Georgia Peace Officers' Annuity and Benefit Fund, Griffin, hired Crawford Investment Counsel as its sole active domestic large-cap value equity manager.
The $1 billion pension fund's board approved consolidating the portfolio to Crawford as its single manager at its Aug. 11 meeting.
The pension fund had conducted a search to consolidate the portfolio to a single manager. Incumbent managers DePrince, Race & Zollo and Wellington Management made presentations as finalists at the meeting along with Boston Partners.
The minutes did not provide specific information on the decision to terminate the incumbent managers, but did note that Crawford was the only presenting manager that "was able to commit to a 25-basis-point fee structure."
The portfolio size was not provided in the minutes.
Investment consultant Callan assisted.
P. Homer Bryson, secretary-treasurer, could not be immediately reached for further information.
