Springfield (Mass.) Retirement System will consider investing its assets with the $36 billion Massachusetts Pension Reserves Investment Trust instead of through external managers, said James Harrigan, retirement board chairman. Executives of the Pension Reserves Investment Management Board, which oversees the trust, will make a presentation to the Springfield board on April 20. Moving investments to the state fund would lower the city plan's fees, Mr. Harrigan said, adding the state fund has consultants for various assets classes; CRA RogersCasey is the Springfield system's overall investment consultant. The shift would also allow the city's retirement board to focus more closely on personnel matters, he said.
The $250 million plan's managers as of March 2004 were: Constitution Research & Management, Hotchkis and Wiley, Merrill Lynch, Simms Capital and Wellington Management for equities; Seneca Capital and Putnam for fixed income; Ticonderoga, DN and Boston Millennia for alternatives; and Ascend for venture capital.