The Muskegon (Mich.) Employees' Retirement System, with $60 million in two defined benefit plans, will be searching for an equity manager.
Becker Burke will assist.
Timothy Paul, director of finance, said the equity manager will run $29 million. A search will begin soon, once officials decide on a style for the manager. He noted the fund historically has favored a value style. Mr. Paul said he hopes to hire the manager by June.
Also, Muskegon hired ANB Investment Management to run $25 million in a Lehman Aggregate Index fund, Mr. Paul said. Phoenix Duff & Phelps was terminated as the fund's balanced manager, he said.
