North Miami (Fla.) Employees' Retirement System might conduct a shortlist search for a manager to run $22 million, said Miguel Codorniu, pension administrator. Boston Co. Asset Management, which currently runs the money in a balanced portfolio split between active large-cap value equities and active fixed income, was put on watch for performance about a year ago, Mr. Codorniu said. The $65 million plan's actuary and investment consultant, Gabriel Roeder Smith, is assisting. There is no timetable for deciding whether to conduct the search. Joe Ailinger, manager of media relations for Boston Co. parent Mellon Financial, said the firm considers North Miami "a valued client and would hope to maintain that relationship."
Separately, system officials will be sending solicitation letters "in a week or two" in a search for an independent actuary to conduct a one-time review of the assumptions of Gabriel Roeder Smith, which is the actuary for the general employees' plan and $20 million police officers' plan. Mr. Codorniu said that search had been delayed for nearly a year because of staffing shortages at the fund.