West Palm Beach Police collars new small-cap manager Barrow Hanley Mewhinney & Strauss to run about $19 million in active domestic small-cap value equities. The $451 million pension fund conducted a shortlist search for a manager to replace incumbent small-cap value manager Wellington Management, which is being terminated for underperformance. The other finalists were Channing Capital Management and Kennedy Capital Management, said John McCann, senior consultant with AndCo Consulting, the pension fund's investment consultant. A Wellington Management spokeswoman could not be immediately reached for comment. As of Dec. 31, the actual allocation to domestic equities was 45.8%. AndCo Consulting assisted with the shortlist search. Related Articles