Miami General Employees' and Sanitation Employees' Retirement Trust is planning to search for an active domestic large-cap value equity manager to run about $20 million, said recently released board meeting minutes.
The $619 million pension fund's board at its July 29 meeting approved a search to replace large-cap value manager Herndon Capital Management, which was terminated at that meeting because of personnel changes and performance concerns. Officials at Herndon Capital could not be reached by press time to provide comment.
The search will be launched in November; investment consultant Southeastern Advisory Services will assist. Whether the search is open to all managers could not be learned by press time.
The board approved parking the Herndon account assets in a passive domestic large-cap value equity portfolio managed by State Street Global Advisors, giving that portfolio a total of $138 million.
Sandra Elenberg, pension fund administrator, did not reply to requests for further information by press time.
