The $139 million Newton (Mass.) Retirement System picked four finalists in its search for a domestic growth stock manager to replace Phoenix Investment Counsel, which was terminated last fall. Finalists are Investment Advisers Inc., IDS Advisory Group, Putnam Investments and Massachusetts Financial Services, said Violet Sagney, executive secretary. Trustees will make their pick March 29.
The money - $20 million - is in an index fund with Mellon Capital. The board also will decide whether to shift all of the money to the new manager, or keep a portion in indexed equities.