CHARLOTTE, N.C. - The $120 million Charlotte Firefighters' Retirement System hired Gardner Lewis Asset Management as a small-cap manager to run $3 million, said Robb Hubbs, fund administrator. Gardner Lewis replaces Capital Technology, which was terminated in early May because of performance problems, Mr. Hubbs said.
SAN FRANCISCO - The Chronicle Publishing Co. hired Wells Fargo Nikko Investment Advisors, San Francisco, to provide bundled services, including investment management, for its $20 million 401(k) plan for non-union employees. Effective Aug. 1, the Chronicle's plan moved to daily valuation and added a voice-response system, more liberal account transfer features, loan processing and employee education and communications. The plan added an international equity and asset allocation funds and moved the assets of the short-term, income, balanced and growth funds it previously used to similar funds managed by Wells Fargo Nikko.
The company had used an unbundled approach, said Anne Marie Fourre, benefits manager, who did not identify the previous vendors.
CINCINNATI - The $680 million defined benefit plan of Cincinnati Bell chose Morgan Stanley Asset Management to manage its first emerging markets allocation. The $10.5 million portfolio will be global in scope, said Len Haussler, assistant treasurer.
The bulk of the assets will come from other international equities accounts and some small portions will come from domestic equities, but no managers will be terminated. The Chicago office of William M. Mercer assisted.
MARIETTA, Ga. - The $80 million Cobb County Employees Pension Fund hired two stock managers, said James Virgil Moon, board member.
Southeastern Advisory Services assisted.
BLOOMFIELD HILLS, Mich. - Core Industries Inc. has diversified the equity portion of its $12 million defined benefit plan, said Daniel Limer, manager of retirement plans. The fund also boosted to nine the options in its $20 million profit-sharing plan.
Capstone Asset Management will manage about 30% of defined benefit plan assets in growth equities; Loomis, Sayles will manage about 28% in value equities. About 5% of total assets is going to the Templeton Foreign Fund, managed by Templeton International, Mr. Limer said.
NBD Bank, also the fund's trustee, had its fixed-income allocation reduced to 37% from 40%. First Manhattan Capital Management was terminated as the core equity manager.
For its defined contribution plan, Core hired Putnam Investments to manage nine options: three equity, two balanced, two fixed-income, one money market and one company stock fund. Previously, NBD managed a fixed-income option and a GIC option, and First Manhattan managed an equity option.
Nordstrom Pension Consulting assisted.
TRURO, Emgland - The 300 million ($462 million) Cornwall County Council Superannuation Fund hired Newton Investment Management to run a 100 million balanced portfolio, said Vic Lush, senior investment assistant. Newton will take over a portfolio previously managed by Kleinwort Benson Investment Management, which failed to achieve performance targets, Mr. Lush said.
Hymans Robertson was the consultant.
ESB Fund Managers
DUBLIN - ESB Fund Managers Ltd. has appointed Lloyds Investment Managers to mange the international equity portion of ESB's client portfolios, or initially about 100 million ($153 million). Lloyds will handle the U.K. and European assets, but will subcontract the management of North American assets to Weiss, Peck & Greer, and Pacific Basin assets to Nikko Capital Management. ESB will manage its Irish equities, bonds and cash.
ESB Fund Managers is a unit of the Irish state-owned Electricity Supply Board, which specializes in the management of pension funds.
EPSOM, England - The 140 million ($214 million) FINA PLC pension fund switched to specialized mandates from balanced portfolios, said Stephen Wilson, pensions manager.
Previously, Mercury Asset Management and PDFM Ltd. roughly split the pension fund in two balanced portfolios. Now, each portfolio has been reduced by 20 million and converted into equity mandates.
To manage 40 million in a global bond portfolio, the pension fund hired Kleinwort Benson Investment Management.
Bacon & Woodrow advised on the search and developed the global bond benchmark, while Watsons Investment Consultancy drafted the new equity benchmarks.
Glenmede Trust Co.
PHILADELPHIA - Glenmede Trust Co., a money management firm, hired Pictet International to serve as subadviser running its upcoming emerging markets fund. Glenmede will launch the mutual fund by October.
Pictet was chosen because of its performance, its investment style - which emphasizes diversification and risk reduction - and because of its history and high quality service, said Andrew Williams, vice president of Glenmede.
ICMA Retirement Corp.
