Delray Beach (Fla.) Police and Firefighters Pension Board hired Bogdahn Consulting as general investment consultant, said Charles Jeroloman, chairman of the board of trustees. Smith Barney, the previous consultant for the $110 million fund, resigned in August after the pension board issued an RFP for a consultant. The board sought a consultant that is not affiliated with a brokerage firm, Mr. Jeroloman said.
The board began an audit investigation into Smith Barney's consulting work in 2005. Benchmark Financial Services, a forensic auditing firm, estimated the fund allegedly sustained $2 million in damages related to Smith Barney's consulting work. The law firm of Saxena & White is assisting the board in the evaluation. There is no timetable for conclusion of the evaluation, Mr. Jeroloman said.
Alexander Samuelson, Smith Barney spokesman, couldn't be reached for comment.
