Sarasota (Fla.) Firefighters' Pension Plan is conducting a shortlist search for an infrastructure manager to run about $6 million.
The $155 million pension fund is currently narrowing the field of potential infrastructure managers, and a decision is not likely until January, said Debra Martin, the city's pension plans administrator.
The selected manager will replace Cushing Asset Management, which currently runs $6 million in a master limited partnership portfolio.
The pension fund's board voted at its Sept. 25 meeting to leave MLPs because of the overall volatility of the asset class, recently released meeting minutes said.
As of Sept. 30, the actual allocation to MLPs was 3.8%; the target is 5%.
Investment consultant Graystone Consulting is assisting.