The $141 million Waltham (Mass.) Contributory Retirement System has terminated Columbia Management Co. from an approximately $8 million high-yield mandate and is searching for a replacement. Columbia has changed its proxy and the new investment guidelines don't comply with the Public Employee Retirement Administration Commission's guidelines for a high-yield manager, said Joseph Juppe, executive director at Waltham. The fund was also displeased by the recent departure of Jeffrey Rippey, co-manager of high yield. The RFP for a replacement manager is due Nov. 1 and can be accessed at Wainwright Investment Counsel's Web site.
Rippey's responsibilities have been passed on to Stephen Peacher, head of taxable fixed-income, and Thomas LaPointe and Kevin Cronk, portfolio managers. Rippey reported to Peacher and Brenda Furlong, head of fixed-income. Tom Gariepy, spokesman, didn't know the reason for Rippey's departure after 20 years with the firm and Rippey could not be reached.
