Acton Water Supply District
ACTON, Mass. - The Water Supply District of Acton hired Boston Security Counsellors to manage a $2.3 million environmental fund in a balanced account, said Linda M. Larson, treasurer/collector.
The hiring was made from a field of six applicants, with no assistance from a consultant, she said.
HARTFORD, Conn. - Aetna has contracted with Twentieth Century Investors, Neuberger & Berman and Evergreen Foundation to offer outside mutual funds within its stable value option for defined contribution plans.
The option will now include the Ultra and Select funds from Twentieth Century; the Guardian, Manhattan and Genesis funds from Neuberger & Berman; and the Evergreen Foundation funds, said Douglas L. DuMond, general manager.
Aetna plans to add another GIC manager soon, and is in discussions with Becker & Rooney.
CHICAGO - Akzo America Inc. hired Wyatt to assist in a search for a record keeper and providers of investment management options for a $250 million 401(k) plan, said Rob Pennekamp, assistant treasurer.
Akzo officials expect to issue RFPs in April, considering both bundled and strategic alliance services. Currently, Buck is record keeper, and Vanguard provides four investment options; a company stock option also is offered.
ATLANTA - The $455 million Atlanta General Employees' Pension Fund selected Bank of New York as its master custodian. Previously the custodial duties were split between NationsBank and Bank South. A fund spokesman said Bank of New York was chosen for its fee structure and quality of its staff.
California Public Employees
SACRAMENTO, Calif. - The $82 billion California Public Employees' Retirement System, Sacramento, conditionally approved an allocation of up to $100 million to CNL, a restaurant franchise firm, for co-investment or separate account investment in franchise finance investment opportunities. Conditions include agreement with CNL on frequency and detail of performance monitoring of the investments.
Pension Consulting Alliance/Kenneth Leventhal assisted.
The fund also approved a $15 million to $18 million commitment to Technology Partners V, a limited partnership organized to invest primarily in early stage companies engaged in market-focused businesses in information processing, communications and health care.
Chicago Park Employees
CHICAGO - The $401 million Chicago Park Employees' Annuity and Benefit Fund hired Ennis, Knupp and Associates to conduct an asset allocation study, which could result in changes to the fund, Joseph M. Fratto, executive director, said in a prepared statement.
The fund's approximate asset allocation is 53% fixed income, 39% equities and 8% real estate and other investments.
BOSTON - In an effort to enhance diversification, the $50 million defined benefit plan of the Cooperative Bank's Employees Retirement Association, Boston, hired its first global fixed-income manager.
Hired was Massachusetts Financial Services, which will run $6 million to be funded in three increments of $2 million each, said Boon Ooi, executive director. Funding will come from a reduction in a domestic fixed-income portfolio managed by The Boston Co.
Other finalists were Strategic Fixed Income and Morgan Grenfell. New England Pension Consultants assisted.
Detroit Police and Fire
DETROIT - Adding to its managed futures program, the $2.25 billion Detroit Policemen and Firemen Retirement System hired Barclay Research Group, said Nicholas Degel, assistant administrative supervisor.
The Detroit fund invested $20 million in the Barclay Institutional Futures Fund, a manager-of-managers approach, investing with a number of commodity trading advisers.
The hiring brings the city pension fund's total allocation to managed futures to about $75 million.
ST. LOUIS - Emerson Electric Co. revamped its $251 million corporate-sponsored 401(k) plan, hiring Hewitt Associates as record keeper and alliance administrator and Northern Trust as trustee.
A company spokesman wouldn't identify the previous record keeper and investment managers.
Investment options are: balanced, managed by American Funds Group; short-term bond index and equity index funds, Boatmen's Trust; intermediate/long-term indexed bond mutual fund, Wells Fargo Bank; a GIC fund, Brentwood Asset; and company stock, administered by Northern Trust.
Graphic Communications Union
FERNDALE, Mich. - The $16 million Graphic Communications Union Local 2-C pension fund hired Asset Strategies Portfolio Services as consultant, replacing Wyatt, said David Jacobs, chairman of the board of trustees.
Asset Strategies will provide a full range of consulting services, including performance evaluation and manager searches. Its first task will be to study the fund's investment policy, including possibly changing its current equity allocation range of between 30% and 50%. The fund's managers, Munder Capital and Loomis Sayles, both run equities and fixed income.
Grass Valley Group
GRASS VALLEY, Calif. - The Grass Valley Group Inc. revamped its $35 million 401(k) plan, said James J. Shields, director-compensation and benefits.
