Massachusetts Water Resource Authority Retirement System, Chelsea, hired Mesirow Financial to run about $20 million in active domestic small-cap value equities.
The $631 million pension fund's board approved the hiring at its Jan. 26 board meeting, said Carolyn Russo, executive director, in an email.
The pension fund issued an RFP in October due to the requirement of the Massachusetts Public Employee Retirement Administration Commission to put services up for bid every seven years. Current manager Boston Partners was a finalist along with Hotchkis & Wiley and Vaughan Nelson Investment Management.
As of Dec. 31, the pension fund's actual allocation to domestic equities was 30%; the target is 31%.
Investment consultant NEPC assisted.