City of Oakland Park (Fla.) Retirement System hired Dana Investment Advisors to manage $12 million in active large-cap core equities, effective Oct. 1, said Margie Adcock, third-party administrator with Pension Resource Center. Officials at the $20 million system terminated the portfolio's previous manager, INVESCO-NAM, for performance, Ms. Adcock said. INVESCO-NAM continues to manage $8 million in active domestic fixed income for the plan. Gabelli Asset Management and Neuberger Berman were the other finalists; INVESCO-NAM also rebid.
Bill Hensel, spokesman for INVESCO parent AMVESCAP, declined to comment.
Joe Bogdahn, principal with consultant Bogdahn Consulting, said searches for international equity and small-midcap equity managers might begin before the end of the year. Plan officials want to diversify the system's equity investments, which are in active large-cap core. Further details have not yet been decided.