Cambridge (Mass.) Retirement Board is searching for two active domestic equity managers, one to run $22 million in small-cap growth and the other to handle $14 million in midcap value. The portfolios may be run either as separate accounts or in commingled investments. Funding will come from terminating existing small-cap growth manager Constitution Research & Management and midcap value firm Gabelli Asset Management for performance, said Ann Le Duc, director of the $560.5 million pension plan. Segal Advisors is assisting. Fund officials plan to make selections by the end of May.
A spokesman for Constitution Research declined comment. Joseph Rindler Jr., chairman of Gabelli, said Cambridge officials "told us that they were going to be putting together an RFP, but it doesn't mean we would be terminated."