Fort Lauderdale (Fla.) General Employees’ Retirement System is searching for a domestic large-cap growth equity manager to run $25 million, said William Dahab, director of research at investment consultant Dahab Associates.
Funding will come from Navellier & Associates, which ran about $50 million in a similar strategy and is being terminated because of performance concerns, Mr. Dahab said. A Navellier official could not immediately be reached for comment.
The remaining $25 million from Navellier will help fill other asset allocation needs, Mr. Dahab said.
Additionally, the pension fund is searching for a custodial bank. The search is being conducted to see what additional options are out there, Mr. Dahab said. Incumbent custodian Bank of New York Mellon is invited to rebid.
The equity and custodial bank RFPs are available on Dahab’s website. Both are due by 5 p.m. EDT on June 9. There is no set timeline for hiring decisions.
In other news, Nicholas Schiess was named pension administrator, according to an announcement on the $570 million pension fund’s website. Mr. Schiess, who started last month, replaced David Desmond, who retired in the fall. John LeRoy “Le” Bucci, a former chairman of the pension fund’s board of trustees, had been filling in as interim pension administrator.
Mr. Schiess has served as an administrator for other government defined benefit plans in Florida since 2002, according to the announcement. Mr. Schesiss could not immediately be reached for further information on his previous roles.