Miramar (Fla.) Firefighters' Pension Fund hired Aberdeen Standard Investments to manage about $5 million in active domestic small-cap core equities.
The $165 million pension fund issued an RFP in January to seek a permanent replacement for a similar portfolio formerly managed by PNC Capital Advisors.
The other finalists in the search were Ironwood Capital Management and Silvercrest Asset Management, said Kevin Condy, director of research at Dahab Associates, the pension fund's investment consultant.
Federated Investors (now known as Federated Hermes) bought parts of PNC's asset management business in 2019 and mapped PNC's former portfolios to its own strategies, but the pension fund's board wanted to go through an RFP process to choose its own manager, Mr. Condy said in January.
The Federated portfolio was terminated, and the assets were parked in an S&P 600 index fund managed by RhumbLine Advisers. Federated did not bid for the services, Mr. Condy said.
Dahab Associates assisted.