Cooperative Banks Employees Retirement Association, Norwood, Mass., hired Batterymarch to manage $12 million in active domestic small-cap core equities, said Francis X. Maloney Jr., president. The $78 million pension plan funded the move in part by terminating Axe-Houghton Associates, which ran $8 million in active domestic small-cap growth equities, due to corporate changes and performance, Mr. Maloney said. The remainder came from reducing an active domestic large-cap value equity portfolio, he said; he declined to provide further information. New England Pension Consultants advised.
Robert P. Follert, executive vice president and director of marketing at Axe-Houghton, did not return calls seeking comment by press time.