Beverly Hospital Corp.
BEVERLY, Mass. - Beverly Hospital Corp., with a pension fund of about $16 million and endowment of about $28 million, hired Putnam Investments for fixed income and Grantham, Mayo, Van Otterloo, primarily as an equity manager.
Putnam is managing $6.3 million for the pension fund and $13.7 million for the endowment. Grantham, Mayo, Van Otterloo is managing $9.5 million for the pension fund and $13.8 million for the endowment.
Funding came from terminating two unidentified managers.
Cintas' Partners Plan
CINCINNATI - The Cintas' Partners Plan named Scudder Group Retirement Services to provide fully bundled 401(k) services, said Karen Carnahan, treasurer. The $5 million plan, with 3,000 participants, will offer as investment options five Scudder funds as well as company stock. The plan formerly was combined with the company's profit-sharing plan.
RICHMOND, Va. - Crestar Bank named SEI administrator and distributor for the bank's new proprietary line of mutual funds, the CrestFunds, with assets of $1.4 billion. SEI already administers $580 million for Crestar in its U.S. Government Securities Money Fund.
Filtered Water Service
NEW YORK - The Filtered Water Service Corp. hired Scudder Group Retirement Services to provide a fully bundled service for its $1 million 401(k) plan, said Diane Drey, president. Formerly the administration and record keeping were done in-house.
GLENDALE, Calif. - The Forest Lawn Retirement Plus Plan and Forest Lawn Co./Forest Lawn Memorial-Parks and Mortuaries 401(a) plans, with $10 million in assets, named Scudder Group Retirement Services to provide a fully bundled service, said E. Timothy Applegate, senior vice president and general counsel.
The funds formerly were managed in-house with advice from Scudder. The record keeping and administration had been done in-house with the assistance of Milliman & Robertson. Milliman & Robertson will continue to provide actuarial services to the funds.
The funds also will switch to a participant-directed format as of June 1.
Currently, assets are invested in Scudder's Managed Retirement Trust, which includes balanced and GIC portfolios. In June, fund officials will select three or four Scudder funds as options for participants.
The endowment and defined benefit plans will continue to be administered in-house.
LOS ANGELES - The $50 million Fox Inc. 401(k) plan has selected the Scudder International Fund as an investment option. Participants have earmarked $7 million to $8 million for the fund, the plan's first international commitment.
Merrill Lynch assisted.
The fund's other investment options are: Fidelity Puritan and Magellan; and bond and money market funds from Certus, said Lucinda Burns, associate director-retirement plan.
Futaba Corp. of America
IRVINE, Calif. - Futaba Corp. of America will add four mutual funds to its $3.5 million 401(k)/profit-sharing plan. The company will add three Fidelity Advisor equity funds and the Templeton Foreign Fund later this year. The Bank of California provides the six investment options now offered by the plan, along with daily valuation, record keeping, trust administration and employee education.
The new funds will diversify the plan's investment options and give employees access to the name-brand mutual funds they've asked for, said James Gulland, corporate manager of administration. The plan has a 97% participation rate among eligible employees, and 87% of plan assets are invested in equity and balanced options.
FLINT, Mich. - Making its first move into the area, the $271 Genesee County Employees' Retirement System hired Calamos Asset Management to run convertible bonds, said Warren Vyvyan, retirement coordinator. The system will assign Calamos $15 million. Funding will come from an existing bond manager, whose assignment will be reduced to $80 million.
He declined to name the manager.
Greyhound Lines of Canada
CALGARY, Alberta - The C$110 million (U.S.$78 million) Greyhound Lines of Canada Ltd. hired Bissett & Associates Investment Management and Wells Fargo Nikko Investment Advisors Canada, said Geoff McCulloch, treasury manager. Bissett will run about C$2.5 million in Canadian small-cap stocks. Wells Fargo will run about C$8 million to C$9 million in EAFE stocks, the fund's only non-Canadian allocation.
Funding for Bissett came from cash, while the fund dropped a U.S. bond portfolio Wells ran.
Mr. McCulloch said the moves were the first in the areas for the fund. The searches were done without a consultant.
RARITAN, N.J. - The newly formed Henderson Corp. 401(k) plan hired Scudder Group Retirement Services to provide fully bundled services, said Mary May, vice president-finance. The fund, which has 50 participants, will offer five investment options.
Henry J. Kaiser Family
MENLO PARK, Calif. - The $440 million Henry J. Kaiser Family Foundation hired Snyder Capital Management for small-cap stocks, said Tina Hoff, communications program officer. Cambridge Associates assisted in the search.
