City of Pensacola (Fla.) Firefighters Relief & Pension Plan will terminate Northern Trust, which runs $11 million in a Russell 1000 Growth index fund, for performance, said Cheryl Jackson, city administrative officer. The money will be distributed among the $78 million pension fund's active domestic large-cap growth, large-cap value and fixed-income portfolios. Christine Harmon, Northern Trust spokeswoman, said no one at the firm could comment by press time.
The plan will also terminate J.&W. Seligman, which ran $4 million in its Seligman Capital mutual fund, because of underperformance and a fee increase, Ms. Jackson said. Consultant Merrill Lynch is compiling a shortlist of mutual fund and separate account managers, and the plan's board will discuss possible replacements at its quarterly meeting in May. The board has not determined a timeframe for making a selection. Seligman spokesman Hank Green said the firm does not comment on client matters.