Lauderhill Firefighters' Retirement System, Palatka, Fla., hired EARNEST Partners to manage about $6.5 million in active domestic midcap core equities, said Barbara White, plan administrator, in an email.
The $82 million pension fund issued an RFP in March for small-cap and midcap managers to run a total of $13 million. Ms. White said the board of the pension fund wanted to split the $13 million active domestic smidcap equity portfolio into separate small-cap and midcap portfolios now that the pension fund is growing. Funding will come from terminating Loomis Sayles' current smidcap portfolio. Ms. White said the manager could not split the portfolio.
Ms. White added the pension fund hopes to begin the process of hiring a small-cap manager in July.
As of Dec. 31, the pension fund's allocation to equities was 36.6% domestic large-cap equities, 15.6% smidcap equities and 8.3% international equities.
Investment consultant Dahab Associates assisted.