West Springfield (Mass.) Contributory Retirement System is considering changing two active domestic large-cap equity managers. Officials have been concerned about fee increases by current managers Chase Investment Counsel, which runs $17 million in growth, and Systematic Financial Management, which handles $17 million in value, said Anne Wojcik, retirement director. Also, there are performance issues with one of the firms, Ms. Wojcik added, although she would not identify the manager.
The $52 million pension fund is searching for two firms to run the portfolios, Ms. Wojcik said. Chase and Systematic may rebid. No timetable has been set for presentations and selections. Consultant Dahab Associates is assisting.
Neither David B. Scott, senior vice president and director of Chase Investment Counsel, nor Kenneth Burgess, portfolio manager at Systematic, returned calls by press time. Lillian Jones, managing director with plan consultant Dahab Associates, also did not return a call seeking comment.