Waltham (Mass.) Contributory Retirement System hired an entire stable of money managers following a recent asset allocation study. The $121 million fund hired the following equity managers: Freedom Capital to run $10 million, large-cap value; Cutler, $10.8 million, large-cap value; Essex, $14.8 million, midcap and small-cap growth; Hutchins Investment Management, $9.1 million, midcap value; Earnest Partners, $7.1 million, small-cap value; State Street Global Advisors and Irish Life, $6.5 million each, international. For fixed-income, the system hired: Brundage, Story & Rose, $20 million, and Standard Group Holdings, $10 million in domestic high-grade; Penn Capital Management, $5.9 million, high-yield domestic; and Wellington, $5.9 million, international. For real estate, the system hired: TA Realty and the Tuckerman Group, $2.8 million each; the New Boston Fund, $2.5 million; and Geometry Realty, $2 million. For alternative investments, the system hired: INVESCO, $4 million in a fund of funds; and Ascent Capital and Angelo Gordon, $3 million each, distressed securities. The systems assets had been parked in index funds with State Street Global Advisors. Wainwright Investment Counsel assisted.