Sarasota (Fla.) Firefighters’ Pension Fund hired Center Coast Capital and Sarasota General Employees’ Pension Fund hired Cushing Asset Management as their first master limited partnership managers to run about $7 million each, said Thomas D. Kelley, the city’s pension plans administrator, in an e-mail.
The pension funds, which each have about $130 million in assets, conducted an invitation-only search following the creation of 5% targets to MLPs and voted on the managers at a joint board meeting Monday. Funding comes from equities; no managers will be terminated.
Miller/Howard Investments was the other finalist.
Separately, the firefighters’ pension fund hired WEDGE Capital Management to run about $16 million in active domestic large-cap value equities.
WEDGE replaced ICC Capital Management, which was terminated because of performance and personnel changes.
Steven Stack, ICC Capital’s chief operating officer and chief compliance officer, did not return a phone call seeking comment by press time.
The pension fund had conducted an invitation-only search.
HGK Asset Management and Rothschild Asset Management were the other finalists.
Investment consultant Graystone Consulting assisted with all of the searches.