Pompano Beach (Fla.) Police & Firefighters’ Retirement System terminated Cornerstone Investment Partners from a $23 million active domestic large-cap core equity portfolio, said recently released board meeting minutes.
The $230 million pension fund terminated the manager for underperformance and allocated the assets evenly among four existing managers: international equity managers Lazard Asset Management and Renaissance Investment Management, who now manage $14 million each; and domestic large-cap equity managers BlackRock and Sands Capital Management, who now manage $34 million and $28 million, respectively.
Glenda Rowley, executive director, did not return a phone call by press time, and Dean W. Morris, partner and senior portfolio manager at Cornerstone, did not immediately return a phone call seeking comment.
