Sarasota (Fla.) General Employees' Pension Fund hired Lazard Asset Management to run up to $8 million in an open-end global infrastructure strategy.
The $132 million pension fund conducted a shortlist search after creating a 5% target allocation to infrastructure.
The board approved the hiring of Lazard at its July 13 meeting, according to a webcast of that meeting. Cohen & Steers was the other finalist.
The pension fund's board at its June 15 meeting had approved the recommendation of investment consultant Graystone Consulting to create the new target to replace the 5% target to master limited partnerships due to overall volatility in the MLP asset class, according to meeting minutes. At that time, the board terminated Brookfield Asset Management from its $2 million MLP portfolio and reallocated the assets to cash.
Funding for the new strategy will come from cash.
Graystone also assisted with the search.
Debra Martin, the city's pension plans administrator, did not reply to requests for further information.