South Broward Hospital District, Hollywood, Fla., hired Northern Trust Global Investments to manage $50 million in an S&P 500 index fund for its $145 million pension fund, said Kerting L. Baldwin, director of media relations for the hospital district. Funding comes from terminating Laurel Capital Advisors and INVESCO, which ran $30 million and $20 million, respectively, in active domestic large-cap equities. "We were not getting the returns we expected," Ms. Baldwin said. She could not comment by press time regarding the switch to passive management.
Both Bill Hensel, spokesman for INVESCO parent AMVESCAP, and Jon Anderson, Laurel Capital spokesman, declined comment.
