Los Angeles Fire & Police Pension System hired two managers to run separate actively managed U.S. small-cap core equity portfolios, said Raymond P. Ciranna, general manager for the $23.1 billion pension plan, in an email.
The board at its May 16 meeting selected Pacific Investment Management Co. to manage $200 million and Palisade Capital Management for an $80 million mandate.
Funding will come from the $373.7 million actively managed small-cap core equity portfolio of Daruma Capital Management. The rest of Daruma's mandate is expected to be invested in a passive S&P SmallCap 600 portfolio; the board has not yet selected a manager for that strategy.
Daruma Capital is being terminated for underperformance. A Daruma Capital executive declined to comment.
