Austin (Texas) Police Retirement System terminated two managers in an attempt to consolidate managers and reduce fees, confirmed CEO Sampson Jordan.
The $583 million pension fund terminated a $31 million active domestic smidcap equity strategy managed by Delaware Investments and an $8.5 million long/short equity hedge fund-of-funds portfolio managed by Intercontinental Capital Management.
The Delaware assets were placed in a Northern Trust S&P 500 index fund; Intercontinental's assets were moved to an existing long/short equity hedge fund of funds managed by Double Eagle Capital Management.
Separately, the pension fund named Benefit Street Partners, Crescent Capital Group and LBC Credit Partners as finalists for a middle-market lending allocation. The managers will be interviewed at a Nov. 19 investment committee meeting. Mr. Sampson did not provide additional information.