Hollywood (Fla.) Police Officers' Retirement System hired Waycross Partners to manage $25 million in active domestic large-cap core equities.
The $386 million pension fund's board approved the hiring at its Jan. 27 meeting, said Brendon Vavrica, senior consultant at investment consultant AndCo Consulting, in an email.
Mr. Vavrica recommended the hiring to further diversify the pension fund's domestic equities allocation to increase return and smooth out the effects of negative markets, he confirmed.
Funding will come from reducing an active domestic large-cap core equity portfolio managed by Inverness Counsel by $15 million, leaving it with about $59 million, with the remaining funding coming from cash.
As of Dec. 31, the pension fund's actual allocation to public equities was 63.6%; the target is 62%.