JUNEAU, Alaska — Alaska Permanent Fund Corp., Juneau, rehired Callan Associates with a three-year consulting contract. The other finalists for the contract with the $30.4 billion fund were Ennis Knupp, Wilshire Associates and RV Kuhns. Callan's current contract with the fund expires in June.
The fund also rehired Bank of New York as master custodian and securities lending agent, effective July 1, confirmed Laura Achee, research and communications liaison for the fund. "The bank was reappointed because of its client-oriented service, commitment to technology and their dedication to the specific needs of the fund," said Chris Phillips, director of finance, in a news release.
PLEASANT HILL, Calif. — AssetMark Investment Services hired Copper Rock Capital Partners as subadviser to the $144 million AssetMark Small/Mid Cap Growth Fund, replacing Transamerica Investment Management, said Ken Bakar, AssetMark's director of marketing. Transamerica was terminated because four of its growth equity portfolio managers left in March, Mr. Bakar said. Transamerica spokeswoman Elizabeth Grice said the firm had no comment.
AssetMark provides small-cap to midcap growth equity management for pension and profit-sharing plans, institutional investors, investment limited partnerships and mutual funds. AssetMark has $5 billion in assets under management.
Wilshire Associates assisted.
Baton Rouge City and Parish
BATON ROUGE, La. — City of Baton Rouge-Parish of East Baton Rouge Employees' Retirement System hired Roxbury Capital Management to run $25.5 million in active domestic small-cap growth equities, said Jeff Yates, retirement administrator. Funding will come from trimming existing smidcap and midcap portfolios; no manager will be terminated. The investment is the $890 million pension fund's first small-cap growth portfolio.
BURLINGTON, Vt. — Burlington Employees' Retirement System hired Dwight Asset Management to run $24 million in active domestic core or core-plus fixed income, according to Cindy Davis, administrator of the $97 million system. Funding will come from a fixed-income portfolio run by Fortis Investments, which was terminated for performance, Ms. Davis said. Fortis officials were not available for comment.
SACRAMENTO, Calif. — The board of $186 billion California Public Employees' Retirement System, Sacramento, approved investing up to $500 million in Fortress German Residential Property fund, subject to due diligence, according to a summary of the investment committee's March 14 closed-session meeting.
Catholic Healthcare West
SAN FRANCISCO — Catholic Healthcare West hired The Clifton Group to run a $50 million cash overlay program, said Tricia Griffin, spokeswoman. The firm will run the overlay on top of the health-care organization's $1.6 billion funded depreciation fund, said Tan Vo, manager of treasury accounting.
Clifton Group is not replacing another manager, Ms. Griffin said. Catholic Healthcare West implemented an overlay program to help maintain a strategic asset allocation policy, Mr. Vo said.
Daughters of Charity Health
LOS ALTOS HILLS, Calif. — Daughters of Charity Health System hired NYLIM Retirement Plan Services as bundled provider for its $160 million pension plan, confirmed Elizabeth Nikels, spokeswoman for the system. NYLIM replaced Ascension Health. Ropes & Gray assisted.
DANVERS, Mass. — Essex Regional Retirement System hired MFS Investment Management to handle $34 million in active domestic core-plus fixed income, said Timothy A. Bassett, chairman of the $228 million pension fund. The assets were run in a similar style by State Street Research & Management; an RFP was issued after BlackRock (BLK) acquired the firm in January, Mr. Bassett said. BlackRock was among 34 firms that responded to the RFP, he added. Segal Advisors assisted.
Fox Entertainment Group
LOS ANGELES — Fox Entertainment Group Inc. hired PENN Capital Management to run $10 million in active domestic small-cap equities for its $530 million defined benefit master trust, according to a source at Fox. Funding came from cash. PENN Capital did not directly replace another manager, the source said. Merrill Lynch assisted with the shortlist search.
NORTHAMPTON, Mass. — Hampshire County Retirement Board hired New England Pension Consultants as investment consultant for its $136 million pension plan, said Mary Baronas, administrator. The firm will replace CRA RogersCasey, whose contract expired. State law requires the fund to issue a consultant RFP every five years, and the board began its search in the first quarter.
Kansas City Public Schools
KANSAS CITY, Mo. — The Kansas City Public School Retirement System hired Gabriel Roeder Smith to audit the findings, assumptions and recommendations of actuary W. Alfred Hayes & Co., according to minutes from the board's April meeting posted on the system's website this week. Officials of the $750 million pension plan audit the actuary every five years; the audit is not a reflection on the actuary's performance or practices, said Efrem Z. Williams, senior assistant to the executive director.
