Holyoke (Mass.) Contributory Retirement System named three firms to manage a total of about $22 million in active, diversified domestic large-cap value equities, said Cheryl Dugre, executive director for the $230 million defined benefit plan.
Snow Capital Management received $3 million. The firm is replacing RidgeWorth Capital Management. Ms. Dugre said that although RidgeWorth's performance wasn't bad, it was replaced because its performance was not as strong as incumbents Brandywine Global Investment Management and Seizert Capital Partners, which were rehired.
Brandywine and Seizert will manage $9.5 million each. The pension plan issued an RFP in May.
RidgeWorth rebid on the RFP. A spokesman for RidgeWorth Capital Management declined to comment.