Taunton (Mass.) Contributory Retirement System is searching for managers to run $110 million in seven passive equity, fixed-income and real estate investment trust portfolios; an active domestic small-cap core equity manager to run $25 million; and a custodian.
The $400 million pension fund has issued three RFPs for managers 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, which is assisting with the searches.
The passive managers will run $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, $10 million in REITs, $9 million in international equities and $6 million in emerging markets equities.
State Street Global Advisors is the current manager of the equity and fixed-income portfolios; RhumbLine Advisers is the current REIT manager. Both are invited to rebid, said Condy.
The passive manager RFP is available on Dahab’s website.
For the active domestic small-cap core equity search, abrdn is the current manager and for the custodian search, M&T Bank is the current custodian. Both firms are invited to rebid.
The small-cap RFP and custodian RFP are also available on Dahab’s website.
All proposals for the three searches are due at noon EDT on May 31. Condy said the board hopes to make selections in the second quarter.
