Pompano Beach (Fla.) General Employees Retirement System hired RhumbLine Advisers to run $18 million in passive domestic large-cap growth equities, said Madelene Klein, executive director, in an email.
The $177 million pension fund's board at its Nov. 21 meeting approved the investment in RhumbLine's Russell 1000 Growth index fund as a result of the termination of Stralem & Co. from its active domestic large-cap growth equity strategy. The minutes cited performance as the reason for the termination.
RhumbLine already manages $20 million in passive domestic large-cap core equities and $13 million in passive domestic small-cap core equities for the pension fund.
Investment consultant Southeastern Advisory Services assisted.
Erik C. Kleinbeck, director, business development and relationship management at Stralem, could not immediately provide comment.