Hollywood (Fla.) Police Officers' Retirement System hired Tocqueville Asset Management to run a $10 million domestic core fixed-income portfolio, John McCann, senior consultant at AndCo Consulting, said in an email.
The $300 million pension fund's board approved the hiring at its April 26 meeting based on the recommendation of AndCo, its investment consultant. The firm recommended the manager following Tocqueville's hiring of portfolio manager John Rochford, who was previously with Inverness Counsel, which runs an active core fixed-income strategy for the pension fund.
Additionally, because of Mr. Rochford's departure from Inverness, the board approved reducing that manager's fixed-income portfolio by $25 million, leaving it with $30 million.
Partial proceeds went to the new Tocqueville portfolio, with the remaining $15 million going to Garcia Hamilton & Associates, also an existing active domestic core fixed-income manager, giving that manager about $29 million.
As of March 31, the pension fund's actual allocation to fixed income was 23%.
Separately, the pension fund terminated ClariVest Asset Management from its $20 million active domestic large-cap growth equity portfolio, citing underperformance. The assets were split evenly between existing active domestic equity managers Inverness Counsel, which runs a large-cap strategy, giving the manager $63 million, and Wells Fargo Asset Management, which runs a large-cap value strategy, giving the manager $30 million.
Officials at ClariVest could not be immediately reached to provide comment.
As of March 31, the pension fund's actual allocation to equities was 62.7%.