CHICAGO - The $14.5 billion pension fund for Ameritech hired Aldrich Eastman & Waltch to manage a $100 million portfolio of junior commercial mortgage-backed securities, industry sources said.
Telephone calls to representatives of Ameritech's pension fund were not returned.
The $300 million Anchorage Police and Fire Retirement Board selected the Bank of New York as its master custodian and securities lending agent. The bank, which replaces First Interstate Bank of Oregon, was chosen for its systems and securities lending capabilities, said Alan Person, executive director.
Baltimore Gas & Electric
BALTIMORE - Baltimore Gas & Electric Co. moved to a bundled provider for its $400 million 401(k) plan, hiring T. Rowe Price Associates.
Baltimore Gas will increase its choices to about six or seven from its current four, said Richard D. Honaker, senior benefits analyst. The exact number of investment choices is still being decided, but international and balanced options will be among the offerings, he said.
Two choices offered by Vanguard were dropped. Bankers Trust was dropped as record keeper.
The plan will move to daily valuation from monthly. The conversion is in progress, with T. Rowe Price taking over Aug. 1, he added. Foster Higgins assisted.
Boston Global Advisors
BOSTON - Boston Global Advisors Inc., an international securities lending firm specializing in international equity, has appointed AIM Capital Management to manage all cash collateral received from Boston Global's securities lending program. AIM manages $28 billion in assets, including $12 billion in money market mutual funds, as well as growth equity and fixed income.
SIDNEY, Neb. - The $21 million Cabelas Inc. 401(k) plan switched to a bundled 401(k) service provided by Stanwich Benefits and Fidelity Advisors Funds, said Rod Reeder, director of human resources.
Stanwich replaces the former record keeper, Mammel & Associates. Fidelity Advisors replaces Longview Capital Management. Firstier Bank was trustee.
Cabelas also named Kirkpatrick Pettis Inc., a subsidiary of Mutual of Omaha, to provide participant education and investment counseling.
Central Illinois Public
SPRINGFIELD, Ill. - Central Illinois Public Service Co. will move the trusteeship, record keeping and some investment management for its $55 million 401(k) plan to Merrill Lynch, said Craig D. Nelson, treasurer and assistant secretary.
Merrill replaces Boston Safe Deposit & Trust as trustee and record keeper. Boston Safe also will be dropped as manager of the plan's money market fund.
Merrill Lynch also will offer several investment options, but the plan is retaining a number of existing investment options run by other managers.
Motivating the change was the company's desire to move to daily switching and valuation from quarterly.
The move becomes effective April 1, although Mr. Nelson said changes will come gradually dependent in part on employee account valuations.
The company did the search without a consultant.
CHARLOTTE, N.C. - The $120 million Charlotte Firefighters Retirement System hired Morgan Stanley, New York, to manage a $2.4 million emerging market account.
The funding for the new account will come from an EAFE index fund, also managed by Morgan Stanley, said Robb Hubbs, fund administrator.
WEST CHESTER, Pa. - The Chester County Employees' Retirement Fund selected PNC Bank Corp. for its $90 million custodial account replacing First Fidelity Bancorp. Officials said the only other finalist was Mellon Trust.
Peirce Park Group was the consultant.
DENVER - The $14 billion Public Employees' Retirement Association of Colorado hired LaSalle Advisors to manage a $50 million portfolio of commercial mortgage-backed securities, said Sol Raso, director of real estate.
The hiring was part of the system's earlier commitment to real estate debt investments.
State of Connecticut
HARTFORD, Conn. - The $11.2 billion State of Connecticut Trust Funds selected Brinson Partners as venture capital manager, but the appointment is on hold until the search process is reviewed by the new state treasurer. Brinson was appointed last year, after Republican Christopher Burnham defeated incumbent treasurer Joseph Suggs. All decisions made during the transition period are being reviewed, so there have been no fee negotiations with Brinson, said Mildred McNeil, spokeswoman for the fund. If the appointment stands, Brinson will manage $50 million to $100 million from maturing investments managed by Bigler/Crossroads Capital Management, the fund's other venture capital manager. The search was done in-house.
District of Columbia
WASHINGTON - The $2.5 billion District of Columbia Retirement Board selected Marathon Asset Management as an international equity manager.
