HARLEEM, Netherlands - The $90 billion Algemeen Burgerlijk Pensioenfonds hired PanAgora Asset Management to manage an active country/active stock European mandate.
PanAgora officials said the firm will receive $82 million.
City of Bethlehem
BETHLEHEM, Pa. - The $45 million City of Bethlehem Aggregated Pension Fund hired 1838 Investment Advisors and Jurika & Voyles to run $5 million each in equities, according to Robert Wilkins, business administrator.
Assets came from a reduction in the account of the firm's only other manager, First Valley Bank.
Legg Mason Investment Consultants assisted.
Detroit General Retirement
DETROIT - The $2.1 billion Detroit General Retirement System hired Bankers Trust's Global Investment Management Group for a $30 million small-capitalization U.S. equities portfolio.
Assets will come from reducing large-cap U.S. equities, but no managers will be terminated.
The fund also narrowed down its candidates for a high-yield fixed-income portfolio of about $50 million.
Joe Glanton, the fund's assistant administrative supervisor, wouldn't name the finalists. He expects the manager to be selected this summer and funded by Sept. 1.
District of Columbia
WASHINGTON, D.C. - The $2.6 billion District of Columbia Retirement Board hired two core bond managers.
The board has not decided how much Western Asset Management and Morgan Grenfell Capital Management Inc. will manage for the system, nor has the fund decided on whether to terminate any managers, said Jeanna Cullins, executive director.
Meanwhile, the board hopes to have a new consultant by the fourth quarter, Ms. Cullins said. The current consultant, Callan Associates, would not be excluded from the search, she said.
Essex County Council
CHELMSFORD, England - The 950 million ($1.46 billion) Essex County Council Superannuation Fund hired two new balanced managers to run 450 million ($693 million), said Colin Cross, principal technical assistant.
The fund hired Baring Investment Management and Schroder Investment Management Ltd. to manage 225 million each. In addition, another 50million was allocated to an existing 100 million balanced portfolio managed by Baillie Gifford & Co.
Balanced managers Barclays de Zoete Wedd Investment Management Ltd. and Henderson Pension Fund Management were terminated.
Mercury Asset Management was retained as manager of a 300 million pound balanced account. Weatherall Green & Smith continues to run a 50 million real estate portfolio.
R. Watson & Sons was the consultant.
City of Fullerton
FULLERTON, Calif. - The City of Fullerton has added ICMA Retirement Corp. as a money manager for its $16 million deferred compensation plan, replacing Great West Life Assurance Co. Great West now manages about $2 million in plan assets.
ICMA offers nine investment options.
Currently, plan participants have $14 million invested with Great Western Bank, the plan's other money manager, and a small amount in the Orange County, Calif., investment pool.
The city is terminating the Great West Life contract when it expires in about two months, but some of the participants' money - in annuities - will stay with the life insurance company, said Mark Flannery, director of personnel at the city.
Harbor Capital Advisors
TOLEDO, Ohio - Harbor Capital Advisors, the investment subsidiary of Owens-Illinois, named SunBank Capital Management portfolio manager of the actively managed portion of the $3.7 billion Harbor Value Fund, a key equity fund in Harbor's family of eight no-load mutual funds.
The fund terminated Barrow, Hanley, Mewhinney & Strauss Inc., which since the fund's inception had invested 75% of the assets using an active strategy. Richards & Tierney Inc., which invests the remaining 25% using a passive strategy, will continue as a manager.
Iowa Fire and Police
WEST DES MOINES, Iowa - The roughly $650 million Municipal Fire and Police Retirement System of Iowa hired Philippe Investment Management and Pictet International Management for international small-cap equities. Each manager will receive $20 million. To fund the accounts, $30 million will come from a passively managed U.S. equities account and $10 million from cash. No managers were terminated.
Jeffrey Slocum & Associates assisted with the search.
Los Angeles City Employees
LOS ANGELES - Subject to final negotiations, the $4 billion Los Angeles City Employees' Retirement System selected Lincoln Capital Management as a passive intermediate government corporate bond index manager to run a $350 million portfolio. Lincoln Capital has been holding the $350 million temporarily until a final selection was made.
