Waltham (Mass.) Contributory Retirement System is searching for an active domestic high-yield bond manager to run about $8 million, said Joseph Juppe, executive director. Incumbent Columbia Management changed some aspects of the portfolio, Mr. Juppe said, and it no longer complies with some of the guidelines set by the Massachusetts Public Employee Retirement Administration Commission, which regulates local public pension funds in the state. Mr. Juppe could not provide specifics and referred questions on PERAC guidelines to Matt Seney, analyst with plan consultant Wainwright Investment Counsel, who did not return a call by press time. The board of the $140 million pension plan also initiated the search because of organization changes at Columbia, Mr. Juppe said. Columbia will be reconsidered only if it can comply with PERAC, he added, noting that the firm will likely be replaced.
Tom Gariepy, a Columbia spokesman, said the firm does not comment on matters related to client relationships.
The RFP is available on Wainwright's website at www.winvcounsel.com, and proposals are due Nov. 1. Presentations will probably be made at the board's November meeting, tentatively scheduled for Nov. 17, and the board will likely make a selection shortly thereafter, he said.
