The Jacksonville (Fla.) Fire & Police Pension Fund added active real estate as a new asset class for the $800 million plan, said John Keane, executive director-administrator. Trustees made the move because of the asset class' strong performance over the last few years, Mr. Keane said. The plan will search for a manager to run about $75 million, with funding to be determined at its 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.