Worcester (Mass.) Retirement System will search for a manager to run an active global tactical asset allocation portfolio, said James DelSignore, chairman. Officials of the $710 million added a GTAA allocation of 3% to 5% of total assets to increase diversification. The funding source has not been determined. The RFP will be available on consultant Meketa Investment Group's website at www.meketagroup.com/mgrCenter.php. Proposals will likely be due by the end of March, and there is no timeframe for making a selection.
Fund officials also plan to interview finalists next week in their search for a manager to run $35 million in active midcap core equities. The finalists are: State Street Global Advisors, Martingale Asset Management, EARNEST Partners and Lazard Asset Management. Funding comes from the performance-based termination of Boston Co. Asset Management, which ran the same amount in a similar style. Boston Co. spokesman Joe Ailinger was not available for comment at press time. Mr. DelSignore said plan officials hope to make a selection Jan. 25.
Separately, fund officials increased the system's hedge fund allocation to 6% of total assets, from 5%. Existing hedge fund managers Aetos Capital and Blackstone currently run about $10.5 million and will each receive an additional $3.5 million. Funding will likely come from reducing a $30 million high-yield portfolio run by Loomis Sayles.