Clearwater (Fla.) Employees Pension Fund hired Thompson Siegel & Walmsley and WCM Investment Management to run $15 million each in active international equities, said Jay Ravins, the city’s finance director.
The $840 million pension fund’s board of trustees funded the hires by terminating WHV Investment Management from its $30 million active international equity portfolio, due to underperformance.
Jessica Pickens, WHV managing director, head of relationship management, did not immediately return a phone call seeking comment.
Mr. Ravins said that pension fund staff and investment consultant CapTrust Advisors recommended hiring two managers to “further diversify” the pension fund’s overall portfolio. EARNEST Partners is the pension fund’s other current international equity manager, with a $44 million portfolio.