Hollywood (Fla.) Employees' Retirement Fund hired three new managers, confirmed Lisa Castronovo, pension coordinator.
The $252 million pension fund hired Frontier Capital Management to run $18 million in active domestic small-cap growth equities. It had conducted an invitation-only search earlier this year following the termination of previous manager Cadence Capital Management for performance. William B. Bannick, Cadence Capital chief investment officer, did not return a phone call seeking comment. The other finalist was Janus Capital Group.
The pension fund also hired Wellington Management to run an active international equity portfolio. The previous manager, Hansberger Global Investors, previously ran $16 million in a separate account the manager closed because of personnel changes. Ms. Castronovo said the exact amount that Wellington will run has yet to be determined. Arrowstreet Capital was the other finalist.
Also, the pension fund hired Principal Real Estate Investors to run a value-added real estate portfolio, the pension fund's first such investment. Ms. Castronovo could not provide further information on the portfolio size or funding source. J.P. Morgan Asset Management was the other finalist.
Investment consultant Segal Rogerscasey assisted in all three hires.