Franklin Regional Retirement System, Greenfield, Mass., hired Loomis, Sayles & Co. to manage $17 million in a core fixed-income strategy.
Loomis Sayles replaces incumbent manager Income Research & Management. The retirement system's board "decided to switch to Loomis Sayles because its numbers were better than IR&M's," said an announcement on the pension fund's website. IR&M also submitted a bid.
The original RFP was issued in October because of a Massachusetts state law requiring services be put up for bid every seven years.
In addition to Loomis Sayles and IR&M, the other two finalists were Wellington Management and Western Asset Management.
Dahab Associates, investment consultant to the $143 million defined benefit plan, assisted with the search.
Dale Kowacki, executive director of the pension fund, and Gregory A. McNeillie, vice chairman and principal at Dahab, could not be reached for additional comment.