Fort Lauderdale (Fla.) General Employees' Retirement System hired EARNEST Partners to run about $40 million in active domestic midcap value equities, said Nick Schiess, retirement administrator.
The $687 million pension fund issued an RFP in October for due diligence purposes; incumbent manager Lord Abbett & Co. was invited to rebid.
Other finalists were Fisher Investments and Smith Graham & Co. Investment Advisors. Mr. Schiess did not know whether Lord Abbett rebid.
As of Sept. 30, the allocation to domestic value equities was 22.5%.
Investment consultant Dahab Associates assisted.
