Fort Lauderdale (Fla.) General Employees' Retirement System named Brandes Investment Partners, HGK Asset Management and Sprucegrove Investment Management as finalists in its search for an active international value equity manager to run $25 million.
The $670 million pension fund's board approved the finalists at its Dec. 12 meeting, recently released minutes show.
The pension fund issued an RFP in October. Whether the RFP is for a new manager to complement current managers or a replacement could not be immediately learned.
Finalists will make presentations at the pension fund's Feb. 13 board meeting, with a decision expected shortly thereafter.
As of June 30, the pension fund's international equity allocation was 14.5% and the pension fund had two international core equity managers: Aberdeen Standard Investments and Franklin Templeton Investments, which ran $48 million and $49 million, respectively, as of that date.
The pension fund's target allocation to international equity is 15%.
Investment consultant Dahab Associates is assisting.
Nick Schiess, pension administrator, could not be immediately reached to provide further information.