Norwood Contributory pension fund seeks index fund manager

(updated with correction)

Norwood (Mass.) Contributory Retirement System is searching for a manager to run a total of $50 million in three index funds, confirmed Debra Wilkes, board administrator of the $118 million pension fund.

The pension fund is looking for managers to run Barclays U.S. TIPS, Barclays U.S. Aggregate and MSCI EAFE index funds. Amounts for each index fund have not be determined.

BNY Mellon Cash Investment Strategies currently manages about $35 million in TIPS and investment-grade bonds index funds, but the team that runs the portfolios is moving to Mellon Capital Management at the start of 2013. Ms. Wilkes said she believes Mellon Capital will be able to bid on the RFP.

The international equity funding is coming from cash and rebalancing.

The RFP is available on the website of Meketa Investment Group, the pension fund's investment consultant. Proposals are due at 4 p.m. EDT Oct. 26. The board will interview finalists in mid-November, with a hiring decision expected shortly thereafter.