Swampscott (Mass.) Contributory Retirement System hired Independence Investment to manage about $1.5 million in an active domestic small-cap core equity portfolio, said Richard DiPesa, retirement administrator. The firm replaces Gabelli Asset Management, which was terminated earlier in the year. Officials for the $27 million system also hope to pick, at a Dec. 8 board meeting, finalists in a search for a private equity manager, Mr. DiPesa said. Segal Advisors is assisting.