Baystate Health, Springfield, Mass., hired Summit Strategies as investment consultant for the company’s $1.7 billion portfolio, said Laurie E. Martin, director of treasury services, in an e-mail.
The portfolio includes a defined benefit plan, defined contribution plan, long-term fund, endowment fund, operating funds and two insurance subsidiaries.
Summit will serve both an advisory and discretionary role, depending on the asset pool. Further information was not available.
Cambridge Associates was the incumbent consultant, which Baystate previously used for advisory services only. Ms. Martin did not say why the search was being conducted.
"We've enjoyed our relationship with Baystate Health Inc. and wish them well," said a spokesman for Cambridge Associates.
The search was conducted in June and July. NEPC and Mercer Hammond were the other finalists.