PARSIPPANY, N.J. - ADT Security Systems Inc. hired Bank of America Investment Advisors and Rothschild Asset Management to manage $13 million each in core value equities, said Lorraine Ciarfella, assistant treasurer.
The two were chosen to replace Newbold's Asset Management because executives for the $160 million pension fund wanted to move to more of a core equity style of management, Ms. Ciarfella said.
Chase Consulting Group assisted.
WORCESTER, Mass. - Allmerica Investments Inc. chose Janus Capital, Rowe Price-Fleming International and Fidelity Investments to offer additional options for its Allmerica Select variable annuity. Starting May 1, the annuity will offer an aggressive growth equity account subadvised by Janus, the Rowe Price-Fleming International Stock Portfolio and Fidelity's VIP Growth, VIP Equity Income and VIP High Income portfolios.
BRAINTREE, Mass. - The $48 million Braintree Contributory Retirement System hired Hannah Group as a consultant, said Phyllis DePalme, director of the system.
She said Hannah will conduct an asset allocation study and provide other services on an ongoing basis. The fund has only one manager, 1838 Investment Advisors.
CLEMSON, S.C. - The $65 million Clemson University Foundation hired Rowe Price-Fleming International to manage the fund's first allocation to international equities, said Dorothy H. Burchfield, treasurer.
The foundation plans to assign the new manager 10% to 15% of assets, investing through a commingled fund. It will fund the allocation by dollar-cost averaging over the next two years, she said. Initially, it will start with $300,000.
The bulk of the new portfolio will be in the developed international markets, while 5% to 10% will be in emerging markets.
Assets will come from reducing fixed income - run by Montag & Caldwell, to about 25% from 35% of total assets - and domestic equities, split evenly by Coen & Densmore and Newbold's Asset Management, to about 60% from 65%.
Callan Associates assisted.
PITTSBURGH - The $62 million defined benefit plan of Copperweld Corp. selected GAMCO Investors to manage a $3 million domestic equity allocation and Morgan Stanley Asset Management for a $2 million international investment in its country allocation fund.
The assets came from an enhanced cash fund managed by Advanced Investment Management as a temporary investment, said Robert Janesko, assistant treasurer.
Buck Consultants assisted.
GE Capital Mortgage
CHERRY HILL, N.J. - Making its first move to convertible bonds, GE Capital Mortgage Insurance Corp. hired Calamos Asset Management and Society Asset Management to manage part of its $2 billion insurance portfolio, said Barry J. Bier, first vice president-finance for its parent, GE Capital Mortgage Corp., which is an indirect subsidiary of General Electric Co.
He declined to disclose how much money each manager was assigned.
Insurance Advisory Services assisted in the searches.
ATLANTA - The $1.4 billion pension fund of Georgia-Pacific Corp. liquidated a $60 million bond index account and put the money into equities - half U.S. and half international.
Georgia-Pacific invested about $11 million in a commingled emerging markets fund managed by Morgan Stanley and another $11 million in a commingled emerging markets account managed by Mercator Asset. About $7 million went to a commingled MSCI EAFE fund run by RCB Trust. The remaining $30 million went to UBS Asset Management, to be managed as an S&P 500 stock futures account.
The manager of the liquidated account was not identified. All firms given allocations are existing managers for the fund.
Harvest States Cooperatives
ST. PAUL, Minn. - The approximately $70 million pension fund of Harvest States Cooperatives invested $5 million in the Mainstay Institutional International Equity Fund, a mutual fund managed by MacKay-Shields Financial and distributed by New York Life Insurance.
The allocation represented the fund's first international investment.
Jesse Smith Noyes Foundation
NEW YORK - The $64 million Jesse Smith Noyes Foundation placed $1 million in the Domini Social Equity Fund, a commingled fund based on the S&P 500 that has undergone a broad social screening process.
A foundation spokeswoman declined to disclose further information.
Los Angeles Fire & Police
The study, to be completed in three months, will look at venture capital and global fixed income as potential new investment areas, and will consider whether the pension fund should increase its international equity.
BOSTON - In a large-scale consolidation, the Massachusetts Pension Reserves Investment Management Board slashed its roster of outside managers to 18 from 25, reallocating $600 million among the fund's remaining managers.
The managers dropped were: Babson Stewart Ivory International; Standish, Ayer and Wood; TCW; Lombard Odier; Baring; Massachusetts Financial Services; and Scudder, Stevens & Clark.
The board also committed an additional $30 million to Landmark Equity Partners, a $500 million private limited partnership fund that acquires interests in established buy-out funds in secondary market transactions.
