Pompano Beach (Fla.) Police & Firefighters' Retirement System hired Nuance Investments to manage about $11 million in active domestic midcap value equities, recently released board meeting minutes said.
The $240 million pension fund conducted a shortlist search earlier this year due to current manager RBC Global Asset Management's underperformance, prior meeting minutes said. Chartwell Investments was the other finalist. The board approved the hiring at its April 16 meeting and had not yet terminated RBC Global at that time.
Investment consultant Graystone Consulting assisted.
Debra Tocarchick, executive director, was not available to provide further information by press time, and Leah Commisso, RBC spokeswoman, could not immediately provide comment.