Manchester (N.H.) Employees' Contributory Retirement System hired Fidelity Investments to run a total of $31 million in three passive portfolios and Boston Trust Walden to run $15 million in active domestic smidcap equities.
The $277 million pension fund's board approved the hirings at its March 21 meeting, said Melanie Murray, executive director, in an email.
The board approved hiring Fidelity to run $14 million in passive Treasury inflation-protected securities, $11 million in passive domestic large-cap equities and $6 million in passive international equities, all replacing similar portfolios managed by Vanguard Group after investment consultant NEPC recommended the change to achieve a lower fee structure.
For the active domestic smidcap equity portfolio, Boston Trust Walden replaces Rothschild & Co., which was terminated due to organizational changes.
As of March 31, the actual allocations to domestic equities, fixed income and international equities were 25.8%, 18.1% and 15.1%, respectively; their respective targets are 26%, 20% and 18%.
