Lauderhill Firefighters’ Retirement System, Palatka, Fla., hired core-plus real estate managers Intercontinental Real Estate and Principal Real Estate Investors to run about $2 million each, confirmed Barbara White, plan administrator.
The $52 million pension fund issued an RFP in March for a manager to complement American Realty Advisors, the pension fund’s core real estate manager, which runs about $2.5 million.
Guggenheim Investments was also a finalist.
Separately, the pension fund hired Glovista Investments to run $1 million in active emerging markets equities. An RFP was issued in April because current manager State Street Global Advisors was on watch for performance. SSgA did rebid for the services, Ms. White said. SSgA spokeswoman Anne McNally said the pension fund remains a valued client at SSgA.
Lee Munder Capital Group was the other finalist.
Investment consultant Dahab Associates assisted in both searches.