American Express Financial
MINNEAPOLIS - American Express Financial Corp. hired four money managers to subadvise three new value mutual funds. Lord Abbett will handle the AXP Partners Value Fund, a large-cap fund; Davis Selected Advisors will subadvise the AXP Partners Fundamental Value Fund, a large-cap fund with a more research-intensive focus; and EQSF Advisers/Third Avenue Funds and Royce & Associates will co-manage the AXP Partners Small Cap Value Fund, a small-cap and microcap fund.
EAGAN, Minn. - Blue Cross & Blue Shield of Minnesota hired Fidelity Institutional Retirement Services as bundled provider for its $185 million 401(k) plan, said Steven Loosbrock, vice president-treasury. The plan was managed internally; Citigroup was record keeper and administrator, and US Bank was trustee.
BRAINTREE, Mass. - The $92 million Braintree Employees' Retirement System hired Armstrong & Shaw to run $10 million in active domestic large-cap value equities. Funding will come from reducing exposure to other asset classes, said Jeanne Martineau, executive director.
Brockton Contributory Retirement
BROCKTON, Mass. - The $200 million Brockton Contributory Retirement System committed $3 million to Charlesbank Equity Fund V, a domestic fund, and $2 million to INVESCO (IVZ) Partnership III for European investments, said Harold P. Hanna Jr., executive director. Funding will come from cash. Wainwright Investment Counsel assisted.
California Public Employees
SACRAMENTO, Calif. - The $158 billion California Public Employees' Retirement System picked four real estate managers to invest in California urban properties: Buchanan Street Partners and Capri/ Capital Advisors were allocated $60 million each; and Institutional Housing Partners and American CityVista, $40 million each.
Catholic Diocese of Fairbanks
FAIRBANKS, Alaska - The Catholic Diocese of Fairbanks hired INVESCO to run $5 million in active domestic large-cap growth equities. George W. Bowder, treasurer, declined to provide details.
MILAN, Italy - Cometa, the 1.4 trillion lire ($623 million) private pension fund for Italy's metal workers, plans to hire ABN AMRO to manage assets that were run by INVESCO. The portfolio's asset allocation remains at 55% stocks and 45% bonds. According to a spokesman for the fund, the Rome-based COVIP regulatory authority should give the go-ahead for ABN AMRO to take over by early July.
FARMINGTON HILLS, Mich. - Compuware Corp. added the Managers' Special Equity and Lord Abbett Mid-Cap Value funds to its $325 million 401(k) plan, bringing the number of options to 17, including company stock, said Joe Schuster, manager of qualified plans.
SPRINGFIELD, Mo. - Drury University hired Calamos Asset Management and Froley Revy Investment each to manage $4.3 million in convertible securities for the $85 million endowment fund, said Richard Dodson, director-financial services. The allocation marks the endowment's first specific allocation to convertibles. The move was made for diversification, he said. Funding came from a reallocation among existing managers. Prime Buchholz & Associates assisted.
Food & Commercial Workers
BALLWIN, Mo. - Food & Commercial Workers Local 655 hired Paladin to manage $34 million in active domestic large-cap growth equities and $27.5 million in active domestic large-cap value equities, said Donna France, assistant administrator. The $386 million plan chose Paladin because its managers came from Investment Advisors Inc., which managed the portfolios previously, she said.
GREENVILLE, S.C. - Greenville Hospital hired two active international commingled equity managers. Putnam will run $7 million to $10 million in a core style, and TT International, $7 million to $10 million in growth, for the $200 million defined benefit plan.
Funding for the hires came from rebalancing, said Larry Gosnell, assistant treasurer and director of investments.
Heller Ehrman White
SAN FRANCISCO - Heller Ehrman White & McAuliffe hired Vanguard as semibundled provider for its $50 million 401(k) plan, said Carol Budinger, benefits manager. It will offer 18 investment options. The plan was managed internally, and it offered 12 investment options. Meridian was the administrator and record keeper, and Advisors Trust was trustee.
Houston Pilots Association
HOUSTON - Houston Pilots Association hired King Investment Advisors to manage an undisclosed amount in active domestic growth equities and active international growth equities. Lance Miller, plan administrator, declined to provide any further information. According to the Money Market Directory, the $27 million defined benefit plan was managed internally.
Los Angeles City
LOS ANGELES - Los Angeles City Employees' Retirement System hired Gabriel, Roeder & Smith as its consulting actuary. Incumbent Watson Wyatt's three-year contract with the $7.5 billion system had expired, said Dan Gallagher, chief investment officer.
Marconi PLC U.K.
STAFFORD, England - Marconi PLC U.K. Pension Plan hired Morley Fund Management to run L1 billion ($1.4 billion) in fixed income. The portfolio will be a mix of mostly U.K. corporate and government bonds. The assets were managed by Stanhope Investment Management, Marconi's internal management firm, said Simon Lee, deputy financial manager at the L2.8 billion plan. Stanhope continues to manage a U.K. equity mandate for the fund.
North Carolina Retirement
RALEIGH, N.C. - North Carolina Retirement System hired Evergreen Investment Management to manage a new S&P 400 fund, said C. Douglas Chappell, state deputy treasurer and spokesman for the $59 billion fund. He would not disclose the size of the mandate. Funding comes from a rebalancing.
