Fort Lauderdale (Fla.) Police & Firefighters' Retirement System hired GQG Partners to run about $88 million in active international equities.
The $1.2 billion pension fund’s board approved the hiring at its Aug. 14 board meeting.
Funding comes from the termination of Lazard Asset Management, which ran a similar portfolio. While the minutes did not provide a reason for terminating Lazard, the pension fund’s June 30 investment report said the portfolio has underperformed for the past three years.
The pension fund had conducted a search in order to replace Lazard, and Harding Loevner was the other finalist. A Lazard spokesperson declined to comment.
As of June 30, the pension fund’s actual allocation to international equities was 14.6%; the target is 15%.
Investment consultant CAPTRUST Financial Advisors assisted.
