St. Petersburg (Fla.) Police Pension Fund hired Wedgewood Partners to run $15 million in active domestic large-cap growth equities, confirmed Vicki Grant, manager, benefits, for the city.
Funding comes from reducing to $60 million the allocation to Garcia Hamilton & Associates. Ms. Grant said in a telephone interview that officials of the $336 million pension fund hired Wedgewood to add diversification to the portfolio.
Investment consultant Graystone Consulting assisted.
Separately, the $210 million St. Petersburg Fire Pension Fund hired MFS Investment Management to run about $11 million in active international value equities, according to Ms. Grant.
The firm replaces Invesco, which was terminated when the firm informed the pension fund it would discontinue the commingled fund it managed and move its clients to a different international equity strategy.
Investment consultant Southeastern Advisory Services assisted.
