Jacksonville (Fla.) City Retirement System hired Geneva Capital Management to run about $70 million in active domestic smidcap growth equities.
The $2.5 billion pension fund’s board approved the hiring at its April 24 meeting, said Brennan Merrell, chief investment officer.
The pension fund had conducted a search for a potential replacement of current manager Pinnacle Associates, citing recent underperformance. Pinnacle officials could not be immediately reached for comment.
The other finalists were Driehaus Capital Management and Hood River Capital Management.
As of Dec. 31, the pension fund’s actual allocation to domestic equities was 33%; the target is 30%.
Investment consultant RVK assisted.
