Sarasota (Fla.) Firefighters’ Pension Fund hired Renaissance Investment Management to run $9 million in active domestic large-cap growth equities, according to a board meeting webcast Wednesday.
The $138 million pension fund conducted an invitation-only search to replace Fayez Sarofim & Co. because the manager’s strategy “has less risk and lower returns in comparison to other managers,” said July 29 meeting minutes.
Officials at Fayez Sarofim could not be reached by press time.
Other finalists that presented to the board at Wednesday’s meeing were AMI Asset Management and Columbia Threadneedle Investments, along with Sawgrass Asset Management, the pension fund’s other large-cap growth equity manager, whose portfolio is currently about $20 million. The pension fund was considering increasing Sawgrass’ allocation.
Investment consultant Graystone Consulting assisted.
Thomas D. Kelley, the city’s pension plans administrator, was not available by press time.