Marlborough (Mass.) Retirement System, with $41 million in assets, hired RhumbLine to run $5 million in an S&P 500 index portfolio. The hiring completes the search begun earlier this year following an asset allocation study by Meketa Investment Group, the funds consultant.
Funding will come from a blended style equity portfolio run by Freedom Capital, where the pension fund had temporarily parked $5.2 million following the termination of a domestic growth equity manager.
Freedom continues to manage a large portion of the pension funds equity portfolio, along with its entire fixed-income portfolio, said Margaret Shea, executive director.