OCTOBER 14, 2013

Fort Lauderdale Police and Fire makes commitment to infrastructure

by Reg Clodfelter

The Fort Lauderdale (Fla.) Police and Fire Retirement System approved a $22 million commitment to the Lazard Global Listed Infrastructure fund, managed by Lazard Asset Management, at a board meeting on Oct. 9. Fred Nesbitt, communications director for the retirement system, has confirmed the commitment.

The decision to commit to Lazard Global Listed Infrastructure was made after the retirement board heard from three separate alternative investment managers — Industry Funds Management, Brookfield Global Infrastructure Securities and Lazard — at the October board meeting. The funds for the investment will come from within the retirement system’s $157 million alternative investments allocation.

The retirement board has also decided to consider additional private equity investments and asked CapTrust Financial Advisors, the pension fund’s investment adviser, to invite two to three investment managers to make presentations at the December board meeting. The pension fund’s contract with CapTrust has been renewed.

Lazard, founded in 1848, is an independent financial advisory and asset management firm operating in 40 cities across 26 countries around the world. The firm has $163 billion of assets under management, as of June 2013.

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