Massachusetts Port Authority Employees Retirement System, Boston, hired its first small-cap firms to manage $7.5 million each. Essex Investment Management will run small-cap growth and Trust Fund Advisors will manage small-cap value, said George O'Brien, treasurer of the $175 million fund. The fund is still reviewing its allocation and may look at hiring more managers later this year, he said.
Wellington Capital had been the fund's sole money manager. Hannah Group is assisting.