Franklin Regional Retirement System, Greenfield, Mass., hired Fiera Capital and Chartwell Investment Partners to each run a little more than $7 million in respective midcap growth and midcap value equity strategies, confirmed Dale Kowacki, executive director of the $148 million defined benefit system.
Chartwell will take over the assets managed by Seizert Capital Partners in a midcap core equities strategy and convert them to midcap value. Seizert will cease to manage an allocation for the retirement system, Mr. Kowacki said.
A Seizert spokesman could not be immediately reached for comment.
The pension fund's current target allocation to midcap core/value equity is 5%, but the retirement system intends to double the allocation to 10%. The target for midcap growth equity is also 5%. Funding will come from reducing the pension fund's overall target allocation to fixed income.
An RFP was issued in December to comply with state law.
Dahab Associates, investment consultant to the pension fund, is assisted with the search.