Tampa (Fla.) City General Employees Retirement Fund hired Mercator Asset Management and Fisher Investments to run a total of $60 million in international equities, said Paul M. Broughton, the $430 million pension funds accountant. Mercator will run a passive portfolio and Fisher, active; Mr. Broughton could not say how much each will manage.
Funding comes from terminating Fidelity Investments, which managed the money in an active domestic risk-controlled large-cap equity strategy, Mr. Broughton said. Fidelity was terminated because of fees and performance, and to free up assets to move into international equities, he said.
Sarah Friedell, a Fidelity spokeswoman, said, "We continue to enjoy a relationship with the city of Tampa managing another mandate, which she declined to identify. Fidelity also manages bonds for the pension fund, according to Money Market Directory.