Norfolk County Retirement System, Canton, Mass., might search for...

Norfolk County Retirement System, Canton, Mass., might search for market-neutral, convertible-arbitrage and private equity managers, said Tim Cahill, treasurer for the $400 million system. It wants to put 3.2% of total assets in market neutral and 5.1% in convertible arbitrage, and to increase private equity to 7.5% of assets from 5%. It has petitioned the Massachusetts Public Employee Retirement Administration Commission, which oversees the state’s pension systems, for permission, which is required before the fund can allocate more than 5% of assets to private equity or use hedge fund strategies that involve shorting, Mr. Cahill said. Funding would come from reducing domestic fixed income to 17% from 25% and from trimming the large-cap growth and value portfolios.