Davie Police Officers' Pension Plan, Sunrise, Fla., hired Atlanta Capital Management to run $15 million in active domestic large-cap growth equities.
The $207 million pension fund's board approved the hiring at its April 4 meeting, recently released meeting minutes showed.
The pension fund issued an RFP in November. The RFP had not disclosed the reason for the search, but Nov. 8 board meeting minutes showed the board had "concerns regarding continued underperformance" by incumbent large-cap growth manager ClearBridge Investments. Fiera Capital was the other finalist. Vanessa Garcia, spokeswoman for ClearBridge parent Franklin Templeton, could immediately provide comment.
As of March 31, the pension fund's actual allocation to domestic large-cap equities was 31.6%; the target is 30%.
Kevin Condy, director of research at investment consultant Dahab Associates, which assisted with the search, could not be immediately reached for further information.