SEARCHES & HIRINGS
Amesbury (Mass.) Retirement System is searching for a commingled real estate manager, its first allocation to that asset class, said Sheryl Tresieze, retirement administrator. The system, with $20 million in assets, will probably allocate $1 million to the real estate manager, she said.
At the same time, the system is considering eliminating venture capital as an asset class and allocating the money that would have gone there (5% of total assets) elsewhere, she said. Segal Advisors is assisting.
Taunton (Mass.) Contributory Retirement System picked Dahab Associates, New England Pension Consultants, H.C. Wainwright, and the incumbent Segal Advisors as finalists in its search for an investment consultant, said Paul J. Slivinski, executive secretary. The system, with $85 million in assets, is conducting a routine search because Segal's three-year contract expired in June 1997, although the firm continues to be on a retainer. The system will make a decision at its April 17 board meeting.
The system also hired Boston Millennia Partners as its first venture capital manager, and will probably allocate 3% of assets, Mr. Slivinski said. Segal assisted.
Denver Public School Employees' Pension & Benefit Association hired TT International to manage $100 million in international equity.
The funding will come from the fund's domestic fixed-income portfolio, which will be reduced by 5% to total 25% of the $2.1 billion fund. The portfolio is managed internally. The search was completed in-house.
Natick (Mass.) Con.)tributory Retirement System hired H.C. Wainright & Co. as investment consultant. The firm replaces The Hannah Group, which was purchased by Advest. The board of the $55 million fund will meet with the new consultant formally at its April 29 meeting.