The Fort Lauderdale (Fla.) Police & Fire Retirement System hired active domestic small-cap equity managers NorthPointe Capital and Lee Munder Capital Group to run $20 million each in growth and value, respectively, confirmed Lynn Wenguer, administrator for the $101 million system. The hirings are the system's first in small-cap equities.
Funding will come from terminating a $40 million S&P 400 index portfolio run by RhumbLine Advisers. Fund officials elected to shift the assets to more active management, said Ms. Wenguer, adding that RhumbLine will continue to manage about $90 million for the fund in an S&P 500 index portfolio.
Asset Consulting Group assisted.