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.
Investment consultant The Bogdahn Group assisted.
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.