Pompano Beach (Fla.) Police & Firefighters' Retirement System added a domestic small-cap value equity fund managed by Northern Trust Asset Management to the investment options lineup of its $19 million deferred retirement option program, recently released board meeting minutes said.
The pension fund's board voted for Northern Trust's fund to replace a similar fund managed by Columbia Threadneedle Investments at its March 21 meeting.
Separately, the board voted at that same meeting to add a money market fund managed by Fidelity Investments to replace one managed by Federated Investors.
Reasons for the replacements were not given in the minutes.
As of Dec. 31, the Federated Capital Preservation IP Fund had $4 million in assets and the Columbia Small-Cap Value Fund had $1 million in assets. The DROP plan has a total of 21 investment options.
Investment consultant Graystone Consulting assisted.
Debra Tocarchick, executive director, could not be immediately reached to provide further information.
