Fort Myers (Fla.) Retirement System hired Advisory Research and Eagle Capital Management to run $8 million each in active domestic value equities, confirmed Debra Emerson, pension plan manager.
Advisory Research will run a smidcap portfolio and Eagle Capital will run large cap.
Funding for the hires comes from the $75 million pension fund's terminations of Manning & Napier and Moody Aldrich Partners, which ran about $8 million each in active domestic all-cap value equities.
Manning & Napier was terminated for performance; Moody Aldrich was terminated because of personnel changes. Manning & Napier spokeswoman Shannon Lappin wrote in an e-mail that the company has a policy not to comment on client-related matters.
Investment consultant Bogdahn Group conducted the invitation-only search.
Other smidcap finalists were Cramer Rosenthal McGlynn; Thompson, Siegel & Walmsley; and Wells Fargo. Other large-cap finalists were Cambiar Investors, Ceredex Value Advisors, Dana Investment Advisors and Eaton Vance Management.