CIGNA was hired to provide bundled services, including three mutual fund options. Fidelity will manage two other options and Warburg Pincus, one. Previously, Shearson Lehman handled investment management.
CIGNA also will provide record keeping, employee education and trust consulting. Kaufman & Gobel was record keeper.
CAPAX/Sacramento Valley Insurance assisted.
Interprovincial Pipe Line
EDMONTON, Alberta - The $117 million Canadian ($86.6 million U.S.) pension fund of Interprovincial Pipe Line Inc. reorganized its money manager roster.
Newly hired were: Putnam Investments for C$10 million in international equities; Nicholas-Applegate, C$5 million in small- to midcap U.S. equities; Alliance Capital, C$6 million in large-cap U.S. equities; Altamira Management, C$50 million in Canadian bonds; National Trust, C$20 million in large-cap Canadian equities; and Jones Heward Investment Counsel, C$18 million in small- to midcap Canadian equities.
The firms replaced Beutel, Goodman; Sceptre Investment Counsel; and Jarislowsky & Fraser, each of which had managed about a third of the fund's assets in balanced accounts, said Ron Sawatsky, Interprovincial's manager, executive compensation and benefits.
Lake Head Pipe Line Co.
DULUTH, Minn. - The $55 million pension fund of Lake Head Pipe Line Co. Inc., the U.S. subsidiary of Interprovincial Pipe Line Inc., Edmonton, Alberta, hired Putnam Investments to run $5 million in non-U.S. stocks and Nicholas-Applegate Capital Management to run $11 million in small- to midcap U.S. equities.
The fund also expanded the mandate of Alliance Capital Management to $40 million in U.S. stocks and bonds. Alliance had managed $20 million, mostly in U.S. large-cap stocks.
The fund dropped Dreyfus, which had been managing about $32 million mostly in small- to midcap equities, said Ron Sawatsky, Interprovincial's manager-executive compensation and benefits.
Los Angeles County
LOS ANGELES - The $14 billion Los Angeles County Employees' Retirement Association hired Global Asset Management for about $187 million in Pacific basin stocks. Frank Russell assisted.
VANCOUVER, British Columbia - The $400 million Canadian ($296 million U.S.) pension fund of MacMillan Bloedel Ltd. hired Putnam Investments as its first international equity manager.
While the fund will initially give Putnam C$12 million, it expects to increase that allocation to C$20 million by midyear, said Marcia Butler, the company's director of corporate finance.
Consultant Brockhouse & Cooper assisted.
National Maritime Union
NEW YORK - The National Maritime Union Pension & Welfare Plan Employees Pension Plan, New York, put $2 million into an Amalgamated Bank of New York index fund.
Edward Montague, fund administrator, declined to disclose the funding source.
BOSTON - The $230 million Northeastern University endowment hired Standish, Ayer & Wood to run $20 million in a long-short equity strategy, said Joseph Murphy, assistant treasurer. Assets came from reducing other portfolios run by Standish, Ayer, which runs more than half of the endowment's assets.
DENVER - Portfolio Management Consultants Inc. added Van Kampen Merritt Management as a domestic fixed-income manager in its wrap-fee investment management program. PMC has 26 managers in the program, which has some $600 million under management, including $420 million from pension funds and other tax-exempt clients, said Kenneth S. Phillips, PMC president.
Smith Barney Shearson
NEW YORK - Smith Barney Shearson's Consulting Group added six firms offering nine investment options to its wrap fee program.
For growth equity, the firms are Capstone Asset Management, Jurika & Voyles and Nicholas-Applegate Capital Management. Nicholas-Applegate also will run a midcap balanced growth fund. For foreign equity, it selected Lazard Freres Asset Management. Radnor Capital Management was selected for value equity and Rittenhouse Financial Services, was hired for core equity and core balanced options.
Teamsters Local 804
ATLANTA - The International Brotherhood of Teamsters Local 804 & International Association of Machinists Local 447-United Parcel Service Retirement Plan hired the Amalgamated Bank of New York as custodian for its $365 million in assets. The previous custodian was Citibank, said Maryann Tweddle, fund administrator.
ERIE, Pa. - The $17 million pension fund of Times Publishing Inc. selected Putnam Investments to manage a $3.5 million core growth equity portfolio, according to a spokesman.
He wouldn't give additional details.
United Federation of Teachers
NEW YORK - The United Federation of Teachers Welfare Fund & Employees Pension Plan, New York, hired Amalgamated Bank of New York for a $13 million index fund. Assets came from a Bank of New York index fund.