Stratford (Conn.) Town Employees Pension Fund will search for two or three fixed-income managers and an equity manager for its $97 million bond obligation trust and $33 million pension plan, said Allen Moore, director of finance and pension treasurer. The fixed-income managers will run a portion of $65 million in either a Lehman Aggregate index account or a laddered fixed-income strategy. The equity manager will run $15 million in an S&P 500 index equity account. The plan also increased Gabelli Assets active domestic large-cap value equity portfolio to $30 million, from $20 million, Mr. Moore said.
Funding for the moves will come from terminating a $35 million S&P 500 index fund run by Evergreen Investments; reducing Evergreens active domestic small-cap growth equity portfolio to $15 million from $28 million; and cutting the $42 million active domestic fixed-income portfolio handled by Ryan Labs, Mr. Moore said. The amount of Ryans new mandate has not been determined.
Dahab Associates is assisting.