Worcester (Mass.) Regional Contributory Retirement System is searching for two equity managers. One manager will run $50 million in active domestic large-cap growth equities. Officials for the $327 million plan have concerns about the performance of the existing manager, said Kevin Leonard, the Segal Advisors consultant who is assisting; he declined to identify the current manager. Responses to an RFP and recent performance of the existing firm will determine whether a new manager is ultimately hired, Mr. Leonard said.
The other firm will be the system's first S&P 500 index manager and will run about $30 million. Funding will come from rebalancing the system's domestic equities portfolio; no managers will be terminated. A hiring is expected by the beginning of summer.
Michael J. Donoghue, chief executive of the fund, could not be reached for comment.