CHICAGO - The Art Institute of Chicago hired Loomis Sayles & Co. as a balanced manager for its $230 million endowment fund and $20 million pension fund, said Robert Mars, executive vice president-administration.
For the endowment fund, Loomis will be assigned $70 million. Funding came from Kemper Asset Management, also a balanced manager, which will retain $13 million. The pension fund terminated Kemper, assigning the $10 million it ran in a balanced account to Loomis.
William T. Kennedy & Associates assisted.
BETHESDA, Md. - The Calvert Group hired Apodaca-Johnston Capital Management Inc., Brown Capital and Fortaleza Asset Management as managers for a newly created midcap equity mutual fund, said Steve Schueth, vice president for Calvert. Each firm will receive $1 million of seed money.
Mr. Schueth said Calvert's executives had a void to fill in its mutual fund offerings following the split from Ariel Capital Management earlier this year. Progress Investment Management assisted Calvert with the selection.
PHOENIX - Doubletree Hotels selected GE Investment Retirement Services to administer its 401(k) plan. Towers Perrin assisted.
Doubletree recently merged with Guest Quarters Suite Hotels. Each company had its own 401(k) plan; the combined plan assets exceed $25 million, representing more than 4,500 participating employees. Investment options will include GE's money market, fixed income, strategic investments, U.S. equity and international equity mutual funds.
GE will provide daily valuation; an 800 number with access to a voice-response system; and an employee education and communications program.
DUBLIN, Ohio - The FlexFunds family of mutual funds, managed by R. Meeder & Associates, named Miller/Howard Investments as a subadviser for a new utilities equity fund. The fund's main focus will be non-nuclear utilities.
BATON ROUGE, La. - The $3.3 billion Louisiana State Employees' Retirement System, Baton Rouge, hired INVESCO and Loomis Sayles to run large-cap growth and large-cap value portfolios, respectively, said James Wood, executive director, acting chief investment officer and acting general counsel.
New England Pension Consultants assisted.
Asset totals will not be determined until the first quarter of 1995.
DETROIT - The $406 million Skillman Foundation hired Dietche & Field Advisers to manage a $45 million allocation to large-cap value equities. No other information was available. Evaluation Associates helped in the search.
RIVERSIDE, Calif. - TRW RediProperty Data hired American Express Institutional Retirement Services to provide bundled services for its $6 million 401(k) plan. The new service program includes daily valued record keeping, trust and administrative services, and employee communications and investment education. The company picked five mutual funds to offer as investment options, managed by American Express Institutional (formerly IDS). A sixth option, now a blended GIC fund from multiple managers, will be converted to an American Express-managed fund when the contract expires. The plan's previous 401(k) bundled provider was Aetna Life & Casualty; three investment options were offered.
BETHLEHEM, Pa. - Union Pacific Corp. selected Northern Trust to provide consolidated master trust and global custody services as of Jan. 1 for two of its defined benefit plans, which total $1.2 billion. The Union Pacific defined benefit plan previously used Citibank; a subsidiary, Overnight Transportation Co., used Crestar Bank. The move to a single master trustee and global custodian was made to streamline operations, said Steve Oiness, director of benefit plan investments. Mr. Oiness said changes were not made to either plan's investment manager line-up.
LAUREL, Md. - The Washington Suburban Sanitary Commission hired two managers as part of a review of its domestic equity roster. The $289 million defined benefit plan hired Dietche & Field Advisers and Eagle Asset Management to manage a $25 million allocation each, said Mary Cochran, executive director. The two managers replace Newbold's Asset Management and Ariel Capital Management.
Evaluation Associates assisted.
