AMT Capital Services
NEW YORK - AMT Capital Services Inc. selected Harding, Loevner Management L.P. to manage an active international equity portfolio within its AMT Capital Fund, a mutual fund for smaller institutions and high net-worth individuals.
The fund is in registration with the SEC, and will invest in stocks of Europe, the Pacific Rim and emerging markets. AMT has assets under administration of about $1 billion.
ATLANTA - The $3.4 billion BellSouth Corp. defined contribution plan hired First Quadrant to manage the asset allocation of a new balanced option, said Denise B. Cowell, manager. The underlying assets are managed by Bankers Trust.
Berrien County Employees
ST. JOSEPH. Mich. - The almost $56 million Berrien County Employees Restated Retirement Plan hired the Detroit office of Merrill Lynch to do performance measurement of the plan's sole manager, Inter-City Bank, said Mike Henry, county coordinator and plan administrator.
Merrill is the first firm to formally measure performance for the county fund.
California Public Employees'
SACRAMENTO, Calif. - Ending a slugfest for $12.6 billion in international money manager assignments, the $80 billion California Public Employees' Retirement System named the firms it has been negotiating with on fees since November. In addition to those previously reported, the following firms were selected.
For mainstream active, non-U.S. equity, the fund picked: Morgan Grenfell, Schroder Capital and Oechsle International. For mainstream active, non-U.S. Pacific basin equity: Nomura Capital. For passive mainstream non-U.S. equity: State Street Global Advisors. For mainstream global asset allocators: Brinson Partners and Trust Co. of the West/Cursitor Eaton.
In addition, the California fund committed $100 million to Conseco Capital Partners II L.P., a limited partnership investing in privately negotiated acquisitions of specialized annuity, life and accident and health insurance companies and related businesses.
Carson Pirie Scott
MILWAUKEE - The $106 million Carson Pirie Scott & Co. defined benefit plan hired four equity managers for a total of $44 million, boosting its total equity exposure to 65% from 45%, said Larry Gellman, the fund's consultant at Robert W. Baird.
Three were given $12 million each: Dreman Value Management L.P., Jersey City, N.J., was hired for large-cap value; Brandes Investment Management, San Diego, for international; and Robert W. Baird Asset Management, Milwaukee, for aggressive growth. Heartland Advisors, Milwaukee, was given $8 million for a small-cap value account.
To fund the hires, Lincoln Capital Management Co., Chicago, had its balanced account reduced to $20 million from about $43 million, while Frontier Capital Management Co. Inc., Boston, had its allocation reduced to $20 million from about $42 million. A Loomis Sayles balanced allocation of $20 million was unaffected.
Chicago Public School
CHICAGO - The $5.2 billion Public School Teachers' Pension & Retirement Fund of Chicago hired Chancellor Capital Management and Fidelity to manage about $220 million each, and Holland Capital Management to manage about $15 million, all in large-cap growth equities, said Mary Sharon Reilly, president.
Church of England
LONDON - The Church of England hired Aldrich Eastman & Waltch to manage its more than $150 million U.S. real estate portfolio. AEW also absorbed the employees of Commissioners Property Corp., a corporation set up by the church to manage the portfolio.
Connecticut Trust Funds
HARTFORD, Conn. - The $11.4 billion State of Connecticut Trust Funds selected Carter Primo Chesterton as a manager for its $450 million commercial mortgage fund, said Mildred McNeil, a spokeswoman for the fund.
Carter Primo will originate first mortgages, and will bring potential investments to the fund's staff for approval, rather than receive a set allocation.
HARTFORD, Conn. - Connecticut Mutual Life Insurance Co. hired Independence One Capital Management to manage just more than $100 million for a fixed-income option offered to defined contribution plans by the insurer.
The portfolio is made up of intermediate-duration Treasuries. Connecticut Mutual officials declined to name the manager terminated.
FRESNO, Calif. - Fresno County appointed Union Capital Advisors, the investment division of Union Bank, to run $1 billion in treasury assets in a short-duration portfolio, said Gary W. Peterson, auditor-controller/treasurer-tax collector for the county. The maximum portfolio maturity will be five years, as prescribed by the California Government Code.
