Falmouth (Mass.) Contributory Retirement System is searching for its first real estate and international equities managers, which will handle $5 million and $7.2 million, respectively, said Margaret Corellis, administrator. The $53 million system is looking to diversify its investments, she said. The deadline for proposals is July 3; the system hopes to pick the new managers by Sept. 30.
Falmouth currently has 43% of its assets in domestic fixed income with Freedom Capital, 56% in domestic large-cap equities with Cutler; and 1% in cash. Funding for the new managers will come from reducing the current managers portfolios, Ms. Corellis said.