Fort Lauderdale (Fla.) Police & Fire Retirement System is conducting an invitation-only search for an active domestic large-cap value equity manager to run about $20 million, said Fred Nesbitt, director of public information.
The $783 million pension fund is considering adding a value manager to its lineup of domestic large-cap equity managers and plans to invite a shortlist of managers to make presentations to the board at a special meeting before the end of October, followed shortly thereafter by a decision.
Mr. Nesbitt said it has not been determined if a manager will be hired, and a funding source has yet to be determined.
The pension fund's three current large-cap managers are: RhumbLine Advisers, which manages a $114 million passive domestic large-cap equity portfolio; INTECH, which manages a $22 million active domestic large-cap core equity portfolio; and Sawgrass Asset Management, which manages a $22 million active domestic large-cap growth equity portfolio.
Investment consultant CapTrust Advisors is assisting.