Tallahassee (Fla.) Pension Plan hired AJO and T. Rowe Price Group to manage about $100 million each in active domestic large-cap equities, said Kent Olson, the city's deputy treasurer-clerk.
AJO runs a value strategy for the $1.4 billion pension fund and replaces Davis Selected Advisers, which was terminated for performance. T. Rowe Price manages a growth strategy and replaces Goldman Sachs Asset Management, which was also terminated for performance.
Christopher Davis, chief investment officer at Davis Selected Advisers, did not return a phone call by press time, and GSAM spokeswoman Andrea Raphael declined to comment.
Investment consultant Segal Rogerscasey assisted.