Holyoke (Mass.) Contributory Retirement System named OFI Institutional Asset Management, Lazard Asset Management and Vontobel Asset Management as finalists in its search for an active emerging markets equity manager to run about $3 million, according to Daniel R. Owens, executive director. The new allocation is meant to boost returns and increase overall diversification.
Funding will come from trimming the $160 million pension plan's fixed-income portfolio; no managers will be terminated. Mr. Owens did not have information on current fixed-income managers immediately available, and Rafik Ghazarian, senior consultant with plan consultant Segal Advisors, did not return a call by press time. Money Market Directory listed Putnam Investments as the plan's only fixed-income manager as of March 2004.
The board will interview the three finalists at its Dec. 13 meeting and will probably make a selection that day, Mr. Owens said.
An RFP was issued earlier this year. Segal Advisors is assisting.