Taunton (Mass.) Contributory Retirement System on Dec. 15 will decide what kind of a real estate manager to hire, said Paul J. Slivinski, executive director. The $134 million system had increased its real estate allocation to 8% of assets and voted in July to commit $2 million to ING Clarion Lion Properties Fund to meet the allocation, but it rescinded that vote when its legal counsel advised the system board that ING did not comply with the co-fiduciary requirements of the state Public Employee Retirement Administration Commission, Mr. Slivinski said. The system has about 6% of assets allocated to real estate.
Separately, the system hired INVESCO to run $4 million in a private equity fund of funds. It currently has $1.3 million invested in private equity, Mr. Slivinski said. Segal Advisors assisted.
