The Boston City Retirement System hired Boston Co. Asset Management and Essex Investment Management for small-cap mandates of about $30 million each. BCAM will manage value stocks and Essex a growth portfolio. The firms replace Target Investors and Thorsell Parker Partners. Callan Associates assisted.
The $1.7 billion fund also may conduct a fixed-income manager search in the future, said Michael Travaglini, executive officer. Fund officials are waiting for the results of Callan's analysis of the fixed-income core allocation to see if adding style portfolios is warranted. Results are expected in a couple of weeks.