SEARCHES & HIRINGS
Cambridge (Mass.) Retirement System is sending out RFPs tomorrow for a high-yield bond manager. The firm will run $13 million for the $325 million system, said Alison Ellsworth, the Segal Advisors consultant who is assisting.
``We took a look at their current portfolio and they have no exposure to this, and they should,'' she said. The deadline for RFPs is Nov. 14; the fund hopes to hire a firm by the end of March. Funding will come from cash.
Troy (Mich.) Retirement System froze its $120 million defined benefit plan for some groups of new employees effective Jan. 1 and hired ICMA Retirement as investment adviser for a new defined contribution plan, said John Lamerato, assistant city manager of finance.
Current employees will have the choice of switching to the new plan. Mr. Lamerato expects about $50 million to flow in.
Manufacturers Life created for the pension market a family of 24 mutual funds and hired outside firms to manage some of the funds.
The managers are: T. Rowe Price, Science and Technology, Blue Chip and Equity Income funds; Warburg Pincus, Emerging Growth Fund; Morgan Stanley, Global Equity Fund; Founders, Growth Equity Fund; Pilgrim Baxter, Capital Appreciation Fund; Salomon Brothers, Strategic Bond Fund; Miller, Anderson & Sherrerd, Value Equity, High Yield Bond and High Quality Bond funds. The Pinnacle Foreign Fund invests in the Templeton Foreign Fund. Manufacturers' Adviser runs the Index Stock and Real Estate Securities funds.
