Medford (Mass.) Contributory Retirement System hired RhumbLine Advisers to manage about $20 million in passive large-cap value equities.
The $245 million pension fund's board approved the hiring at its May 31 meeting, recently released meeting minutes show.
The pension fund issued an RFP earlier in May based on the recommendation of its investment consultant, NEPC, to add a Russell 1000 Value index fund manager to provide further diversification, said Mark Minervini, executive director, in a May 2 phone interview.
Funding may come from a reduction in the pension fund's Treasury inflation-protected securities exposure, he added at the time. No managers are scheduled to be terminated.
Investment consultant NEPC assisted.
Mr. Minervini could not be immediately reached for further information.
