Maine Retirement System, Augusta, hired State Street Global Advisors to manage $2.2 billion in indexed equity and fixed income, said Claude Perrier, executive director of the $4.5 billion fund.
State Street replaces PanAgora Asset Management. Mr. Perrier said Maine switched because fund officials wanted a larger manager with more fund selections.
State Street will manage funds benchmarked to the Wilshire 5000, Shearson Lehman Aggregate Bond, and S&P 500 Value Equity and Growth Equity indexes.
The fund might rebalance its indexed investments later this month to shift assets from equity to fixed income, depending on equity returns, Mr. Perrier said. Ennis Knupp assisted. No other searches are planned.