Miami Beach (Fla.) Firefighters’ & Police Officers' Pension Plan hired RhumbLine Advisers to manage a $43 million passive domestic large-cap value equity portfolio, recently released board meeting minutes said.
The $787 million pension fund’s board at its Nov. 17 meeting voted to terminate RBC Global Asset Management from a $43 million active domestic large-cap value equity portfolio because “RBC will be closing the strategy in January 2017,” the minutes said.
Because of the timeline of the closing of the strategy, the minutes said “there was not sufficient time for the board to perform a proper large-cap value manager search” and elected to invest the money in an index fund managed by RhumbLine.
RhumbLine already manages a $73 million passive domestic midcap core equity portfolio and $29 million passive international equity portfolio for the pension fund.
Investment consultant The Bogdahn Group assisted.
Donna Brito, executive director, could not be immediately reached to provide further information.