Franklin Regional Retirement System, Greenfield, Mass., issued an RFP seeking a small-cap core equities manager to run about $7 million.
Dahab Associates, investment consultant to the $150 million pension fund, is assisting with the search.
There is no incumbent; the pension fund terminated a previous small-cap core equity manager, Systematic Financial Management, for underperformance, said Dale Kowacki, executive director. The retirement system transferred the assets to its other small-cap core equity manager, Aberdeen Standard Investments, which manages about $15 million, including the assets transferred from Systematic.
A spokesman for Systematic Financial confirmed the termination but declined to comment further.
Despite being terminated, Systematic is invited to rebid, said Dahab Associates research analyst Chris Mills.
The RFP is available on Dahab's website. Proposals are due noon EST on Jan. 17. A selection is expected to be made in April, Mr. Kowacki said.