Hollywood (Fla.) Police Officers' Retirement System hired ClariVest Asset Management, RhumbLine Advisers and Sawgrass Asset Management to run a total of $38 million in domestic large-cap growth equities, said John McCann, senior consultant at AndCo Consulting, the $273 million pension fund's investment consultant, in an email.
ClariVest and Sawgrass will manage $14 million each in active strategies; RhumbLine will manage $10 million in a passive strategy.
The pension fund conducted a shortlist search because incumbent active domestic large-cap equity manager Garcia Hamilton & Associates, which manages about $38 million, informed the board that it plans to close its large-cap growth equity strategy at the end of this year.
Garcia Hamilton still runs a $14 million active domestic core fixed-income portfolio for the pension fund. RhumbLine already managed a $27 million passive domestic midcap equity portfolio and was hired without making a finalist presentation.
Polen Capital Management was also a finalist.