Marathon is expected to manage $114 million for the board. Marathon replaces Schroder Capital Management International, which managed a $112 million EAFE indexed fund. Schroder resigned when the board said it would put the firm on its watch list because of low performance.
CLEVELAND - The $1.3 billion Eaton Corp. pension fund hired Wilshire Asset Management to run $70 million in small-cap stocks through its equity style portfolio, said Robert A. Elliott, manager-cash planning and pension investments. Funding came from reducing a Standard & Poor's 500 index fund managed by Bankers Trust Investment Management to $200 million. Eaton conducted the search without a consultant.
ATLANTA - The $76 million pension fund of the Electrical Workers, IBEW, Local 613 hired Globalt and Montag & Caldwell, each to handle $5 million U.S. equity accounts. The money managers will become the fund's first equities managers for separate accounts. Funding will come from a $10 million reduction in the allocation to an equity mutual fund managed by Vanguard.
Los Angeles County
LOS ANGELES - The $16.5 billion Los Angeles County Employees' Retirement Association dropped TSA Capital Management as a domestic tactical asset allocation manager. The fund's staff said TSA didn't meet investment performance expectations and no longer fit the fund's investment strategy. The $256.7 million managed by TSA for the retirement system will be moved to an existing S&P 500 index fund managed by Bankers Trust.
Maryland State Retirement
BALTIMORE - The $16 billion Maryland State Retirement and Pension System lifted its international equity investments to 15% of assets from the previous 7%. The new allocation went to the fund's existing international managers, Bank of Ireland, BEA Associates, Brinson Partners, who all manage separate accounts for the fund, as well as an unidentified mutual fund managed by Templeton Investment and the Harbor International Fund, also a mutual fund. Information wasn't available about how much money each account received.
To fund the additional non-U.S. equities allocations, the fund cut back on its domestic equities holdings. Specifically, the fund pulled money from an unnamed mutual fund for U.S. stocks.
BOSTON - The $4.9 billion Massachusetts Pension Reserves Investment Management Board hired the RREEF Funds to manage a $100 million West Coast property portfolio, said a PRIM board official. The Townsend Group assisted Townsend Group assisted on the search.
New Hampshire Retirement
CONCORD, N.H. - The $2.1 billion New Hampshire Retirement System hired Warburg Investment Management International for a $43 million global bond account and Rogge Global Partners for a $37 million global bond account. Warburg will be taking over the account that had been managed by Citibank Global Asset Management, while Rogge will assume the account that had been handled by Julius Baer Investment Management. The fund terminated both Citibank Global and Julius Baer.
HARRISBURG, Pa. - Trustees for the $13.1 billion Pennsylvania State Employes' Retirement System committed $16.5 million to Sprout Capital VII L.P., a venture capital partnership, and $25 million to Landmark Equity Partners IV L.P., an alternative investments partnership, a fund official said. The money came from cash and was part of the fund's allocation to alternative investments.
Rhode Island Laborers
CRANSTON, R.I. - The $35 million Rhode Island Laborers pension fund hired Putnam Institutional Management to manage a $10 million balanced account. Plan administrator Phil Campana said the assets were transferred from another manager he declined to identify.
Ring Power Corp.
JACKSONVILLE, Fla. - Ring Power Corp. started its first 401(k) plan Jan. 1, hiring CIGNA Retirement as the bundled service provider. CIGNA will provide daily valued record-keeping services, employee communications and education, a voice-response service, five lifestyle mutual fund options and a pooled GIC fund.
Two Fidelity and two Warburg Pincus mutual funds also will be offered to Ring's 650 employees, said Gil Mercure, vice president, finance.
SACRAMENTO, Calif. - Trustees for the $1.4 billion Sacramento County Employees' Retirement System hired MacFarlane Partners to manage a real estate equity separate account of core properties, said Christopher Ailman, CIO of the fund.
The hiring is pending the completion of contract negotiations, said Mr. Ailman.
Sacramento County will invest between $80 million and $100 million; the money will come from cash and fixed income.
EDINBURGH - Scottish Widows Investment Management Ltd., Edinburgh, has named the William Penn Co. investment adviser of its Scottish Widows International Fund. Penn also will be distributor and transfer agent.
The fund is subadvised by Scottish Widows Investment Management Ltd., Edinburgh. The fund will be offered alongside others in the $500 million William Penn family of mutual funds, which is sponsored by Penn Square Management Co., Reading, Pa., a William Penn subsidiary.