ANDOVER, Mass. — Andover Contributory Retirement Board hired State Street Global Advisors to manage $39 million in domestic large-cap core equities, Hartford Investment Management to run $17 Boston Co. Asset Managemente, Boston Co. Asset Management to handle $8 million in international core equities and American Century Investment Management to run $8 million in domestic small-cap-to-midcap core equities, confirmed Elena Kothman, executive director. The hirings are subject to contract negotiations.
Funding will come from money parked in an S&P 500 index fund and a Lehman Aggregate Bond fund, both with SSgA.
The $76.5 million pension plan conducted searches earlier this year as a result of an asset allocation study by investment consultant Segal Advisors, Ms. Kothman said. The new asset allocation targets are 50% equities, 40% fixed income and 10% real estate.