Newton (Mass.) Retirement System is adding a $25 million active global fixed-income portfolio, confirmed Rafik Ghazarian, a consultant with Segal Advisors, which is assisting in the search. The $240 million system is making the change for diversification. Funding will come from reducing an active domestic fixed-income portfolio managed by Wellington Management, leaving it with about $40 million, confirmed David Wilkinson, city of Newton comptroller and ex-officio member of the retirement system.
System officials are also adding a $20 million active domestic large-cap growth equity portfolio. Partial funding will come from closing out a $15 million Russell 1000 growth index fund managed by Mellon Asset Management; system officials wanted to shift to active management, Mr. Wilkinson said. The balance of funding will come from rebalancing, Mr. Ghazarian said.
The board will consider both commingled funds and separate accounts for both allocations.
