City of Austin (Texas) Police Retirement System hired Snow Capital Management to run $15 million in active domestic all-cap equities, according to Sampson Jordan, administrator for the $348 million system. Snow Capital replaced Eubel Brady & Suttman Asset Management, which ran the same amount in an active domestic midcap value equity portfolio.
"We hadn't been happy with the performance so we reviewed a scenario with an all-caps manager and determined that we'd go that direction," Mr. Jordan said.
Robert Stirling, chief compliance officer at Eubel Brady, declined to comment.
The system also invested $4 million in Sentinel Real Estate Fund VI. Funding came from a value-added real estate fund that matured late last year, he said.
The system is also considering moving about $5 million into a local currency fund hedged against the U.S. dollar, according to Mr. Jordan. The money now is in an emerging market bond fund. Both funds are managed by Ashmore Investment Management.