Miami Beach (Fla.) Policemen's Relief and Pension Fund hired Tocqueville Asset Management to run about $3 million in core fixed income.
The $10 million pension fund's board approved the hiring of Tocqueville at its July 15 meeting, recently released meeting minutes show.
The pension fund conducted a shortlist search, and other finalists were Baird Advisors, Garcia Hamilton & Associates and incumbent Inverness Counsel. The reason for the search was not provided.
Inverness Counsel was previously the sole manager of the pension fund, and currently manages $7 million in assets for the fund.
Investment consultant AndCo Consulting assisted.
John McCann, senior consultant at AndCo Consulting, could not be immediately reached for further information.
