Natick (Mass.) Contributory Retirement System hired Intercontinental to run $3 million in its first real estate portfolio to meet its 4% target allocation. Funding will come from existing managers, said Larry Brown of consultant Watson Wyatt.
The $67 million system also is informally reviewing its asset allocation through the end of this month. The review might lead to searches for new managers, particularly on the equity side, said Mr. Brown.