Fort Lauderdale (Fla.) Police & Firefighters' Retirement System hired Waycross Partners to manage about $25 million in active domestic large-cap growth equities.
The $1.2 billion pension fund's board approved the hiring at its Aug. 10 meeting, spokesman Fred Nesbitt said.
Funding comes from the termination of INTECH Investment Management from its active domestic large-cap core equity portfolio.
Mr. Nesbitt said the termination was not for performance reasons, but because the board wanted to give its overall domestic equity portfolio more of a growth tilt.
As of March 31, the pension fund's actual allocation to domestic equities was 33.2%; the target is 30%.
Investment consultant CAPTRUST Financial Advisors assisted.
