Shrewsbury (Mass.) Retirement Board hired Atlanta Capital to run $5 million in active domestic small-cap core equities and Phoenix Investments to run $5 million in active domestic large-cap value equities, said Gail Sokolowski, administrator for the $50 million pension fund.
Funding for the core equities mandate comes from reducing a domestic large-cap growth equity portfolio managed by Putnam Investments, leaving it with $5 million. Half of the value equity allocation will come from reducing a active domestic fixed-income portfolio run by Income Research & Management, leaving it with $17.5 million, and the other $2.5 million will come from reducing a Russell 1000 index fund run by RhumbLine, leaving it with $7.5 million.
The move resulted from an asset allocation study that consultant Dahab Associates undertook to diversify the portfolio, said Greg McNeillie, a consultant with Dahab.