Pompano Beach (Fla.) Police & Firefighters' Retirement System hired Waycross Partners to manage about $10 million in active domestic large-cap core equities.
The $241 million pension fund's board approved the hiring at its April 17 meeting, recently released meeting minutes show.
Investment consultant Southeastern Advisory Services recommended a new allocation to large-cap core equities to make the total portfolio more defensive, according to March 20 meeting minutes.
Funding comes from a reduction in an active domestic large-cap value equity portfolio managed by BlackRock, leaving it with about $23 million.
As of March 31, the actual allocation to domestic equities was 28.7%; the target is 35%.
Debra Tocarchick, executive director, could not be immediately reached for further information.