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Sarasota firefighters pension trustees review performance, approve rebalancing and direct manager searches
Summary
Trustees heard quarterly reports from Congress Asset Management and Greystone Consulting, scheduled a rebalancing that will move roughly $17.4 million among managers this week, agreed to continue real-estate redemptions from UBS and asked staff to conduct a search for an international manager to replace Lazard.
The Firefighters Pension Plan Board of Trustees on Oct. 22 reviewed third-quarter investment performance, approved routine minutes and directed staff and consultants to implement a rebalancing that will move securities and cash among managers beginning Friday.
The board heard a remote presentation from Congress Asset Management on the plan’s SMID-growth sleeve and a separate review from Greystone Consulting that summarized portfolio-wide positioning and next steps to implement an updated Investment Policy Statement (IPS).
“The current market value of the portfolio is about $13,100,000. We remain fully invested, focused on high quality growth in this mid cap growth size area,” Zach Zeller, CFA, portfolio manager at Congress Asset Management, told trustees during the review of the account. Zeller said the Congress SMID growth strategy returned about 11.5% year-to-date versus a roughly 10% return for the Russell 2500 Growth benchmark through Sept. 30.
Why it matters: the plan’s total assets are in the hundreds of millions, and quarterly shifts in manager allocations affect both near-term cashflow and long-term risk. Greystone reported that the overall plan market value was…
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