Hollywood (Fla.) Employees' Retirement Fund hired Loomis Sayles & Co. to manage $15 million in active domestic smidcap growth equities, recently released board meeting minutes show.
The $326 million pension fund conducted a search to replace incumbent manager Frontier Capital Management.
Earlier board meeting minutes show Frontier was placed on watch on Feb. 22 for the firm's "fee increase, their underperformance and their poor communication with the fund."
Whether Frontier was invited to rebid could not be immediately learned. Leigh Anne Yoo, Frontier Capital's director of sales and marketing, could not be immediately reached to provide comment.
Investment consultant Segal Marco Advisors assisted.
Christine Bailey, executive director, could not be immediately reached to provide further information.