Pensacola (Fla.) General Employees' Pension Fund hired Fiduciary Management Associates and Vulcan Value Partners to run $5 million each in active domestic large-cap growth equities, said Cheryl Jackson, payroll and pension manager.
Funding comes from the $141 million pension fund's termination for performance of Thompson, Siegel & Walmsley, which ran $10 million in a similar portfolio.
Thompson, Siegel & Walmsley still manages a $7 million active domestic smidcap value equity portfolio for the pension fund, Ms. Jackson said.
Frank Reichel, TS&W's chief investment officer and portfolio manager, did not return a phone call seeking comment by press time.
Separately, both the general employees' pension fund and the $114 million Pensacola Firefighters' Relief and Pension Fund hired Salient Partners and Westwood Management to run $2.5 million each for each pension fund in master limited partnership strategies.
Ms. Jackson, who oversees both plans, said they are the pension funds' first MLP managers. Funding comes from rebalancing, and no managers were terminated as a result of the hires.
Investment consultant Burgess Chambers & Associates assisted with all of the hires.