FORT WORTH, Texas - AMR Investment Services selected managers for its three new mutual funds.
Only one firm - Morgan Stanley Asset Management, subadviser for the international equity fund - has not managed institutional accounts for the firm previously.
Managers for the growth and income and balanced funds are Barrow, Hanley; Capital Guardian; Independence Investment; and Hotchkis & Wiley.
Ganucheau, Stupfel & Brumley was selected as subadviser to the growth and income fund only.
A fourth new fund, limited-term fixed income, will be managed by AMR itself.
The pension fund assigned the proceeds to two existing equity managers, Oak Associates, which combines growth and value, and Sunbank Capital Management, which runs value.
FINDLAY, Ohio - Findlay Industries Inc. hired Capstone Asset Management to run its entire $10 million pension fund in a balanced strategy.
Findlay officials wouldn't say which manager was terminated.
HAVERFORD, Pa. - The $125 million Haverford College endowment, among other new moves into real estate and venture capital, made its first investment in a hedge fund and may invest in another such fund, said G. Richard Wynn, vice president-finance and administration.
The fund assigned $3 million to Commodities Corp. to invest in a hedge fund, primarily in commodities and currencies. In addition, trustees will decide by the end of the year whether to invest $3 million in another fund, run by Howard Berkowitz.
The fund also committed $2 million each to CS First Boston's Praedium recovery fund, which invests in distressed properties, and to a Common Fund real estate fund. The fund already has $2 million in another Common Fund real estate fund.
Also, the endowment put $1.5 million each into Venture Lending & Leasing, which provides bridge financing, mainly to technology companies, and to RFE Investment Partners, a venture capital firm that works with the Small Business Administration and invests in low-technology, manufacturing and service-oriented companies.
The endowment already has about $2 million invested in three other venture capital firms.
J.B. Hunt Transport
LOWELL, Ark. - J.B. Hunt Transport Services Inc. hired Prudential Defined Contribution Services to provide investment management, administration, record keeping and education for the trucking company's defined contribution plan.
Company officials would not disclose assets of the plan, but according to the 1994 Money Market Directory, the Hunt profit-sharing plan had assets of $9.3 million.
ICMA Retirement Corp.
WASHINGTON - The $3.5 billion ICMA Retirement Corp., a manager of managers, hired three firms as subadvisers for its Aggressive Opportunities Fund.
The firms and the funds being offered in the ICMA fund are: Edgemont Asset Management, which manages the Kaufmann Fund, a small-cap fund; First Pacific Advisors, which runs the FPA Capital Fund, investing in small and midsize companies; and Massachusetts Financial Services' MFS Emerging Equities Fund, which invests in new companies.
The new ICMA fund will available to 401(k) and 401(a) clients Oct. 1, said Robert Barkin, spokesman.
Los Angeles City
Townsend replaces Institutional Property Consultants, which was a finalist in the recently completed search.
Merced County Employees
MERCED, Calif. - The $190 million Merced County Employees Retirement System tentatively selected three managers in its first move to equities and first hiring of external management, said Norman E. Fullerton, treasurer. The hirings are subject to contract signatures.
Bradford & Marzec will run $40 million in domestic fixed income. Delta Asset Management and Palley-Needelman Asset Management each will run $20 million in, respectively, domestic large-cap growth stocks and large-cap value stock portfolios.
The system will transfer securities from its fixed-income portfolio to fund Bradford & Marzec.
Assets for the two equity managers will come from reducing short-term investments.
No consultant was used.
Metro Employee Benefit Trust
NASHVILLE, Tenn. - The $600 million Metro Employee Benefit Trust Fund hired Northern Trust as custodian, said a spokeswoman. Northern will replace First Tennessee Bank effective Oct. 1.
PaineWebber assisted in the search.
Missouri State Employees'
JEFFERSON CITY, Mo. - The $2.3 billion Missouri State Employees' Retirement System allocated $39 million to Montgomery Asset Management for a small-cap equities portfolio, according to Gary Findlay, executive director.
The assets formerly were managed by Twentieth Century.
