Franklin Regional Retirement System, Greenfield, Mass., hired Copeland Capital Management to manage $7 million in a U.S. small-cap core equities strategy, said Dale Kowacki, executive director of the retirement system.
Dahab Associates, the $150 million defined benefit plan’s investment consultant, assisted with the search.
The RFP was issued in December after the board terminated previous small-cap manager Systematic Financial Management for underperformance. A spokesman for Systematic Financial confirmed the termination in December but declined to comment further.
The funds were transferred to the plan’s other small-cap core manager, Aberdeen Standard Investments. Aberdeen manages about $15 million, including the assets transferred from Systematic. The plan will transfer the funds to Copeland in the summer.
Palisade Capital Management and Teton Advisors were the other finalists.