Mobile (Ala.) Police and Firefighters' Retirement Plan hired Julius Baer to run $10 million in international equities, said Mary Berg, pension coordinator. The $65 million system terminated the portfolio's previous manager, Putnam, because "the board decided it was time to make a change," Ms. Berg said. Holbein Associates assisted. "We're disappointed about their decision, but hope to have the opportunity to manage investments for them again in the future," said Laura McNamara, Putnam spokeswoman.
Separately, the plan hired Independent Fiduciary Services to conduct its first review of investment consultant Holbein, Ms. Berg said. The system usually signs investment consultants to five-year contracts, she said, but Holbein has been with the plan for six years. Trustees wanted to review the firm's approach rather than conduct a full consultant search, she said. IFS will present its findings in June or July, she said.