Boston Co. Loses Another Client
September 17, 2007
The Boston Company Asset Management has lost another client, as the $142.2 million Town of Arlington Contributory Retirement System has issued an RFP for an international equity EAFE manager to replace the firm.
Richard Greco, the administrator at Arlington, explained that the plan's consultant, Wilshire Associates, recommended conducting the search after The Boston Co.'s international equity team left the firm to join Munder Capital Management.
Arlington is looking for an international equity manager to oversee an approximately $30 million mandate to be benchmarked against either the MSCI EAFE or the ACWI (ex-US) index.
The Arlington plan is not the first Massachusetts system to end its relationship with the firm following the international equity team's departure. The $96 million Andover Contributory Retirement System recently began a search for a replacement for the firm on its roughly $16 million account (See IMW, 9/10/07).
Mike Dunn, spokesman for The Boston Co., declined to comment on any specific client relationships. He did say, however, that since the international equity team left that there has been significant number of its clients who have chosen to retain the manager, but there has been some departures.
The deadline for proposal submission is Oct. 15. Greco said that the board wants to have the search completed within 90 days of the submission deadline.
Danielle London, Arlington's consultant with Wilshire is assisting with the search. The RFP is available on the consultant's Web site, at wilshire.com/BusinessUnits/Consulting/Research/ManagerSearch.html.
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