Chicopee (Mass.) Contributory Retirement System hired Independence Investments to run $6 million in active domestic small-cap growth equities, subject to contract negotiations. Funding will come from the portfolio's current manager, which has not yet been terminated, said Kevin Leonard of Segal Advisors, the system's consultant. He would not identify the firm.
Separately, the $119 million system is searching for a private real estate investment manager to run a $1.5 million apartment real estate portfolio, said Susanna Baltazar, executive director. Funding will come from trimming the plan's $36 million in fixed-income investments. The $119 million system has an 8% target real estate allocation, Mr. Leonard said. Segal Advisors is assisting.