No manager was dropped as a result of the hiring, Ms. Hoff said. Further details such as the size of the portfolio and the source of the funding weren't immediately available.
The foundation isn't associated with Kaiser Hospital or the Kaiser Permanente Medical Care Program.
Kent Community Hospital
GRAND RAPIDS, Mich. - The $30 million Kent Community Hospital Pension Fund hired Callan Associates as its new consultant, said Mark Devirgilio, controller. While there are no plan changes in the works, he said it is possible consultants in Callan's Chicago office could recommend changes to the plan. SEI was Kent's previous consultant.
Management Training Corp.
OGDEN, Utah - The $28 million 401(k) plan of Management Training Corp. hired Fidelity Institutional Retirement Services for bundled services.
Fidelity is providing daily valuedrecord keeping and administration, employee communications and education, and an automated voice-response system. Three Fidelity Asset Manager Funds are offered, as well as five other diversified mutual funds from Fidelity. Employees now have daily account transfer capabilities, up from quarterly.
Previously, Mercer was record keeper, providing quarterly valuation. Four investment options from different fund families were used.
Los Angeles County Employees
LOS ANGELES - The $16.5 billion Los Angeles County Employees' Retirement Association, at the recommendation of its staff, dropped Stein Roe & Farnham as an equity manager. Poor performance and personnel changes were cited as the reasons.
The $400 million run by Stein Roe will be allocated to Bankers Trust to be run as a passive Russell 1000 Growth index fund.
The move to Bankers Trust could be temporary, as the pension fund staff and trustees plan to hold discussions later on their allocation to active and passive management.
Missouri Local Government
JEFFERSON CITY, Mo. - The $1.05 billion Missouri Local Government Employees' Retirement System hired G.T. Capital Management for a $100 million international equities account. Funding came from the termination of an unidentified manager that handled $50 million in the U.S. options overwrite program and a reduction in investments in long-term U.S. fixed income. Asset Consulting Group assisted.
Mitsubishi Motor Sales
CYPRESS, Calif. - The $14 million 401(k) plan of Mitsubishi Motor Sales of America Inc. expanded its investment options, said Jim Covington, manager of compensation and benefits.
The plan, with 800 participants, added the Scudder Growth & Income fund, Fidelity Contra Fund, Fidelity Magellan and T. Rowe Price International fund, bringing the number of options to six. The other options are a stable value fund managed by CIGNA and a balanced fund from the Stepstone family of mutual funds managed by Union Bank in California.
The company also changed the company match so it will go to whatever funds the participant chooses. Previously, the match went to the stable value fund.
Oppenheimer Capital Trust
NEW YORK - Oppenheimer Capital Trust Co. chose Bankers Trust Co. as custodian for all of the assets of Oppenheimer Capital Trust Co. Bankers Trust will provide custody for approximately $100 million in assets held in 12 employee benefits investment trusts, including domestic and international securities, and 95 client accounts.
The relationship does not include custody for Oppenheimer's Quest for Value mutual funds.
Oregon Public Employes
SALEM, Ore. - The $18 billion Oregon Public Employes' Retirement System committed $75 million to John Hancock International Private Equity Partners II, an international fund of funds, said Jay Fewel, senior equity investment officer. The fund has not yet closed so the commitment is contingent on negotiations of the documentation.
UNION CITY, N.J. - The $1.6 million Trucking Employees of North Jersey 401(a) annuity fund hired Scudder Group Retirement Plan Services to provide fully bundled services. The fund, with 1,200 participants, chose seven mutual funds. The former provider was Bank of New York.
TULSA, Okla. - The $80 million Tulsa County Employees' Retirement System hired its first outside asset managers. Tulsa County will place $19 million in a core equity account with Miller Anderson & Sherrerd. For fixed income, Denver Investment Advisors will receive $25 million and Barrow, Hanley, Mewhinney & Strauss will run $36 million, according to Jim Smith, board chairman.
Marquette Associates assisted.
Venture Series International
SANTA FE, N.M. - Venture Series International Total Return Fund, a new fund that is part of the Selected/Venture Advisers family of funds, has named E.F. Iselin as subadviser. The fund's initial investments include companies in such countries as France, Germany, Korea and the Philippines.
West Virginia University
MORGANTOWN, W. Va. - Making its first move to the specialty area, the $120 million West Virginia University Foundation hired J&W Seligman to run a small-cap stock portfolio, said Jane Kelly, assistant treasurer.
She declined to give the amount of the assignment. Funding will come from cash flow and reallocation among existing managers.
Morgan Keegan & Co. assisted.