Greenville (S.C.) City Firemen's Pension Fund hired 12 external managers in the $27 million plan's first foray into stocks and corporate bonds, said Gary Forte, the Prudential Securities consultant who assisted. The move was approved in a voter referendum in November.
The fixed-income managers are: Companion Capital, $7.9 million; Allegiance Capital, $5 million; and Calamos, $1 million in convertibles. Equity managers are: Anchor Capital, $1.8 million, Delaware Investments, $1.8 million, and Northern Trust Value Investors, $1 million, each in active domestic large-cap value. Equity managers running less than $1 million each are: Gartmore and Furman Selz, both for active domestic large-cap growth; Franklin Private Client Group, active domestic midcap core; Cedar Capital, active domestic small-cap to midcap growth; and Lord Abbett, active domestic midcap value. In addition, INVESCO was hired to run $1 million in REITs. The remaining assets will be managed internally in short-term cash.
The plan's assets had been entirely invested in internally managed government bonds.