Jacksonville (Fla.) Fire & Police Pension Fund this month will issue an RFP for its first active real estate manager, to run about $75 million, said John Keane, executive director-administrator. Trustees for the $800 million plan added the asset class because of its strong performance over the last few years, Mr. Keane said. The funding source will be determined at the Dec. 18 board meeting. The search might be completed by early spring, he said. Merrill Lynch will assist.
Separately, trustees will decide in January whether to seek a new active international equity manager to replace Putnam, which ran $50 million, Mr. Keane said. Putnam was terminated in November, following the market-timing charges against the firm and the departure of several portfolio managers, he said. The plan temporarily moved the money to a Northern Trust EAFE index account, and trustees will decide at their Jan. 22 meeting whether to keep it there or issue an RFP for a new active manager.