Hollywood (Fla.) Police Officers’ Retirement System terminated Garcia Hamilton & Associates from a $10 million active domestic core fixed-income portfolio.
The $457 million pension fund’s board approved the termination at its May 17 meeting, recently released meeting minutes showed.
The minutes did not provide a reason for the termination. Brendon Vavrica, senior institutional adviser at Mariner Institutional, the pension fund’s investment consultant, could not be immediately reached for further information.
According to the minutes, proceeds from the termination will be split evenly between other existing active domestic core fixed-income managers Tocqueville Asset Management and National Investment Services, increasing their portfolio sizes to $15 million and $8 million, respectively.
As of March 31, the actual allocation to fixed income was 7%.
