a total of $167 million, said William Stefka, administrator of the $355 million fund.
Four active equity managers were hired: Mercator, $32 million in international large-cap growth; Brandywine, $30 million in domestic small-cap to midcap value; INTECH, $26 million, domestic large-cap growth; and Westfield, $21 million, domestic small-cap to midcap growth. Criterion was picked to manage $58 million in active domestic core fixed income.
Separately, the system invested $50 million in State Street Global Advisors S&P 500 Flagship mutual fund and $23 million in the Harding Loevner Funds international equity fund; it also increased its investment in the Vanguard bond mutual fund by $25 million, to $55 million, said Mr. Stefka.
Most of the funding came from terminating Nicholas-Applegate for performance, Mr. Stefka said; it ran $100 million in active domestic non-large-cap growth equities. Sue Hunter, spokeswoman for Nicholas-Applegate, said, "It is our understanding that we were terminated because of changes in the plan structure. The fund also reduced an active domestic large-cap value portfolio run by Westwood to $30 million, from $75 million.