Taunton (Mass.) Contributory Retirement System rehired State Street Global Advisors to manage $100 million in six passive portfolios, abrdn to run $25 million in active domestic small-cap core equities, RhumbLine Advisers to manage $10 million in a passive real estate investment trust portfolio and M&T Bank as custodian.
The $425 million pension fund’s board approved rehiring the incumbents at its June 26 meeting, recently released meeting minutes showed.
The pension fund issued RFPs in April due to the Massachusetts Public Employee Retirement Administration Commission requirement that services must be put up for bid every seven years, said Kevin Condy, director of research at investment consultant Dahab Associates, at the time. Dahab assisted with the searches.
SSGA’s six passive portfolios are $50 million in domestic large-cap equities, $14 million in domestic small-cap equities, $11 million in domestic core fixed income, $10 million in domestic midcap equities, $9 million in international equities and $6 million in emerging markets equities.
The minutes did not say whether there had been any finalist presentations.
Separately, the board at the June 26 meeting voted to terminate GAM Investment Management from its $7 million active emerging markets equity portfolio due to organizational changes. Assets will be moved to SSGA’s passive emerging markets equity portfolio, according to the meeting minutes.
