Fort Lauderdale (Fla.) Police & Fire Retirement System delayed until next August a decision on hiring an active domestic small-cap to midcap equity manager to run $23 million, said Lynn Wenguer, pension administrator. Officials at the $380 million plan had interviewed AXA Rosenberg and Batterymarch Financial Management last week and were "very impressed" with their presentations, but they decided to hold off on any hiring because they didn't want to incur the additional cost of moving to active management, she said.Funding would come from reducing a $40 million RhumbLine S&P 400 midcap index fund; Ms. Wenguer said trustees have been very happy with RhumbLine but thought an active domestic small-cap to midcap manager could outperform the index.
The plan's asset allocation is 65% equity and 35% fixed income. Asset Consulting Group is assisting.
