Brockton (Mass.) Contributory Retirement System hired small-cap growth equity manager Independence Investment and made commitments to private equity funds run by Lazard Asset, Watermill Ventures, HealthPoint Partners and Carlyle Group, said Harold P. Hanna, executive director. Independence will run $9 million in an active domestic portfolio for the $200 million pension plan, and the plan committed $5 million to Lazard and $3.5 million each to Watermill, HealthPoint and Carlyle, Mr. Hanna said.
Independence replaced Deutsche Asset, which was terminated for the performance of a similar mandate, Mr. Hanna said. DeAM was invited to rebid. The funding source for the private equity commitments has not been determined, but it might come from cash or the city's annual appropriation to the plan, he said.
"While we're sorry to lose any valued client, we remain confident in our product, platform and services," said Judy Inosanto, DeAM spokeswoman.
The plan's asset allocation is 57% equity, 31% fixed income and 12% alternatives. Wainwright Investment Counsel assisted.