Pembroke Pines (Fla.) Fire & Police Pension Fund hired Intercontinental Real Estate and Molpus Woodlands Group to manage $9 million each in core-plus real estate and timber, respectively, according to recently released minutes of its Feb. 20 board meeting.
Separately, the $464 million pension fund’s board voted to reject commission recapture service provider ConvergEx’s request that the board reconsider its January decision to terminate the firm following a $107 million settlement between ConvergEx and the Securities and Exchange Commission in December over fraud charges. ConvergEx officials had contacted the board saying it had taken steps to correct the issues that had been cited by the SEC.
Also, the pension fund’s investments returned 6.6% in the fourth quarter, said Greg McNeillie, vice chairman and principal at the plan’s investment consultant, Dahab Associates, in a presentation to the board.
Neither Mr. McNeillie nor James Fisher, plan administrator, could be reached by press time for further details.