Swampscott (Mass.) Contributory Retirement System hired US Bancorp to run $1 million in a private equity fund of funds. Funding will come from the $29 million system's fixed-income portfolio, said Richard DiPesa, retirement administrator. No managers will be terminated.
Separately, the system is searching for an active domestic large-cap value equities manager to run $5.7 million. The portfolio is now managed by Fox Asset Management, Mr. DiPesa said. Investment consultant Segal Advisors is assisting; a selection will be made in spring.