Anchor Glass Container
TAMPA - The $260 million pension fund of Anchor Glass Container Corp. hired Wood, Struthers & Winthrop to run $5 million in small-cap value stocks. The assets had been invested in the Oppenheimer Discovery Fund, which was terminated after it underperformed the Anchor fund's benchmark for three years, said David McNulty, supervisor-treasury services.
Merrill Lynch Consulting assisted.
Dames & Moore Inc.
LOS ANGELES - The $65 million Dames & Moore Inc. 401(k) plan switched to a fully bundled service with T. Rowe Price Associates, said Edmund Wong, benefits manager.
Previously, the fund used Wyatt as record keeper and had separate trustee relationships with each of its investment providers: money market and short-term bond mutual funds of Fidelity Investments, and stock and balanced accounts managed by Roxbury Capital Management.
The company selected six T. Rowe Price mutual funds and continues to offer company stock as an option.
Detroit Policemen & Firemen
DETROIT - The $2.3 billion Detroit Policemen & Firemen Retirement System committed $20 million to the Midland Affordable Housing Trust and an additional $7.5 million to existing manager MIG Realty Advisors.
Midland will lend to developers of affordable housing; MIG will use its commitment to develop apartments in Florida, said Nicholas Degel, assistant administrative supervisor for the retirement system.
Carter Primo Chesterton has been retained by the system to review deals brought to it by Midland.
WELLESLEY, Mass. - The $640 million pension fund of EG&G Inc. hired Putnam Investments to manage a $30 million international equity portfolio and a $40 million small-cap value portfolio, according to Steve Wasserman, director-investments and financial analysis. Funding came from reducing the portfolios of existing domestic equity managers.
Evaluation Associates assisted.
DOWNERS GROVE, Ill. - HealthCare COMPARE Inc. hired LaSalle Street Capital Management as a short-term corporate cash manager, said Joe Whitters, chief financial officer. HealthCare COMPARE generally has about $50 million in corporate funds, and LaSalle Street now will be one of the firms managing it, he said.
HOUSTON - The $720 million Houston Municipal Employees Pension System hired Fidelity Management Trust to manage a $52 million large-cap equity portfolio, said David L. Long, executive director. Funding will be primarily from cash.
In addition, the system moved a $50 million equity portfolio to DePrince, Race & Zollo from SunBank Capital Management. DePrince, Race & Zollo was established recently by a group of former SunBank investment professionals. Mr. Long said plan officials wanted the portfolio to continue to be managed in the same style by the same group.
Los Angeles County
LOS ANGELES - The $16.5 billion Los Angeles County Employees' Retirement Association selected Lowe Enterprises Investment Management to manage a new $150 million single-family residential housing construction program. The program is aimed at making an 18% to 20% total return and is not an economically targeted investment, although the pension fund does intend to spend about half of the money in California. However, pension staff members said California is a good market for entry-level housing.
The Townsend Group assisted.
SAN FRANCISCO - The McKesson Corp. hired six managers to handle part of the approximately $475 million brought into the company's profit-sharing plan from the company's sale last year of its PCS subsidiary. (The company's entire plan totals about $890 million.)
Hired for equities were: Delaware Investment Advisors, which will receive $51 million to manage in a U.S. large-cap value portfolio; State Street Bank, $63 million for indexed U.S. stocks; Fisher Investments, $24 million for U.S. small-cap; and Putnam Investments, $30 million for non-U.S. equity.
Western Asset Management will run $60 million in domestic fixed income, and Dimensional Fund Advisors, $12 million in one-year fixed-income investments.
Another $225 million has been invested in Treasuries.
Separately, the $22 million McKesson Foundation, San Francisco, hired Putnam for $1.7 million of international equities, its first international commitment. Funding came from cash flow.
MILWAUKEE - The $1 billion Milwaukee County Employees' Retirement System hired Grantham, Mayo, Van Otterloo for a $10 million international equity assignment, leaving $10 million of its international allocation unassigned, said Jac Amerell, director.
The $10 million of a $50 million allocation to international equities will be on hold for a while, although the system will get around to investing it, Mr. Amerell said. The Chicago office of Mercer assisted.
Nevada Public Employees
CARSON CITY, Nev. - The Public Employees Retirement System of Nevada re-hired First Interstate Bank, Los Angeles, to provide master trust and custody services for five years for the $5.7 billion portfolio. First Interstate has been the master trustee since 1992 and also provides securities-lending services.
Pennsylvania State Employees
HARRISBURG - The Pennsylvania State Employees' Retirement System allocated $50 million to Clayton, Dubilier & Rice V, an alternative investment fund, and $25 million to Summit Partners IV, a venture capital fund.
Assets came from cash. Cambridge Associates assisted.
Pipefitters Local No. 522
LOUISVILLE, Ky. - Pipefitters Local No. 522 hired Polaris Capital Management to manage a domestic tactical asset allocation portfolio for its $82 million pension plan. Funding came from a TAA portfolio managed by Bankers Trust, which was terminated. Polaris was founded earlier this year by Robert H. Greenblatt and Steven A. Lauer, formerly co-managers of Bankers Trust's domestic TAA strategy.
Target Portfolio Trust
NEW YORK - The $90 million Target Portfolio Trust-Small Cap Value Portfolio selected Wood, Struthers & Winthrop as a subadviser, replacing Oak Hall Capital Advisors. Wood, Struthers will co-manage the fund with Lazard Freres.
The Target funds are offered by Prudential Securities.
Toshiba Display Devices
HORSE HEADS, N.Y. - The $15 million Toshiba Display Devices 401(k) plan named T. Rowe Price for bundled services, including investment management, communication, record keeping and administration, replacing The Principal.
The fund, which has 1,300 participants, is offering 12 T. Rowe Price funds.
University of Miami
CORAL GABLES, Fla. - The $313 million endowment fund for the University of Miami gave an additional $10 million to GMG/Seneca Capital Management to manage in a growth equity style, said Diane Cook, vice president and treasurer. GMG initially was hired in November to manage about $11 million in that style. No other changes have taken place at the fund, she said.