The PRIM Board also added three mutual fund options to the state's 457 plan: international equity, small/midcap equity and passive index. The new options - the Templeton Foreign Fund, AIM Constellation Fund and Vanguard Index Trust 500 - will become available by May 1, bringing the fund's mutual fund options to 13.
The plan has about $1 billion in assets and 140,000 participants.
BOSTON - The $100 million Massachusetts Turnpike Authority Employees' Retirement System selected Freedom Capital Management to run $10 million in domestic growth stocks and the Boston Co. to run $10 million in value stocks.
Assets came from cash flow. New England Pension Consultants assisted.
BOSTON - The $7.1 billion Massachusetts State Teachers' and Employees' Retirement System hired three managers to kick off its emerging managers team. The three will manage $100 million in core fixed income, said Joseph Craven, deputy treasurer.
Candidates had to have less than $1 billion under management, be in business at least one year, and the principals had to have at least three years' experience.
EAST CAMBRIDGE, Mass. - The $300 million Middlesex County Employees' Retirement System hired HSBC Asset Management and Wellington Management to manage a international accounts. Pacific Basin account. HSBC, which will manage a Pacific Basin account, will split $18 million with Wellington, which will handle emerging stocks, said Nancy O'Neil, the fund's investment coordinator.
PLYMOUTH, Mass. - The $175 million Plymouth County Retirement System has hired several outside managers.
Shawmut Investment Advisors and Keystone each will run $10 million in small-cap equities. For international stocks, it hired Bank of Ireland for $10 million, Wellington for $7 million and Brandywine for $6 million. In addition, Van Kampen Merritt will run $10 million in a global fixed-income fund.
The fund had been internally managed. Hannah Group assisted.
NEW YORK - Sandoz Corp. added State Street Bank and Trust to the managers handling stable value assets in its $500 million 401(k) plan's Capital Preservation Fund.
State Street has been given about $20 million of the $250 million fund to manage in a synthetic GIC account, which will act as an enhanced index product, seeking to match or better the Lehman Aggregate Bond Index, said Robert Hunkeler, manager-fund management.
The underlying securities in the synthetic GIC will be shares of State Street's Daily Bond Market fund. State Street's hire is part of the fund's move into synthetic GICs, away from more traditional GIC contracts, said Mr. Hunkeler. The Capital Preservation Fund is the most conservative of the seven options offered in the Sandoz 401(k) plan, and GIC managers in the fund are administered by Fidelity Institutional Retirement Services.
Seattle City Employees'
SEATTLE - The $800 million Seattle City Employees' Retirement System hired six international money managers for a total allocation of $211 million.
They are: Fiduciary Trust International, $44 million, active fixed income; Wells Fargo Nikko, $36 million, passive fixed income; Scudder, Stevens & Clark, $35 million, active equity; Seligman Henderson, $25 million small-cap equities; State Street Global Advisors, $38 million passive equities and $23 million in active emerging markets; and New Africa Advisers, $10 million, emerging markets Africa fund.
"Funding may occur at the beginning of the second quarter if all goes well," said Mel Robertson, the fund's assistant executive director.
The $80 million for the international bond accounts had been managed passively by Wells Fargo. Most of the $131 million for the foreign equities investments has been managed by State Street in an EAFE indexed portfolio.
St. Louis Carpenters
ST. LOUIS - The $480 million Carpenters' District Council of St. Louis hired two managers, completing a reorganization of the fund's asset allocation.
Hired to manage $20 million in domestic value equities was Independence Investment Advisors. Commerce Bank was selected to manage $100 million in domestic core fixed income.
Both were hired to replace existing managers, which the consultant, Brian Godding of Fiduciary Trust Consultants, declined to identify.
Sun Health Corp.
SUN CITY, Ariz. - Sun Health Corp. hired American Express Institutional Retirement Services to provide bundled services for its $12 million 401(k) plan. Sun Health will use five diversified investment options managed by American Express and an international fund managed by Templeton. American Express will provide daily valued record keeping, employee communication and investment education, and trust and administrative services. Bill Sellner, chief financial officer, said the plan had used unbundled services from a separate record keeper and investment manager; Mr. Sellner declined to identify the plan's previous service providers.
University of Iowa
IOWA CITY, Iowa - The $220 million University of Iowa Foundation Inc. hired Beacon Group for energy investments, said Larry Bruse, director-finance and treasurer. The foundation committed $5 million to the Beacon Group Energy Investment Fund, he said. Cambridge Associates assisted in the search.