Pompano Beach (Fla.) Police & Firefighters' Retirement System terminated Sawgrass Asset Management from its $13 million active domestic large-cap growth equity portfolio.
The $241 million pension fund's board approved the termination at its May 6 meeting, recently released meeting minutes show.
The minutes show the board approved the termination because a presentation by Sawgrass earlier in the meeting had not expressed an "effective legacy plan." Further details on the reason for the termination were not provided. The board approved allocating $8 million of the funds to existing active domestic large-cap core equity manager Waycross Partners, giving it about $17 million, and $5 million to existing active domestic large-cap growth equity manager Sands Capital Management, giving it $15 million.
As of March 31, the actual allocation to domestic equities was 28.7%; the target is 35%.
Investment consultant Southeastern Advisory Services assisted.
Debra Tocarchick, executive director, could not be immediately reached for further information.