Plymouth (Mass.) Retirement System is searching for an actively managed U.S. large-cap value equity investment manager and an actively managed international value oriented equity manager for the $179 million defined benefit plan.
The board is looking to allocate $11 million to $12 million to the international value manager and $9 million to $10 million to the domestic large-cap mandate.
Fiduciary Investment Advisors, investment consultant to the plan, is assisting with the searches.
The U.S. large-cap search is being conducted because the contract with the current manager is set to expire soon, said Wendy Cherry, executive director of the pension fund. Boston Partners is the incumbent manager and is invited to rebid.
Franklin Templeton is the current international value manager. The board is looking to replace the manager "due to firm changes and poor performance," Ms. Cherry said.
Franklin Templeton spokeswoman Pholida Barclay could not be immediately reached for comment.
The RFPs are available on Fiduciary Investment Advisors' website. Proposals for both searches are due 4 p.m. EDT Oct. 15. A timeline for selecting managers has not yet been established.