JUNEAU, Alaska - The $16 billion Alaska Permanent Fund has hired Goldman Sachs to run $50 million in midcap stocks, according to Robert Snigaroff, assistant investment officer. Assets came from an across-the-board reduction in domestic fixed income. No managers were terminated.
Brigham and Women's Hospital
BOSTON - The more than $165 million pension fund of Brigham and Women's Hospital, Boston, has hired Frontier Capital Management to manage $35 million in large-cap growth equities. Frontier replaces another manager, but Joseph J. Trainor, deputy treasurer for Partners HealthCare System Inc., the hospital's parent, declined to name the dropped manager.
VICTORIA, British Columbia - The Province of British Columbia has selected Royal Trust Corp. of Canada to serve as sole trustee for C$32 billion of provincial assets, including the province's C$21 billion of public pension assets.
Royal Trust had been one of two custodians for the province, the other being the Canadian Imperial Bank of Commerce, which has been dropped. Previously, Royal Trust had been trustee for the equities and global portion of the province's assets, while the Bank of Commerce had handled the fixed-income portion, which made up about two-thirds of the total assets.
Doug Pearce, the province's chief investment officer, said the consolidation took place for reasons of "efficiencies and cost."
California State Teachers
SACRAMENTO, Calif. - The California State Teachers' Retirement System hired State Street Bank and Trust Co. as record keeper, custodian and administrator of its newly revamped 403(b) plan. State Street will provide daily valued record keeping, an automated voice-response system, automated enrollment, and all participant communication and investment education. State Street will begin to market the plan in July to the 450,000 employees of the 1,200 school districts in California.
The system scrapped its old 403(b) plan, which had only $25 million in assets, managed in-house in a money market fund.
District of Columbia
WASHINGTON - The $2.5 billion District of Columbia Retirement Board hired Bear Stearns Fiduciary Services to examine the board's investment and operational procedures to make sure they are prudent, said Jeanna Cullins, executive director. The firm is the board's first fiduciary consultant.
Bear Stearns will report back to the board by the end of March, and the board is expected to issue a report - based on Bear Stearns recommendations - to Congress by the end of April.
SALEM, Mass. - The $54 million Essex County Retirement System hired Segal Advisors as a consultant. The fund formerly used Kidder's PRIME Consulting Group but switched firms when its consultant at PRIME moved to Segal.
B.F. Goodrich Co.
AKRON, Ohio - The $450 million B.F. Goodrich Co. pension plan hired ASB Capital Management to run $60 million to $65 million in an immunized bond portfolio, and Mellon Equity Associates for $14 million in stocks, said Bob Abbott, financial analyst.
About half of the money came from the National Bank of Detroit, which was dismissed; the rest came from folding the management of the company's salaried plan for its sealants, coatings and adhesives group into Goodrich's main pension plan.
Hampshire County Retirement
NORTHAMPTON, Mass. - The $51 million Hampshire County Retirement System hired Van Kampen Merritt to manage a $20 million domestic bond account and Freedom Capital Management to manage $6 million in large-cap stocks. The allocations came from a balanced fund managed by Fleet Bank of Massachusetts, which was terminated. Mary Hannum, retirement plan administrator, said the plan decided to split the balanced fund into two separate accounts, which will not affect the plan's asset allocation of 65% bonds, 11% equities and 24% cash and short-term. Dahab Associates assisted.
Hereford & Worcester County
WORCESTER, England - The 360 million ($565 million) Hereford & Worcester County Council Superannuation fund has hired Schroder Investment Management to manage half of its assets in a global balanced mandate, confirmed Tony Preece, principal assistant county treasurer.
Schroder replaces Rothschild Asset Management, which was terminated largely because of performance reasons. Watsons Investment Consultancy assisted.
I.A.M. National Pension Fund
WASHINGTON - The $2.5 billion Machinists, I.A.M. National Pension Fund hired money managers for two new equity accounts.
Standish, Ayer & Wood will manage a $100 million small-cap growth account and Reich & Tang will manage a $100 million small-cap value account, said Alan W. Skolnick, fund director. Assets will come from an S&P 500 portfolio and a midcap equity portfolio.