Norwalk City Employees
NORWALK, Conn. - The $300 million Norwalk City Employees Pension System hired Northern Trust to run its new securities lending program, said Fred Gilden, comptroller. Northern Trust is the system's custodian.
Oregon Public Employees
SALEM, Ore. - The Oregon Public Employees Fund will invest in two distressed debt limited partnerships, said State Treasurer Randall Edwards. The $38 billion fund committed $50 million to OCM Opportunities Fund II and $75 million to Credit Suisse First Boston Global Opportunities Partners.
Pennsylvania State Employees
HARRISBURG, Pa. - The $26 billion Pennsylvania State Employees' Retirement System hired Barclays Global Investors to manage a new allocation of up to $250 million in an S&P 500 index fund, according to Sean Sanderson, spokesman for the fund.
The fund also approved new private equity commitments of up to $20 million to the Pennsylvania Early Stage Partners Fund III and up to $35 million to Morgenthaler Partners VII. The fund also approved follow-on private equity commitments of up to $85 million to DLJ Merchant Banking Partners III and $50 million to Polaris Venture Partners IV. All allocations will be funded from cash.
Roofers Local 20
KANSAS CITY, Mo. - Roofers Local 20 hired INVESCO to run $5 million in active domestic large-cap core equities for its $48 million retirement fund. Funding came from terminating a $5 million active domestic large-cap core equity portfolio managed by Financial Counselors; the firm continues to manage a $4 million active domestic fixed-income portfolio for the fund.
Shaw Industries Inc.
DALTON, Ga. - Shaw Industries Inc. hired American Express Retirement Services as bundled provider for its $332 million 401(k) plan, providing seven investment options, said Anita Thornton, manager of retirement and disability plans. ADP had been record keeper, and State Street Bank was custodian.
Special Districts Association
SALEM, Ore. - The Special Districts Association of Oregon hired Victory Capital Management to run $11 million in active domestic large-cap core equities. The $20 million trust fund terminated passive domestic large-cap value equity managers First American Asset Management, which ran $7 million, and Wells Fargo Bank, which ran $4 million, said Greg Jenks, finance director. A change in the board's investment policy allowed it to invest in growth, he said.
St. Lawrence University
BOSTON - St. Lawrence University hired four equity managers for its $225 million endowment. Fidelity will manage $11 million in active international all-cap core; Dresdner RCM, $30 million, active domestic large-cap growth; Iridian, $30 million, active domestic large-cap value; and State Street Global Advisors, $31 million, S&P 500 commingled fund, said Kathryn Mullaney, vice president and treasurer.
Funding will come from terminating active domestic value equity managers INVESCO, which ran $100 million in large-cap; and Bennett Lawrence, $11 million in small-cap. The remaining assets will go to cash. INVESCO was terminated because of performance; Bennett Lawrence was terminated because the plan had too many small-cap managers, she said. "We look forward to working with them again," said Bill Hensel, director of media relations at INVESCO.
The plan also hired State Street Bank as custodian, replacing Deutsche Bank, Ms. Mullaney said.
St. Louis Police
ST. LOUIS - St. Louis Police Retirement System hired Boston Co. to manage up to $35 million in active international large-cap value equities, said Steven Olish, executive secretary. Funding will come from reducing the $690 million system's fixed-income allocation to 35% of total assets, from 45%. Putnam runs $35 million in active international large-cap growth equities for the system, he said.
Stichting Pensioenfonds ABP
HEERLEN, Netherlands - The e150 billion ($129 billion) Stichting Pensioenfonds ABP hired State Street Corp. (STT) to provide custody and securities lending services for the plan's $21 billion in U.S. and Japanese assets, said Alyson Riley, State Street spokeswoman.
South Carolina Retirement
COLUMBIA, S.C.- The $19 billion South Carolina Retirement System hired Alliance Capital to run $100 million to $160 million in active domestic large-cap growth equities, said Michael Sponhour, spokesman. The fund also will increase overall equity exposure to 35% of assets, from 25%, during the fiscal year ending June 30, 2002. Its long-term equity target is 40% of assets.
Stratford Town Employees
STRATFORD, Conn. - The $132 million Stratford Town Employees' Pension Fund hired Dahab Associates to monitor performance and provide education on fiduciary responsibility and investment styles for the board; and Milliman U.S.A. to provide actuarial services. E.F.I. had handled all those tasks, but the board decided to add more consultants so one firm wouldn't be doing everything.
Tulare County Employees
VISALIA, Calif. - The Tulare County Employees' Retirement Association hired Bernstein Investment Research and Management to run $58 million in active international large-cap value equities, said Dave Kehler, retirement administrator for the $700 million system. Funding came from reducing an active international large-cap growth equity portfolio run by Oechsle International Advisors, leaving it with $58 million. The changes were made for diversification.
Waterford Police and Fire
WATERFORD, Mich. - Waterford Township Police and Fire Retirement System hired Portfolio Analytics for full-service consulting, replacing IGO Wachovia, said John Dean, chairman of the $50 million plan's board.
Zeiser Construction Co.
CINCINNATI - Zeiser Construction Co. hired Fifth Third as semibundled provider for its employee-directed $1.1 million profit-sharing plan, said David Zeiser, president and treasurer. The plan had been employer-directed and managed in-house, he said. It now has eight investment options.