GREENVILLE, S.C. — The $27 million Greenville City Firemen's Pension Fund hired 12 external managers in its 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.