Miami General Employees' & Sanitation Employees' Retirement Trust hired T. Rowe Price Group to run about $50 million in active domestic large-cap growth equities, recently released board meeting minutes show.
The $690 million pension fund launched a shortlist search in March for an additional domestic equity manager because existing manager Atlanta Capital Management was on probation. The board at its March 23 meeting elected not to terminate Atlanta Capital because its performance had been improving and instead find an additional manager to complement the portfolio. In addition to hiring T. Rowe Price at the Sept. 28 meeting, the board removed Atlanta Capital from the probation list.
Funding comes from a reduction in Atlanta Capital's portfolio, leaving the manager with $60 million. Jim Skesavage, Atlanta Capital's head of distribution and client services, could not be reached immediately for comment.
Other finalists were ClearBridge Investments, Wellington Management and William Blair.
The pension fund's actual allocation to domestic large-cap equities as of Sept. 30 was 55.1%.
Investment consultant Southeastern Advisory Services assisted.
Sandra Elenberg, the pension fund's acting administrator, could not be reached immediately to provide further information.