WASHINGTON - The $3.5 billion ICMA Retirement Corp., a manager of managers catering to public 401(a) and 457 plan clients, picked four funds to offer its clients starting in October. The new funds are: The Templeton Foreign Fund; the T. Rowe Price Foreign Equity Fund; Working Assets Citizens Income Portfolio; and the Neuberger & Berman Socially Responsible Fund.
Illinois Tool Works
GLENVIEW, Ill. - Illinois Tool Works Inc. hired Putnam Investments to move to a bundled approach for its $353 million 401(k) fund, although the company retained Fidelity Investments' Magellan mutual fund because of its popularity with participants, according to Robert T. Callahan, director-compensation and benefits.
The fund dropped Hewitt Associates as record keeper and Northern Trust as custodian and trustee and manager of a $41 million money market fund. Also, it dropped a $64 million balanced fund run by Institutional Capital.
Putnam now will handle administration for the plan, as well as provide a money market fund, an income fund, three asset allocation funds (which include international components) and a growth fund. Also, Putnam will run a $120 million guaranteed investment contract fund.
The plan will retain the company stock option, which now has $14 million.
The plan made the changes without the use of a consultant.
City of Lakeland
LAKELAND, Fla. - The $160 million City of Lakeland pension fund hired Montag & Caldwell to run $20 million in growth stocks, according to Joanne Schaffer, employment services coordinator.
Assets for the hiring came from a reduction in stock and bond accounts managed by Merrill Lynch Asset Management.
Advest assisted in the search.
BOSTON - The $98 million Massachusetts Turnpike Authority Employees' Retirement System hired PanAgora Asset Management and Wellington Management, said Gerald Coughlin, secretary-retirement board. PanAgora will run $25 million in a domestic tactical asset allocation portfolio, shifting among stocks, bonds and cash. Wellington will run $73 million in fixed income.
The firms replaced S J Britton Investment Counsel, which had been the sole manager, running more than 90% of the fund in fixed income and less than 10% in equities. New England Pension Consultants assisted in the searches.
Medical Center of Vermont
BURLINGTON, Vt. - The Medical Center Hospital of Vermont and Vermont Health Foundation hired Fidelity Investments Tax-Exempt Services to manage about $50 million in equity mutual funds for its endowment, defined benefit plan, restricted endowment and board designated funds.
Chris Weinheimer, chief financial officer, said the portfolio, with just more than $100 million, has 60% of its assets in equities, with a third each in growth, value and international equity assets. Mr. Weinheimer declined to name the previous managers.
Metropolitan Water Reclamation
CHICAGO - The $600 million Metropolitan Water Reclamation District Pension Fund dropped Weiss Peck & Greer as a fixed-income manager and moved the $40 million it managed to Becker Van Etten, said George E. Burns, executive director.
Becker, which was managing a $28 million equities-only portfolio, now will be a balanced manager for the district. Standard Valuations assisted.
Mid Glamorgan County
CARDIFF, Wales - The 500 million ($770 million) Mid Glamorgan County Council Superannuation Fund has hired Foreign & Colonial Pensions Management to run a 65 million Far Eastern equities portfolio, said Lyn James, county treasurer.
The Far Eastern portfolio will be carved from the balanced portfolio run by NationsBank Panmure Investment Management, which had run about 95% of the fund's assets. The remainder is managed internally.
No consultant was used.
MELVILLE, N.Y. - The $100 million 401(k) plan of NEC America Inc. hired IDS Institutional Retirement Services to replace Union Bank as manager of the plan's growth fund. Union Bank will continue to manage the plan's balanced fund. Towers Perrin assisted.
New York State and Local
ALBANY, N.Y. - The $56 billion New York State and Local Retirement Systems hired NCM Capital Management for a $25 million midcap equity portfolio, said Cynthia Munk, spokeswoman for the state comptroller. Wyatt assisted.
The C$32.5 billion Ontario Teachers' Pension Plan Board, North York, hired Templeton Worldwide as its first emerging markets manager. Assets will not exceed C$350 million; it will remain under 1% of the total fund even when fully funded, said Robert Bertram, senior vice president-investments. Ontario Teachers already uses Templeton as a global equity manager.
OXFORD, England - The 325 million ($497 million) Oxfordshire County Council Superannuation Fund has returned to two balanced managers from three, said Christopher Gray, county treasurer.
