Coral Gables (Fla.) Retirement System hired Richmond Capital Management to run $23 million in active domestic fixed income and Seneca Capital to manage $21 million in active domestic large-cap growth equities, said Kimberly Groome, administrative manager. Richmond Capital replaces Allegiance Capital, and Seneca replaces Nicholas-Applegate. Both managers were terminated because consultant UBS PaineWebber removed Allegiance from the group of managers it tracks and from the group it recommends to clients, and removed Nicholas-Applegate from just the former group, so officials for the $164 million plan no longer received in-depth performance updates on them, Ms. Groome said.
The plan’s target allocation is 62% domestic equity, 33% fixed income and 5% international equity.