SAN FRANCISCO - The $660 million James Irvine Foundation hired Snyder Capital Management to manage $25 million in small- and mid-cap value stocks, said Larry Fies, treasurer and corporate secretary. Funding came from cash reserves.
Eli Lilly & Co.
INDIANAPOLIS - The $3.4 billion Eli Lilly & Co. defined benefit plan invested $25 million in a commingled global asset allocation fund managed by Cursitor-Eaton Asset Management said Fred W. Ruebeck, director, investments administration.
LEOMINSTER, Mass. - The $25 million Leominster Contributory Retirement System hired Hannah Consulting Group to conduct an asset allocation study and monitor its performance. The entire fund is invested in a balanced fund by Safety Fund National Bank of Leominster. This is the fund's first consultant.
Mercy Health Services
FARMINGTON HILLS, Mich. - Mercy Health Services selected Bankers Trust Co.'s Not-for-Profit Group as the first global custodian for its $150 million global portfolio, according to John Byrne, a company spokesman.
Norwood Retirement System
NORWOOD, Mass. - The $50 million Norwood Retirement System hired three managers, and terminated five. David L. Babson will run $18 million in domestic bonds, the Boston Co. will run $18 million in large-cap equities and Legg Mason will run $5 million in small-cap stocks. The fund has terminated Fleet, which managed bonds and equities; and stock mutual funds managed by: Dean Witter; Manufacturers Life; MFS; and Diversified Investment Advisors, said Debra Lorenzo, administrative assistant. William M. Mercer assisted.
Outokumpu American Brass
BUFFALO, N.Y. - The $16 million 401(k) plan of Outokumpu American Brass Inc. changed record keepers and expanded its investment options, said Joseph Serio, director of treasury.
The firm hired AMG Group, which is affiliated with the Frank Russell Co., Outokumpu's investment option provider. It terminated Alexander & Alexander.
Its investment options will continue to be provided by Russell but, as reported earlier, expanded beyond a conservative domestic balanced fund to include a global balanced fund; a money market fund; an international manager of managers fund including emerging markets; and a small-cap stock fund.
Plymouth Retirement System
PLYMOUTH, Mass. - The $34 million Plymouth Retirement System allocated $12 million to Loomis Sayles for a balanced account. Assets came from a reduction in an active equity account managed by State Street Bank.
PosTel Investment Management
LONDON - PosTel Investment Management has replaced Heitman/JMB Advisory Corp. with The RREEF Funds as adviser to its $350 million U.S. real estate portfolio, said Cindy Talmadge, a RREEF spokeswoman. She said the appointment follows a study by PosTel over the last year on restructuring the roles of its U.S. real estate advisers by splitting the functions between strategic advice, which will be provided by RREEF and property management duties, which will be provided by Heitman/JMB Advisory.
Revere Retirement System
REVERE, Mass. - The $33 million Revere Retirement System has transferred all of its assets to the Massachusetts Pension Reserves Investment Trust, said Carolyn Morante, retirement analyst. The fund terminated a fixed-income account run by Capital House and an equity fund run by Nutter Investment.
SOUTHBRIDGE, Mass. - The $6 million Southbridge Retirement System hired Segal Advisors as a consultant, replacing Kidder Peabody & Co.'s PRIME Consulting Group.
FAIRFAX, Va. - The $6 million Techmatics Inc. defined contribution plan has chosen Twentieth Century Services to provide record-keeping, communications and investment services. The fund's eight investment choices include five Twentieth Century funds, as well as the Wells Fargo Equity index and Bankers Trust Stable Value Government Trust. The eighth choice is a Charles Schwab Personal Choice retirement account.
The former record keeper was The Principal Financial Group, said Nancy Vipperman, corporate operations manager of Techmatics. The change was made because fund officials were hoping for a better return on investments; greater diversity of options and more efficient and timely record keeping, she said.
WATERTOWN, Mass. - The $32 million Watertown Contributory Retirement System hired BayBanks to run $10 million in large-cap domestic equities. The account formerly was managed by Newbold's Asset Management.
Wright Medical Technology
ARLINGTON, Tenn. - Wright Medical Technology Inc. hired American Express Institutional Services to provide bundled services for its $12 million 401(k) plan, replacing Kemper Financial Services.