Pensacola (Fla.) General Pension and Retirement Plan hired Polen Capital Management to run $7 million in active domestic large-cap growth equities.
The $147 million pension fund funded the hire by reducing the portfolios of existing active domestic large-cap growth equity managers Chase Investment Counsel and Sawgrass Asset Management by $3.5 million each, recently released board meeting minutes show.
Those managers' portfolios had $11 million each as of Sept. 30, 2018, according to the pension fund's most recent available investment report.
As of that same date, the pension fund's actual allocation to domestic equities was 39.6%; the target is 40%.
Investment consultant Burgess Chambers & Associates assisted.
Richard Barker Jr., the city's chief financial officer and plan administrator, could not be immediately reached to provide further information.
