(Continued from page 30)managers as part of its ongoing effort to replace Bear Stearns Asset Management, which was terminated earlier this year.
Bear Stearns managed $35 million in a balanced portfolio. Of that $12 million was given to Loomis, Sayles for bonds; $12 million to Freedom Capital for large-cap value stocks; $3 million to Reich & Tang in small-cap stocks; and $3 million to INVESCO for the fund's first move into international stocks, said Lawrence Marino, the Segal consultant to the plan.
Bear Stearns also had managed half of the union's $40 million annuity fund. Some $16 million of the money was allocated to State Street Global Advisors for a short-term fixed-income portfolio. Existing managers Phoenix Investment Management and New England Trust each was given an additional $2 million, bringing each firm's total to $22 million.
Savings Banks Employees
WOBURN, Mass. - The $400 million Savings Banks Employees' Retirement Association hired two domestic equity managers, one international equity manager and gave more money to an existing manager.
Dietche & Field Advisers will run $20 million in value and growth strategies, and John A. Levin will get $20 million for a value strategy. Putnam Investments will run $30 million in international equities.
The fund added $20 million to a Fidelity Management Trust separately managed account that uses a select strategy approach, focusing on industry leaders.
A domestic equity and an international equity manager were terminated to fund the new hires. Thomas Froese, president and plan administrator, would not identify the previous managers.
St. Louis Police
ST. LOUIS - The roughly $450 million St. Louis Police Retirement System hired Putnam Investments for a $20 million international equities account and Mississippi Valley Advisors for a U.S. small-cap equities account of undisclosed size. The move represented the fund's first investments in international stocks and U.S. small-cap equities. SEI assisted.
St. Louis Sewer District
ST. LOUIS - The $65 million St. Louis Sewer District pension plan withdrew from two mutual funds, transferring the assets to three separate account mangers. Karl Tyminski, secretary-treasurer, said the fund is getting large enough that separate accounts make more sense.
The fund hired Atalanta/Sosnoff Capital to manage an $11 million equity portfolio that had been invested in the Twentieth Century Select mutual fund.
Carl Domino Associates and Radnor Capital Management were hired to manage portfolios of $8 million each. Both were funded from money formerly invested in Vanguard/Windsor II.
ARLINGTON, Va. - The $10 million defined contribution plan of SatoTravel hired Twentieth Century Services for investment management and record keeping, said Emory Allen, manager of compensation and benefits. The plan will use seven Twentieth Century funds.
Other options are a stable value fund from Bankers Trust and an equity index fund from Wells Fargo. Twentieth Century will provide daily valuation and 24-hour audio response unit access.
Mr. Allen declined to identify the previous record keeper. But he said Fidelity Investments and NationsBank previously provided investment options.
HASTINGS, Minn. - Smead Manufacturing Co. Inc. hired Putnam Investments to provide bundled service for its $21 million defined contribution plan.
Beginning July 1, Putnam will provide services including record keeping, trust and administration, employee education and communications, and an automated voice-response system.
Five Putnam mutual funds will be offered as investment options, said Dale Olson, controller.
Smead's plan previously was unbundled; Mr. Olson declined to identify the providers.
Defined Contribution Advisors assisted with the search.
University of Louisville
LOUISVILLE, Ky. - The $145 million University of Louisville Foundation Inc. hired managers to fill endowment fund allocations to international equities, core small-cap equities and real estate investment trusts, said Larry Goldstein, assistant vice president and treasurer.
Hired were Grantham, Mayo, Van Otterloo for $15 million in non-U.S. equities; Massachusetts Financial Services for $4 million in small-cap equities; and the Common Fund for up to $3 million in a REIT fund it sponsors.
The equity hires will be funded slowly using cash flow - no managers will be terminated, he said.
LIVERPOOL, England - The (pounds) 9.5 billion ($14.8 billion) Universities Superannuation Scheme has hired Chase Manhattan Bank as global custodian for the fund's (pounds) 4 billion internally managed investment portfolio.
NatWest Investment Services, which recently was sold to Lloyds Bank PLC, was the previous custodian. David Chynoweth, USS' chief executive, said the fund's review had started prior to the sale of the NatWest unit and the choice was based on the services provided and price offered.
Clive Kent, director of investment services, at Lloyds, confirmed the loss of the account. He said NatWest had experienced some technology problems when operations in Bristol and London were consolidated.
State of Washington VEBA
OLYMPIA, Wash. - The $28 million State of Washington VEBA trust, Olympia, hired Dwight Asset Management to manage a $6 million five-year laddered stable value contract through Metropolitan Life.
The 501(c)(9) trust transferred the assets from a group annuity program to Dwight for diversification, a spokesman said.
The VEBA is a joint program by the Association of Washington School Principals, the Washington Association of School Administrators and the Washington Association of School Business Officials.
WINCHESTER, Mass. - The $26 million Winchester Retirement System made its first international commitment, investing a combined $2 million in international stock mutual funds of Warburg Pincus, T. Rowe Price and SoGen, according to Lorraine McDonough, secretary-pension board.