Sarasota (Fla.) Police Officers' Pension Fund hired Wells Capital Management to run about $16 million in an active domestic large-cap growth equity portfolio, wrote Thomas D. Kelley, pension plans administrator, in an e-mail.
The $181 million pension fund conducted an invitation-only search in March to hire a manager to complement the $18 million active domestic large-cap growth equity portfolio managed by Silvant Capital Management, recent board meeting minutes said.
The other finalist was Voya Investment Management. Mr. Kelley said he would not provide further details until successful contract negotiations are completed.
Separately, other meeting minutes stated that the pension fund will interview domestic core fixed-income managers Garcia Hamilton & Associates, Integrity Fixed Income Management and Richmond Capital Management at its June 20 board meeting.
The pension fund conducted an invitation-only search in March for a manager to run about $20 million to complement the core fixed-income portfolio managed by Pacific Investment Management Co., in order to create further diversification of money managers following the resignation in January of Mohamed El-Erian, PIMCO's CEO and co-chief investment officer.
Investment consultant Burgess Chambers & Associates assisted.