Pembroke Pines (Fla.) Fire & Police Pension Fund hired farmland manager Ceres Partners to run $15 million, said James Fisher, pension fund administrator.
The $511 million pension fund reduced the portfolios of three existing equity managers to fund the new portfolio, because they were overweight to their targets.
Inverness Counsel’s portfolio was reduced by $9 million; Atlanta Capital Management’s small-cap portfolio and LMCG Investments’ portfolios were reduced by $3 million each. Further information on the portfolios was not available.
Investment consultant Dahab Associates assisted.