DETROIT - General Motors Corp. has hired United States Trust Co. of New York as an independent fiduciary to determine whether 185 million shares of its class E stock should be contributed to its $17.4 billion pension plan for hourly workers.
The independent fiduciary also will manage the contribution, valued around $5.7 billion, if the plan is approved. The contribution hinges on whether GM is granted a prohibited transaction exemption from the Department of Labor. GM is expected to apply for the transaction soon.
DALLAS - Halliburton Co. added a domestic equity option to its $3 billion profit-sharing/401(k) plan effective Jan. 1, said Sharon Parkes, trust investment officer.
The equity option will be managed by Fayez Sarofim, Ark Asset Management, Eagle Asset Management, GAMCO Investors, Husic Capital Management and Loomis, Sayles, all of which also manage Halliburton's balanced fund option.
LOUISVILLE, Ky. - The $6 million Lantech Inc. 401(k) plan hired Segal Advisors as record keeper, replacing Mercer, and now is thinking about adding investment options, said Debbie Thompson, benefits manager.
"We haven't started looking, but it's something the (investment) committee is prepared to do after the transfer to a new record keeper in the first quarter," Ms. Thompson said.
Currently the fund offers two investment options, a stock fund and a fixed-income fund, both run by J.J.B. Hilliard, W.L. Lyons Inc.
Missouri Public Schools
JEFFERSON CITY, Mo. - The Public School Retirement System of Missouri will invest up to $400 million over the next two years in international equities managed by Scudder, Stevens & Clark and Capital Guardian Trust. The hirings became effective Jan. 1. Each manager will receive up to $200 million over two years from incoming contributions, said David Mustoe, executive secretary.
No managers were terminated.
The $7 billion plan is allocated 16% in equities, 16% in mortgage securities, 56% in bonds and 12% cash.
Montgomery County Employees
ROCKVILLE, Md. - Trustees of the $1.2 billion Montgomery County Employees' Retirement System, Rockville, Md., decided to shift $39 million in small-cap value stocks to Kennedy Capital Management, St. Louis, from UBS Asset Management, New York, following the departure of a group of UBS managers in January, said Julie H. Dellinger, the fund's executive director. Kennedy Capital already manages $29 million for the pension fund.
San Diego County
SAN DIEGO - The $1.8 billion San Diego County Retirement System hired Loomis Sayles to manage an international equity option overwriting program for about $200 million, said Richard Rose, chief investment officer.
The firm had been providing options overwriting on the fund's entire $800 million domestic equity portfolio, and "we decided to implement the same strategy on the international side. It's a good viable, value-added strategy to have," Mr. Rose said.
Unlike the domestic strategy, which uses exchange-listed options, the international program will rely on OTC options, reflecting the fund's large concentration of smaller capitalization international stocks, he said.
NEW YORK - Sulzer Inc. hired Coopers & Lybrand as administrator, and added two options to its $40 million 401(k) plan.
Coopers replaces Mercer.
The change was made to add more flexibility, said John Bird, vice president, human resources. Coopers provides more valuation features and more automated systems, as well as a benefits information line, he said.
The plan also increased its options from three to five, switching from a GIC fund, S&P 500 fund and an aggressive equity fund to a GIC fund, a balanced fund, a bond fund, a conservative equity fund and an aggressive equity fund, said Mr. Bird.
The options are managed by five separate managers, which Mr. Bird declined to name; they replace Bank of New York, which remains as trustee.
GEORGETOWN, Ky. - The $94 million retirement plans of Toyota Motor Manufacturing Inc. hired SEI as a record keeper, said Sheila Evans, associate.
The services formerly had been provided by Acordia of Lexington Benefits. Toyota, which has a money purchase pension plan and a 401(k) plan, made the switch because SEI offered "more services and technology," Ms. Evans said. In addition, the firm "allowed us to keep our own investment options. A lot of firms wanted to have our assets." she said.