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November 15, 1996 12:00 AM

Trustees of the Massachusetts Pension Reserve Investment Trust...

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    Trustees of the Massachusetts Pension Reserve Investment Trust, Boston, pared the number of domestic stock managers to 11 from 17 following last week's merger of PRIT and the Massachusetts State Teachers' and Employees' Retirement Systems, said Greg White, executive director of the board overseeing the fund.

    The passively managed portion of PRIT's $5.6 billion U.S. large-cap portfolio will rise to 57% from 35% as a result of the changes.

    Four State Street Global Advisors portfolios were affected. The fund dropped State Street as a passive small-cap manager for a $257 million portfolio and as an active large-cap value manager for $70 million. It was retained for large-cap passive management, with two portfolios reduced to one; its passive large-cap allocation, however, was increased to $4.2 billion from $2.4 billion.

    Fidelity was terminated as manager of a $216 million active large-cap growth portfolio. But its active opportunistic growth portfolio was increased to $600 million from $487 million. MFS Asset Management was terminated for a $259 million active large-cap growth portfolio; in active small-cap stocks, however, MFS now will manage $440 million, up from $338 million.

    Large-cap managers terminated were: Alliance Capital Management, $308 million for an active opportunistic portfolio and $175 million in an active growth portfolio; Goldman Sachs Asset Management, $196 million enhanced index; Chancellor Capital Management, $269 million active growth; and Independence Investment Associates, $376 million active value.

    Active small-cap growth managers terminated were Target Investors, $97 million, and Kennedy Associates, $20 million.

    Retained at the same size portfolios were Brown Capital Management, $40 million in large-cap growth, and ValueQuest, $221 million in large-cap value.

    In small-cap stocks, Dimensional Fund Advisors increased its passive management to $800 million from $300 million; Capital Technology increased its active portfolio to $240 million from $66 million; and Lazard Freres Asset Management increased its active portfolio to $290 million from $120 million.

    Putnam's small-cap value portfolio decreased to $290 million from $350 million. The small-cap portfolios of Emerging Growth Management and Numeric Investors were unchanged.

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