Plymouth Begins Search For Manager of Managers

Mar 6 2008 | 1:00am ET

The $120 million Plymouth (Mass.) Retirement Board has issued a request for proposals for active management of its portfolio utilizing a manager of managers strategy.

“Right now we have a consultant, Segal Advisors, that makes suggestions and implements what our board wants to do but our board really has the fiduciary responsibility right now,” said a source within the fund. “What they’re looking for is a company that will take that responsibility away and do it themselves such as redistributing that entire fund.”

Plymouth currently has 5% of its portfolio allocated to hedge funds and private equity funds.

The deadline for the RFP, which can be accessed on the Public Employee Retirement Administration Commission Web site, is March 31.

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