Gainesville (Fla.) General Employees’ Pension Plan hired State Street Global Advisors and TWIN Capital Management for domestic large-cap equity portfolios.
According to recently released board meeting minutes, the $377 million pension fund conducted a shortlist search for managers to split the portfolio of Brown Advisory, an active domestic large-cap equity manager, which the pension fund is terminating because Brown’s “investment return performance has been declining relative to their Russell 1000 Growth benchmark index for several years.” A Brown Advisory spokeswoman could not be immediately reached to provide comment.
The pension fund decided to split the portfolio between SSGA, a passive manager, and TWIN Capital, an enhanced index manager.
The amounts of the portfolios were not provided in the minutes.
Brian Sergeant, pension and investment officer, did not respond to requests for further information.