Austin (Texas) Police Retirement System hired Polen Capital Management and Herndon Capital Management to each run $25 million in active domestic large-cap equity, confirmed Sampson Jordan, CEO of the $513 million pension fund.
Polen Capital will manage a growth strategy; Herndon Capital, value.
Sands Capital Management and AllianceBernstein were finalists for the growth mandate; Vulcan Value Partners and Bahl & Gaynor Investment Counsel for value.
Funding will come from reducing a Northern Trust S&P 500 index fund where $85 million was parked from the April terminations of global equity managers Aletheia Research and Management, which handled $55 million, and Tradewinds Global Investors, $30 million.
Consulting Services Group assisted.
