Barnstable County Retirement System, Yarmouth Port, Mass., hired its first small-cap equity and international equity managers as the result of an asset allocation study, said Debbie Revoir, executive director. Columbus Circle Investors was awarded $5 million for a U.S. small-cap stock portfolio, and The Bank of Ireland will run $5 million in core international equity for the $175 million fund.
Existing manager Putnam also will manage $10 million to $12 million in the fund's first high-yield bond portfolio. Assets will come from a reduction in U.S. Trust's balanced portfolio, but the firm will not be terminated. A definite allocation should be determined in the next couple of months when contracts are signed, Ms Revoir said.
Mercer Investment Consulting assisted.