Lincoln Capital earlier was chosen to run a $200 million active core bond portfolio.
CHICAGO - The $3 billion John D. and Catherine T. MacArthur Foundation invested $20 million in emerging markets through the newly formed Investment Fund for Foundations family of mutual funds, according to Will McLean, director of marketable securities.
Assets for the mutual fund investment came from cash.
UXBRIDGE, England - The 33 million ($51 million) Mayne Nickless (U.K.) Ltd. pension fund hired Barclays de Zoete Wedd Investment Management to run a 3 million ($4.6 million) U.K. passive equity portfolio, said Don Cuthbert, group manager-personnel and corporate affairs.
The portfolio comes from pension assets of the Group 4 armored car division acquired last year. Future contributions also will be channeled into the passive account, which likely will mirror the Financial Times-All Shares index.
William M. Mercer was the consultant.
NORTHFIELD, Vt. - The $50 million Norwich University endowment put $500,000 in the Common Fund's new hedge fund and added $500,000 to another hedge fund portfolio it has with Davidson Kempner, said J. Fred Weintz Jr., trustee and chairman of its investment committee.
The Common Fund will invest in other hedge funds. The additional allocation to Davidson Kempner raises Norwich's total assignment to $1.8 million.
"We tend to be a bit contrarian," Mr. Weintz said. "We went into the Common Fund after all the bad publicity" about hedge funds, he added.
Cambridge Associates assisted in the searches. Assets came from cash flow.
QUEBEC - The just less than $700 million (Canadian) University of Quebec pension fund hired two emerging stock market managers - Morgan Stanley Asset Management for a C$10 million commingled account and Framlington PLC for a C$20 million separate account.
Any additional emerging markets allocations will be invested in the Morgan Stanley account, because the Quebec City fund plans to equalize the two accounts over time, said Andre Robitaille, the fund's managing director.
South Yorkshire Pensions
BARNESLEY, England - The 1.3 billion ($2 billion) South Yorkshire Pensions Authority cut its international exposure to 12% from 23% and quadrupled its fixed-income allocation to 22%.
As a result, the fund hired Lombard Odier Investment Management Services to manage a 125 million fixed-income portfolio that predominantly will be invested in index-linked securities.
The fund's international investments are internally managed except for its Japan portfolio.
INVESCO Asset Management, which managed a 29 million Japanese active equity portfolio, was dropped. Yamaichi Capital Management (Europe) was retained as manager of a passive Japanese equity portfolio of the same size.
The change in asset allocation followed an internally done asset liability study, said Mike Boxall, deputy fund manager.
Tyne & Wear County
NEWCASTLE UPON TYNE, England - The 1.2 billion ($1.85 billion) Tyne & Wear County Superannuation Fund has hired Schroder Investment Management Ltd. to run a 28 million Pacific Basin equity portfolio.
The portfolio previously was managed by INVESCO Asset Management Ltd., which was terminated following a performance review, said Peter Haigh, director for corporate serves at South Tyneside Metropolitan Borough Council, which administers the fund.
Watsons Investment Consultancy assisted in the search.
BLUE BELL, Pa. - The $3.3 billion pension fund of Unisys Corp. hired Bridgewater Associates for a non-U.S. fixed income account of undisclosed size. J.P. Morgan will continue as the fund's other foreign bond manager.
Charles Service, corporate director, capital management and trust investments, said assets will come from reducing the fund's U.S. stock and bond holdings, but no managers will be terminated.
SPRINGFIELD, Ohio - The $65 million endowment of Wittenberg University hired its first midcap growth manager, Nicholas-Applegate Capital Management, said Darrell B. Kitchen, controller.
The new manager was assigned $12 million. He said assets came from reducing a balanced portfolio managed by James Investment Research, which now has $35 million.
Marquette Associates assisted.
Wyoming Retirement System
CHEYENNE, Wyo. - The $2.3 billion Wyoming Retirement System hired Keystone Group for a midcap equities assignment. While funding started at $20 million, it will reach its $50 million maximum in September, said Harry Wales, finance manager.
The hiring represents the first investment in midsized U.S. equities.
Assets came from cash. In conjunction with the fund's staff, Segal Advisors Inc. assisted with the search.