Worcester (Mass.) Regional Contributory Retirement System hired PENN Capital Management to run $12 million in active domestic opportunistic small-cap equities and INVESCO to manage $15 million in an open-end real estate fund, said Jim DelSignore, chairman of the board for the $596 million plan. PENN Capital replaces incumbent Loomis Sayles, which was terminated for performance of a similar-style portfolio. INVESCO was hired to help the fund attain its 10% real estate allocation. Chris Lazzaro, Loomis Sayles spokesman, said the firm has no comment. Meketa Investment Group assisted.