Fire & Police Pension Association of Colorado, Greenwood Village, hired Fiduciary Asset and Legg Mason to manage $90 million to $100 million each in active domestic large-cap core equities, pending contract negotiations, said William Morris, CIO. Funding will come from reducing a $444 million S&P 500 index fund, $163 million S&P/BARRA Growth index fund and $105 million S&P/BARRA Value index fund, all run by State Street Global Advisors. Officials for the $2.1 billion pension plan have not determined the exact reductions, he said. The change is a result of a new domestic equities policy that changed the passive/active split to 60%/40%, from 70%/30%, he said.
Plan officials also put Morgan Stanley on watch because of personnel changes, Mr. Morris said. They will monitor the $125 million active international equities portfolio it manages for up to a year.
Pension Consulting Alliance advised.