Sarasota (Fla.) General Employees' Pension Plan hired ClearBridge Investments to manage about $12 million in active domestic large-cap growth equities, according to a video of the pension fund's Monday board meeting posted on the city's website.
The $161 million pension fund conducted a shortlist search due to performance concerns with incumbent manager Renaissance Investment Management. At the meeting, Charles H. Mulfinger II, managing director at Graystone Consulting, the pension fund's investment consultant, said the search was conducted to determine whether to retain Renaissance, hire a new manager to complement Polen Capital Management's $15 million active domestic large-cap growth portfolio, or give Polen Capital the full $27 million large-cap growth equity portfolio. The board selected ClearBridge in a 6-1 vote to replace Renaissance.
Renaissance and Polen made presentations to the board Monday, along with ClearBridge and Sawgrass Asset Management.
Michael E. Schroer, managing partner and chief investment officer at Renaissance, could not be immediately reached to provide comment.