Dania Beach (Fla.) Police and Fire Retirement System hired Vanguard Group to run $2 million in an international equity index mutual fund, said Cathy David, plan administrator.
Funding comes from the $27 million pension fund’s termination of Baring Asset Management, which ran $2 million in active international equities. The termination was due to underperformance, Ms. David said.
Ms. David did not have information on which Vanguard index fund the retirement system would invest in available at press time.
Baring spokeswoman Peg Donnelly declined to comment.
Investment consultant Dahab Associates assisted.