Chelsea (Mass.) Retirement System hired Harbor Capital and Nicholas-Applegate to manage $2.75 million each in active international EAFE portfolios. Funding came from a $5.5 million investment in the Putnam European fund, dropped because the plan wanted a ‘‘broader geographical exposure,’’ said Bill Monagle, vice president at consultant Wellesley Group.
The $40 million plan also issued RFPs for one core and one core-plus domestic fixed-income manager to run $5 million each. The system wants to reinvest the $10 million it currently has with an unidentified mutual fund. Proposals are due by June 29 and a decision is expected to be announced in August.
The system is making the changes to get out of mutual funds, Mr. Monagle said.
