Pensacola (Fla.) General Pension and Retirement Fund hired AllianceBernstein to run slightly less than $5 million in active domestic smidcap equities.
The $142 million pension fund's board approved the hiring at its Sept. 9 meeting following the presentation of a small/midcap manager analysis by investment consultant Burgess Chambers & Associates, recently released meeting minutes show.
The board approved dividing the total amount of $14 million evenly between AllianceBernstein and incumbent smidcap equity managers Frontier Capital Management and Thompson, Siegel and Walmsley.
The incumbents managed $8 million and $6 million, respectively, as of Sept. 30, 2019, according to the pension fund's most recent available investment report. Also as of that date, the actual allocation to overall domestic equities was 39.5%.
Burgess Chambers & Associates assisted.
Amy Lovoy, the city's finance director, could not be immediately reached for further information.