Salem (Mass.) Retirement System will search for real estate and domestic small-cap managers. The $55 million system will send out RFPs for managers in both asset classes in about a month, said Larry Marino, the Segal Advisors consultant who is assisting.
The pension fund plans to allocate between $3 million and $4 million each to the real estate and small-cap managers. Money will come from the proceeds of the portfolio of 1838 Investment Advisors, terminated last year.
The fund also is planning to revamp its investment policy statements. The fund has about 57% in equities and 42% in bonds.
Alpine Management & Research, a new money management firm, will open its doors next month and offer two existing mutual funds.
The firm's founding partners, Samuel A. Lieber and Marc R. Halle, managed the $36 million Evergreen U.S. Real Estate Fund and the $37 million Evergreen Global Real Estate Fund. When the two left Evergreen Asset Management, they made a deal to buy the funds and bring them under the Alpine banner.
The terms of the purchases were not disclosed. The deal will likely be final by the end of January, pending shareholder approval.
