San Jose Police & Fire Retirement Board, San Jose, Calif., hired Alliance Capital Management and GLOBALT to replace Chancellor LGT Asset Management as manager of a $64 million large-cap growth portfolio. Alliance will manage $51 million and GLOBALT will manage $13 million.
Ina Lancaster, anyalst for San Jose, said the manager change came after Chancellor was recently acquired by INVESCO (NY).
William M. Mercer is the consultant to the $1.4 billion defined benefit pension fund
Salem (Mass.) Retirement System, with more than $55 million in assets, hired Fidelity Investments and INVESCO to manage $2 million each in commingled real estate portfolios, said Kevin Leonard, the Segal Advisors consultant who is assisting. INVESCO will run the money in a publicly traded REIT, he said. Funding will come from the proceeds of the portfolio of 1838 Investment Advisors, terminated last year.
The system continues to search for a small-cap stock manager.