Baltimore City Fire & Police Employees' Retirement System hired Pinnacle Associates to run $90 million in active domestic small-cap to midcap growth equities; Hotchkis & Wiley to handle $80 million in active domestic midcap value equities; Pareto Partners to manage $75 million in high-yield fixed income; and William Blair to run $60 million in international growth equities.
Funding came from the termination earlier this year of Boston Co., which ran $100 million in active domestic large-cap value equities; Putnam, $90 million in international growth equities; Alliance Capital, $75 million in active domestic large-cap growth equities; and INVESCO, $40 million in international core equities. Putnam and Alliance were terminated for performance; Boston Co. and INVESCO were dropped "due to the portfolio restructuring," said Thomas P. Taneyhill, executive director of the $1.9 billion system.
The changes were the result of an asset allocation study. Summit Strategies Group assisted.
