Allegheny County Employees' Retirement System, Pittsburgh, hired Fusion Investment Group as an emerging manager to run $2.5 million in a broadly based exchange-traded fund, said Timothy H. Johnson, executive director of the $851 million pension fund.
Funding is coming from terminating a $5.3 million investment with Cleveland Capital Management and a $6.1 million allocation with Philadelphia Trust Co., both because of underperformance. Cleveland Capital ran a microcap domestic equity strategy for the pension fund, while Philadelphia Trust managed a large-cap domestic equity mandate.
The board has not yet decided what to do with the remainder of the assets from the terminations.
Wade Massad, Cleveland Capital founder, did not respond to a request for comment by press time. Michael G. Crofton, Philadelphia Trust Co. president and CEO, declined to comment.
PFM Advisors assisted the pension fund with the search.