Clearwater (Fla.) Employees Pension Fund might seek an active international equity manager early next year, said Stephen Moskun, cash and investment manager. The $484 million plan terminated previous manager INVESCO Institutional in January; INVESCO ran $19 million in a commingled fund and was terminated because of performance concerns and market-timing allegations against sister firm INVESCO Funds Group, Mr. Moskun said. The money was spread among existing managers to rebalance to the fund's target allocation of 55% domestic equity, 40% fixed income and 5% international equity. Callan assisted.
"We understand and respect the decision taken by our clients," Bill Hensel, spokesman for INVESCO parent AMVESCAP, said in a written statement. "We were pleased to have the opportunity to manage money for them and hope to do so again in the future."