Holyoke (Mass.) Contributory Retirement System is searching for two managers, one to run $12 million in core growth and high-alpha international equities and one to run $5 million in core real estate, confirmed Daniel R. Owens, executive director. Both asset classes are new to the $160 million plan.
For the international portfolio, the board will accept proposals benchmarked against either the MSCI EAFE or the All Country World ex-U.S. indexes, and will consider only commingled or institutional mutual funds, Mr. Owens said. The board will consider only open-end commingled funds for the real estate mandate.
Funding for both investments will come from reducing the plan's overall fixed-income, large-cap and midcap equity and high-yield exposure; no managers will be replaced. "We're paring some of those down" to further diversify the plan's funds, Mr. Owens said. The amounts of the reductions are still being determined.