West Palm Beach (Fla.) Police Pension Fund hired Barrow Hanley Mewhinney & Strauss to run about $19 million in active domestic small-cap value equities.
The $451 million pension fund conducted a shortlist search for a manager to replace incumbent small-cap value manager Wellington Management, which is being terminated for underperformance.
A Wellington Management spokeswoman could not be immediately reached for comment.
As of Dec. 31, the actual allocation to domestic equities was 45.8%.
AndCo Consulting assisted with the shortlist search.