Key West (Fla.) Utility Board General Employees Retirement System hired T. Rowe Price Group to run about $12 million in active domestic large-cap growth equities, confirmed Jack Wetzler, secretary/treasurer, in an email.
The $96 million pension fund conducted a shortlist search to replace Sawgrass Asset Management, which ran a similar portfolio and is being terminated because its "large growth strategy falls outside the guidelines of the plan's investment policy statement requirements," according to a board presentation by investment consultant AndCo Consulting. AndCo assisted with the search.
As of Sept. 30, the actual allocation to domestic equities was 58.9%.
