Taunton (Mass.) Contributory Retirement System is searching for a core-plus real estate manager to run $5 million, confirmed Steven Roth, director of manager research at Dahab Associates, the $221 million pension fund's investment consultant.
Managers can submit proposals for multiple strategies. Both hedged and unhedged approaches will be considered.
The pension fund had a 12% allocation to real estate as of June 30, Mr. Roth said.
The RFP is available on Dahab's website. Proposals are due at 2 p.m. EDT Nov. 6. A hiring date has not been determined.
Separately, the pension fund hired Herndon Capital Management and Polen Capital Management to run about $24 million each in active domestic large-cap equity. Herndon manages a value strategy and Polen, growth. The two managers replace Boston Trust & Investment Management Co. and State Street Global Advisors, which managed the assets in core strategies. SSgA managed a passive portfolio. Mr. Roth said the move was more of a “style bet” for the pension fund.
An RFP was issued in March.
