North Miami Beach (Fla.) General Employees Retirement Plan hired Sawgrass Asset Management and Wedgewood Partners to run about $8 million each in active domestic large-cap growth equities, said Martin Lebowitz, pension administrator.
Funding comes from the $77 million pension fund’s termination of Garcia Hamilton & Associates, which ran about $16 million in a similar strategy. Mr. Lebowitz said the termination was due to Garcia Hamilton “not meeting the (benchmark) over an extended period.”
Gilbert Garcia, chief investment officer of Garcia Hamilton & Associates, said, “We appreciate the opportunity to serve them and we respect their decision.”
Investment consultant Graystone Consulting assisted.