Haverhill (Mass.) Retirement System is considering hiring a new manager to potentially run about $11.3 million in active domestic midcap growth equities, said Kathleen Gallant, plan administrator. The retirement board of the roughly $150 million pension plan may not change either of its incumbent midcap growth managers, but the board is searching "just in case we need something."
Incumbents Forstmann-Leff Associates and RiverSource Investments manage $12.7 million and $10.2 million, respectively, in active domestic midcap growth equities for the plan. Forstmann-Leff has been on the plan's watchlist "for close to a year" for performance reasons, and the retirement board has been waiting for information from RiverSource since its name changed from American Express Asset Management, Ms. Gallant said. The board has been happy with the performance of the RiverSource portfolio but needs information to make sure the manager will still meet guidelines set by the Massachusetts Public Employee Retirement Administration Commission following the recent brand change.