Massachusetts' two state pension funds are expected to drop their total manager roster by about a third after the funds merge in December.
The $8.7 billion State Employees' & Teachers' Retirement System and the $7.7 billion Pensions Reserve Investment Management Board, both in Boston, have a total of 59 managers, said PRIM Executive Director Greg White. That number is expected to drop to 35 to 40. The move will reduce fees.
Allocations to remaining managers are expected to rise to about $400 million per manager from about $253 million now, Mr. White said.
Mr. White said there is no timetable yet for the changes.