Kansas Public Employees
TOPEKA, Kan. — Kansas Public Employees' Retirement System, Topeka, selected Quantitative Management Associates, a unit of Prudential Investment Management, and Payden & Rygel as domestic enhanced index equity managers, subject to contract negotiations, said Rob Woodard, CIO. The board of the $11 billion pension fund has not yet determined the portfolio size or funding source. Contracts should be finalized by July 1, said Mr. Woodard. Consultants Pension Consulting Alliance and Ennis Knupp assisted.
FRANKFORT, Ky. — Kentucky Deferred Compensation System rehired Mercer Investment Consulting as investment consultant to the system's $370 million stable-value fund, said Robert Brown, executive director. The selection committee chose Mercer after reviewing proposals to an RFP issued in the first quarter. Mercer's new contract is for three years, with the potential for two individual option years. INVESCO (IVZ) Institutional is the discretionary manager for the $1.1 billion system's stable-value fund. The system comprises two plans which mirror each other and offer 32 investment options each.
Knoxville City Employees
KNOXVILLE, Tenn. — Knoxville City Employees' Pension Fund hired Griffin Securities to run about $28 million in active international growth equities, subject to a finalized contract, said Mike Cherry, executive director. The manager will replace Oechsle International Advisors, which officials of the $470 million plan terminated for performance. Stephen Langer, Oechsle director of marketing and client services, was not available for comment. Summit Strategies assisted in the shortlist search.
LONDON — L'Oreal (UK) Ltd., London, hired Buck Consultants to replace Mercer Investment Consulting as actuarial and general investment consultant for the company's £120 million ($218.4 million) pension plan, said Tanya Byrne, Buck Consultants spokeswoman. L'Oreal (UK) issued an RFP earlier this quarter. BDO Stoy Hayward assisted with the search, she said.
Nikki Rolfe, L'Oreal human resources director, confirmed the hiring in an e-mail but did not respond to further questions. " Buck Consultants demonstrated a clear understanding of our culture and objectives," Ms. Rolfe was quoted in a news release issued by Buck Consultants.
Los Angeles City Employees
LOS ANGELES — Los Angeles City Employees' Retirement System hired Brown Armstrong as auditor for the $8.2 billion fund, subject to contract negotiations, said Sally Choi, assistant general manager.
Fund officials issued an RFP last year because incumbent Ernst & Young's three-year contract was set to expire, she said.
Los Angeles County
PASADENA, Calif. — Los Angeles County Employees Retirement Association rehired Goldman Sachs for securities lending services through June 1, 2007. The firm will work with $2.6 billion in domestic equities and $3.5 billion in corporate bonds, said Juan M. Almaguer, principal investment officer, fixed income, for the $33 billion fund. The board issued an RFP in March.
Louisiana Municipal Police
BATON ROUGE, La. — Louisiana Municipal Police Employees' Retirement System hired JPMorgan as custodian bank for the $1.2 billion pension fund, said Virginia Eckert, director. JPMorgan replaces Regents Bank. Plan officials issued an RFP late last year because the retirement system had not searched for a custodian for several years. Summit Strategies assisted.
Memorial Healthcare Systems
HOLLYWOOD, Fla. — Memorial Healthcare Systems hired Barclays Global Investors to manage a $45 million futures-based enhanced index account pegged to the S&P 500 index for its $350 million pension plan, said an individual involved in the search, who did not want to be identified. The other finalist in the search was Metropolitan West Asset Management.
Calls to Matthew Muhart, Memorial's CFO, and Paul Tschida, its consultant at Jeffrey Slocum & Associates, were not returned.
New Mexico Investment Council
SANTA FE, N.M. — New Mexico State Investment Council is investing $25 million in Pasadena Capital, a small to midmarket buyout fund, said Charles Wollman, public information officer at the $12 billion council. Funding comes from cash.
New York State Common
ALBANY, N.Y. — New York State Common Retirement Fund committed $6.8 million to venture capital fund Crescent Capital II, according to John Chartier, spokesman for Alan G. Hevesi, New York comptroller and sole trustee of the $120 billion fund. The Belfast, Northern Ireland-based fund will make early-stage technology investments. Mr. Hevesi decided to make the commitment because the ongoing peace process has improved the investment climate in Northern Ireland, Mr. Chartier said.
New York State Deferred Comp
ALBANY, N.Y. — New York State Deferred Compensation Plan hired Evaluation Associates and Callan Associates to provide consulting services to the $6.5 billion plan's board, according to Julian Regan, executive director. Evaluation was re-hired to provide general services and consult for the plan's stable value fund. Callan's hiring is new; the firm will help the board evaluate the plan's investment structure and will assist in any manager searches and hirings that result from the evaluation.