National Girl Scout Council
NEW YORK - The $155 million National Girl Scout Council Retirement Plan hired Templeton Investment Counsel to manage $15 million in international equities, said a spokeswoman.
The move is the fund's first to international.
Assets will come from reallocating among the fund's three existing managers. None will be terminated. KPMG Peat Marwick assisted in the search.
National Wildlife Federation
WASHINGTON - The $40 million National Wildlife Federation endowment fund hired GMG Seneca Capital Management to manage a $12.5 million growth equity portfolio.
C.H. Dean Investments was terminated because of changes in its management team, said Susan Nickelson, director of endowment programs.
Cambridge Associates assisted in the search.
PORTLAND, Ore. - PacifiCorp hired Bank of New York to take over as master trustee from Bankers Trust.
The fund, which has just less than $700 million in assets, expects to get "lower fees and improvements in securities lending revenues" with Bank of New York, said Robert Lanz, PacifiCorp's vice president and chief investment officer.
Public Welfare Foundation
WASHINGTON - The $302 million Public Welfare Foundation of Washington hired two large-cap growth managers.
GMG Seneca Capital and Columbus Circle Investors will manage $14 million each, according to Anne Townsend, deputy director.
They replace Mitchell Hutchins Asset Management, which had managed $28 million for the foundation, and was terminated for performance reasons, she said.
Frank Russell Trust
TACOMA, Wash. - Frank Russell Trust Co. selected J.P. Morgan Investment to run $130 million in an international equity fund as part of a manager-of-managers program.
In addition, J.P. Morgan will run an international stock mutual fund for Frank Russell.
AUSTIN, Texas - The $36 billion Teacher Retirement System of Texas hired Bank of New York as master custodian.
Bank of New York replaces Chemical Bank and, according to a system source, was hired for its technological capabilities, personnel and fee structure.
TUCSON, Ariz. - Officials for the $230 million Tucson Supplemental Retirement System hired Fidelity Investments and Institutional Capital each for $26 million allocations, said Michael Parisi, treasury administrator.
Both firms will manage stocks that range in size from large- to midcap, with Fidelity investing in growth and Institutional Capital investing in value, according to Mr. Parisi.
Funding came from terminating a portfolio managed by Barrow, Hanley, Mewhinney and Strauss. Mr. Parisi said Barrow, Hanley had invested primarily in large-cap stocks, which was too close in style to the system's S&P 500 index portfolio, managed by Alliance Capital.
No other changes are anticipated, he said.
The Dallas office of William M. Mercer assisted.
William and Mary
WILLIAMSBURG, Va. - The $20 million Board of Visitors Fund at the College of William and Mary committed $10 million to the Common Fund to invest in various funds in a balanced strategy, said William Copan, director of private funds.
About 75% will go into equity funds managed by the Common Fund, with about $1 million in non-U.S. equities, and the rest will go to fixed income, according to Mr. Copan.
He declined to name who was terminated, but said the decision was made to diversify the portfolio, not for performance reasons.
Lazard Freres Asset Management, the remaining incumbent, will continue to manage $10 million with a change in strategy.
Lazard will shift its fixed-income assets into equities, with latitude to go overseas, he said.
Other finalists for the assignment, which was made without the assistance of a consultant, were Lazard and Fidelity Investments.
No other changes are anticipated.
Wiltshire County Council
TROWBRIDGE, England - The 300 million ($465 million) Wiltshire County Council Superannuation Fund selected Baillie, Gifford to manage a 100 million balanced portfolio, said Terry Webb, treasury manager.
Terminated as manager of a 120 million balanced portfolio was Lazard Investors. The remainder of Lazard's portfolio was shifted to core manager Schroder Investment Management, which runs the balance of the fund's assets.
The move stemmed from a shift to a core/satellite approach that the fund embarked upon a year ago. Until that time, Lazard ran 60% of the assets and Schroder, 40%. But trustees shifted one-third of Lazard's mandate to Schroder. The latest move gives Schroder two-thirds of plan assets.
Hymans Robertson advised on the change in strategy and manager selection.