Springfield (Mass.) Retirement System hired Putnam to run $32 million in active domestic fixed income and Hotchkis and Wiley to run $10 million in active domestic small-cap value equities, said Joe O'Reilly, managing director at CRA RogersCasey, the $230 million plan's consultant. Funding came from rebalancing, he said. The plan's asset allocation is 40% domestic large-cap equity, 30% fixed income, 15% non-U.S. equity, 10% domestic small-cap equity and 5% private equity.
Separately, the plan might add a new real estate allocation pending the results of an asset allocation study that should be completed by January, Mr. O'Reilly said. Any manager searches would not begin before the end of the first quarter. He could not speculate on possible funding sources. Board members have also been holding discussions about hedge funds, but Mr. O'Reilly said those talks are in the early stages.