Pompano Beach (Fla.) Police & Firefighters' Retirement System hired Silvant Capital Management to run about $27 million in active domestic large-cap growth equities.
The $294 million pension fund’s board approved the hiring at its Feb. 18 meeting, recently released meeting minutes show.
Funding comes from the termination of Sands Capital Management from a similar portfolio, which was also approved by the board at the meeting.
The pension fund cited underperformance as the reason for conducting a search for a potential replacement. The other finalists in the search were Fiera Capital and Smith Group Asset Management.
A spokesperson for Sands Capital Management declined to comment.
As of Dec. 31, the pension fund’s actual allocation to domestic large-cap equities was 31.5%; the target is 30%.
Investment consultant Southeastern Advisory Services assisted.
