Danvers (Mass.) Retirement Board hired BPG Properties to run a $3 million real estate portfolio. Funding came from a general rebalancing, and no managers were terminated. Plan officials issued the RFP in September with consultant Morgan Stanley assisting.
Separately, the $83 million pension plan is adding two equity allocations: $10 million to active domestic large-cap value and $5.5 million to a Russell 1000 Growth index fund, confirmed Susan Little, retirement assistant. The allocations are being added for diversification. Funding will come from terminating Congress Asset Management, which ran $25.5 million in active domestic large-cap growth equities. Ms. Little declined to provide the reason for the termination. Plan officials will commit the remaining $10 million to the Massachusetts Pension Reserves Investment Trust, a pooled investment fund run by Massachusetts Pension Reserves Investment Management Board, Boston. Board officials have issued RFPs for the allocations and hope to select two managers by September.