Springfield (Mass.) Retirement System, with $280 million in assets, hired four equity managers. Simms Capital will manage $25 million in active small-cap domestic growth; Earnest Partners and Wellington, $15 million and $10 million, respectively, in active large-cap domestic value; and Merrill Lynch, $25 million, S&P 500 index.
The fund also issued RFPs for two managers to handle $40 million each in domestic core and core-plus fixed income for the $280 million plan.
Funding for the new equity and fixed-income managers will come from terminated balanced portfolios, totaling $155 million, managed by Freedom Capital, MassMutual and Wellington. The changes are being made because the fund is breaking out its balanced portfolios to better track equity and fixed-income performance.