MELROSE, Mass. — The $45 million Melrose Contributory Retirement System hired INTECH to run $8 million in active domestic large-cap growth equities, said Barbara Wells, town clerk. Funding came from terminating the portfolio's previous manager, MFS, for performance, Ms. Wells said. Segal Advisors assisted. John Reilly, MFS spokesman, said the firm does not comment on terminations.
OAKLAND PARK, Fla. — The City of Oakland Park Retirement System hired Dana Investment Advisors to manage $12 million in active large-cap core equities, effective Oct. 1, said Margie Adcock, third-party administrator with Pension Resource Center.
Officials at the $20 million system terminated the portfolio's previous manager, INVESCO-NAM, for performance, Ms. Adcock said. INVESCO-NAM continues to manage $8 million in active domestic fixed income for the plan. Gabelli Asset Management and Neuberger Berman were the other finalists; INVESCO-NAM also rebid.
Bill Hensel, spokesman for INVESCO-NAM parent AMVESCAP, declined to comment.
Joe Bogdahn, principal with consultant Bogdahn Consulting, said searches for international equity and small-midcap equity managers might begin before the end of the year. Plan officials want to diversify the system's equity investments, which are in active large-cap core. Further details have not yet been decided.