Sarasota (Fla.) Police Officers' Pension Fund hired Cohen & Steers and Lazard Asset Management to evenly split a $3 million global infrastructure portfolio.
The $261 million pension fund conducted a shortlist search after deciding to exit the master limited partnerships asset class, said Debra Martin, the city's pension plans administrator.
Funding comes from the termination of MLP manager Westwood Holdings Group. Ms. Martin said the decision to exit MLPs was not due to any specific performance concerns with Westwood.
As of Dec. 31, the actual allocation to MLPs was 1.2%.
Investment consultant Burgess Chambers & Associates assisted.