HIRINGS
City of Austin (Texas) Employees' Retirement System hired Sector Capital Management for its nearly $1 billion pension fund, said Cathy Harrington, pension director.
Sector will manage active core equities in a manager-of-managers approach.
The amount assigned wasn't available. She said funding came from a rebalancing. No consultant was used.
Charlotte (N.C.) Firefighters Retirement System, with $196 million in assets, hired Wedge Capital Management as a midcap value equity manager.
Wedge will manage about $18 million, or one-third of the $56 million portfolio that had been managed by First Union in large-cap and midcap stocks. First Union will continue to run the remainder of the portfolio in large-cap value stocks. Callan assisted.
Lancaster County Retirement Fund, Lancaster, Pa., hired Emerald Advisers to manage $13.2 million in a small-cap growth strategy, said Greg Sahd, county treasurer. The money came from C.S. McKee, which will continue to manage the remainder of the $88 million pension fund, with around 50% in a value-oriented equity strategy and 50% in fixed income. Hewitt assisted.
Lakeland (Fla.) Employees Pension Fund hired Asset Consulting Group as consultant. Officials will meet with the firm, look at the fund's asset mix and take it from there, said Gary Clark, executive director for the $300 million fund. The firm replaces Advest, which chose not to respond to the RFP.
El Pomar Foundation, Colorado Springs, Colo., hired GEM Capital to run $10 million in a U.S. convertible bond portfolio.
The funding is coming from cash, said R. Thayer Tutt Jr., executive director and CIO of the $414 million foundation.
