Hollywood (Fla.) Firefighters' Pension Fund hired Westfield Capital Management to run about $21 million in active domestic all-cap growth equities, said recently released board meeting minutes.
The $209 million pension fund conducted an invitation-only search earlier this year. Wells Capital Management was the other finalist.
The pension fund also terminated GLOBALT Investments from a $14 million active domestic large-cap growth equity portfolio. The manager was terminated for underperformance. Gary Fullam, GLOBALT's chief investment officer, could not be immediately reached to provide comment. The board, according to the minutes, approved funding the Westfield hire with the GLOBALT termination and rebalancing the portfolio to give Westfield 10% of the overall portfolio. Further information on the rebalancing could not be learned by press time.
Investment consultant The Bogdahn Group assisted.
Jennifer Kerr, plan administrator, did not reply to requests for further information by press time.