The allocation to existing manager Schroder Investment Management was increased to 60% of the pension fund from 40%. Hired to run the remaining 40% was Morgan Grenfell Investment Management.
Terminated were Scottish Widows Investment Management, which had run 40% of the fund, and Baillie Gifford, which had managed 20%.
The manager review, the first in three years, was motivated by performance concerns and a desire to take an overall look at the fund, Mr. Gray said.
Watsons Investment Consultancy was the consultant.
HARRISBURG - Trustees for the $13.1 billion Pennsylvania State Employes' Retirement System voted to allocate $35 million to Trust Co. of the West Special Credits Fund V and $25 million to Bachow Investment Partners III L.P., a fund official said. Special Credits V will invest primarily in convertible debt obligations. Bachow plans to invest in emerging and small to midsized established communications companies and those that produce enhancements to the communications industry.
Russellville fire and police
RUSSELLVILLE, Ark. - The Russellville Firemen's Retirement & Relief Fund, with $2.8 million in assets, hired Nicholas-Applegate as a growth manager to invest $550,000 and Calamos Asset Management to manage $510,000 in convertible bonds, said the fund's consultant, John Turbeville of Prudential Securities.
Investment Counsel was hired as a fixed-income manager for the remaining $1.74 million. The fund had been managed internally.
Meanwhile, the $21.5 million Russellville Policemen's Retirement & Relief Fund hired Tom Johnson Investment to run $500,000 in equities. Calamos Asset Management was given $575,000 to manage in convertibles, replacing Sirach Capital Management. Consistent Asset Management manages $1.36 million in fixed income, with the remaining $65,000 in cash.
Semmes, Bowen & Semmes
BALTIMORE - The $23 million defined contribution plan of Semmes, Bowen & Semmes, a law firm, has revamped its portfolio, hiring several new managers, according to Thomas Manning, partner. Putnam was hired to run $5 million in growth stocks; Investment Counselors of Maryland, which formerly ran 50% of the fund's assets in a balanced account, will now run $6.5 million in large-cap value and $1.5 million in small-cap value.
The other balanced manager, Rothschild Co., was terminated.
The firm also hired Pilgrim Baxter to run $1 million in value stocks.
Grantham Mayo van Otterloo was hired to run $1 million in international stock. For fixed income, the firm hired Miller, Anderson & Sherrerd and Payden & Rygel to each run $4 million.
Yanni-Bilkey was the consultant.
Taunton Retirement System
TAUNTON, Mass. - The nearly $47 million Taunton (Mass.) Contributory Retirement System allocated about $3.5 million to an international commingled fund with Wellington Management.
Assets will come from cash and from reducing to about $3 million from $5 million an investment in Capital Research & Management's Euro-Pacific Growth Fund. Paul Slivinksi, executive secretary, said Capital Research's allocation was reduced because the fund is seeking diversification from a manager with a different style.
Segal Advisors assisted.
Cincinnati - The Touchstone Family of Funds, a new mutual fund family sponsored by Touchstone Securities, the broker-dealer subsidiary of Western Southern Life Insurance, hired eight investment managers.
The firms are: David L. Babson and Westfield Capital Management, for an emerging growth fund; BEA Associates, an international equity fund; Fort Washington Investment Advisors, growth and income, bond and aggressive money market funds; Harbor Capital Management and Morgan Grenfell, a balanced fund; Alliance Capital, an aggressive fixed-income fund; and Neuberger & Berman, a municipal bond fund.
The funds, which are in registration with the SEC, are expected to be operating by Sept. 1. They will be load funds marketed by broker-dealers and financial advisers.
United Auto Workers
DETROIT - The approximately $500 million master pension trust for United Auto Workers employees hired ASB Capital Management, a fund official confirmed.
The fund hired ASB to manage $30 million in fixed income - $15 million in active bond management and $15 million in private placements, said Terence W. Collins, president ASB Capital. Marco Consulting assisted.
Van Eck Securities
NEW YORK - Van Eck Securities Corp. hired Pictet International Management to run its new Van Eck Global SmallCap Fund and it hired AIG Asset Management to handle its new Van Eck Asia Infrastructure Fund.
The Global SmallCap Fund is an open-end mutual fund seeking long-term capital appreciation by investing in the stocks of smaller companies with strong growth potential. The Asia Infrastructure Fund is also an open-end fund, and seeks long-term capital gains by investing in the shares of companies engaged in infrastructural development in Asia.