Clearwater (Fla.) Employees Pension Fund is conducting an invitation only search to add a third domestic large-cap value equity manager, said Steve Moskun, cash and investments manager.
The $710 million pension fund currently has 12%, or about $85 million, with two domestic large-cap value managers — Northern Trust Global Investments, which runs a passive portfolio, and Aletheia Research and Management, which runs a benchmark-agnostic strategy. Mr. Moskun couldn’t say how much each firm manages.
The target allocation is 14%.
He said the allocation could be split evenly among three managers but that hasn’t yet been determined.
Mr. Moskun said staff and investment consultant CapTrust Advisors are conducting the search, with a hiring expected by the end of the year.