Fargo (N.D.) City Employees Pension Fund hired Brandywine Asset Management to run $4.8 million in active domestic large-cap value equities and $1.7 million of its $3.3 million international equity portfolio, confirmed Steven Sprague, city auditor. The $30 million plan also hired Salomon Brothers to manage a new $3.3 million all-cap portfolio composed of a diversified group of equities and fixed income, which Mr. Sprague said would help increase the plan's flexibility.
Legg Mason had managed the large-cap equities but was replaced on the recommendation of Smith Barney, the fund's financial adviser, for diversification. Legg Mason will continue to manage the remainder of the plan's assets, roughly $20.2 million, in domestic and international equities and domestic fixed income. Brandywine will manage international value equities; Legg Mason will continue to manage the international growth portfolio, said Paul Meyers, Smith Barney vice president of wealth management.