Trustees for the $16 billion Massachusetts Pensions Reserve Investment Trust, Boston, cut three international equity managers. They also approved a new asset allocation. Names of the terminated managers weren't released because they haven't yet been notified. The fund now will have seven international equity managers.
The new target asset allocation will be: 42% domestic equities, up one percentage point; 24% fixed income, down seven percentage points; 16% non-U.S. equities, down one percentage point; 4% emerging markets, now newly broken out from international stocks; 6% real estate, up one percentage point; 8% alternative investments, up two percentage points.