Northern Trust Global Advisors
CHICAGO — Northern Trust Global Advisors hired Perennial Investment Partners to manage Japanese equities as part of Northern Trust's manager-of-managers program, said Christine Harmon, Northern Trust spokeswoman. She confirmed the appointment was made in the London office of Northern Trust Global Advisors, the manager-of-managers business of Northern Trust Global Investments, but referred other questions to Perennial. Marsha Beck, Perennial spokeswoman, did not disclose an initial amount for the mandate, but said Perennial manages A$35 million (US$26.7 million) in Japanese equities.
Northwest Sheet Metal Workers
SPOKANE, Wash. — Northwest Sheet Metal Workers Supplemental Pension Fund added the Glenmede Small Cap Equity fund as an investment option in its $55 million 401(k) plan, according to Geoffrey J. Deasey, vice president of Glenmede. The Glenmede fund is replacing another small-cap fund, according to Mr. Deasey. Pension fund officials wouldn't comment. Reliant Consulting & Research assisted.
Ohio School Employees
COLUMBUS, Ohio — Ohio School Employees Retirement System, Columbus, hired Renaissance Investment Management and PENN Capital Management to run $35 million and $50 million, respectively, in active domestic small-cap growth equities. Funding came from slightly reducing several of the $8.7 billion plan's passive equity portfolios, said Julie Graham-Price, a fund spokeswoman.
Russell Investment Group
TACOMA, Wash. — Russell Investment Group hired Delaware Capital Management to run large-cap and small-cap growth equity portfolios for Russell Managed Portfolios, a multimanager separate account program for high-net-worth clients, said spokeswoman Jennifer Tice. Russell selected Delaware based on its process, which emphasizes stock selection. "The decision is part of our ongoing process of research and evaluating managers," Ms. Tice said. There are 14 other managers in the program.
Smart & Final
CITY OF COMMERCE, Calif. — Smart & Final Inc. hired Metropolitan West Asset Management to handle a $22 million active core bond portfolio for its $60 million pension plan, pending contract negotiations. First Pacific Advisors was the other finalist, according to a source who declined to be identified.
The company is also choosing between finalists TCW Group and Earnest Partners in a search for an active domestic small-cap value manager to handle $10 million, according to the source, who added that fund officials plan to make a selection in the next few weeks.
All of the company's pension assets were in balanced accounts, and fund officials wanted to switch to specialist managers.
AUSTIN — The Teacher Retirement System of Texas, Austin, hired Albourne America as its absolute return consultant, replacing Tremont Capital, said Juliana F. Helton, spokeswoman for the $90 billion plan. The fund has a $1.3 billion absolute return portfolio.
UMWA Health & Retirement
WASHINGTON — United Mine Workers of America Health & Retirement Funds rehired Bank of New York as master custodian for the system's $6.7 billion in assets, confirmed Kevin Heine, Bank of New York spokesman. Officials at the system were not available for comment.
MALVERN, Pa. — The Vanguard Group added deep-value equity manager Donald Smith & Co. as subadviser of the $2.9 billion midcap Vanguard Selected Value Fund, said Vanguard spokesman John Demming. The firm will join the fund's other subadviser, Barrow, Hanley, Mewhinney & Strauss. Vanguard will direct a "modest portion" of the fund's current cash position — about $150 million — to Smith, along with the "majority of net cash flow," according to a news release.
MONTPELIER, Vt. — Vermont's three state pension funds hired Mondrian Investment Partners and Acadian Asset Management to manage active international equity portfolios, according to minutes of board meetings from the $1.34 billion State Teachers' Retirement System, the $1.09 billion State Employees' Retirement System and the $239 million Municipal Employees' Retirement System.
Mondrian will run $63.9 million for the state teachers' system, and Acadian will run $42.6 million. Funding will come from terminating a $106.5 million MSCI EAFE index fund managed by State Street Global Advisors.
The state employees' board will begin contract negotiations with Mondrian and Acadian to replace international equity managers UBS Global Asset Management, which manages $86.7 million for the fund, and Lazard Asset Management, which runs $88.8 million. Asset allocations have not been determined.
The municipal employees' system agreed to assign Mondrian and Acadian $19.85 million each, replacing UBS Global, which will be terminated from a $39.7 million international equity portfolio.
David Minot, director of finance and investments for the state, declined to comment on reasons for the manager switches.