Joseph P. Craven, deputy treasurer of the $7.8 billion Massachusetts State Teachers' and Employees' Retirement System, will leave the fund to join the law firm of Bingham, Dana & Gould, Boston, next month.
Mr. Craven will do public and private project financing and investment-related work.
Collette Chilton, an investment officer with the fund, will be taking over Mr. Craven's duties.
Claude N. Rosenberg Jr., Juanita Morris Kreps and TIAA-CREF have been awarded the Lillywhite Award for outstanding lifetime contributions to Americans' economic security.
The award, sponsored by the Employee Benefits Research Institute, was presented June 22 at Pensions & Investments' Investment Management Conference in Washington.
Each recipient has helped shape the private pension movement and the economic security of Americans, said EBRI President Dallas Salisbury.
Officials at Towers Perrin, Mercer Investment Consulting and Hewitt Associates - all of which were considered potential buyers of SEI Capital Resources - said they would not pursue an acquisition of the SEI Corp. unit.
Towers Perrin spokesman Joseph Conway said officials had requested background information on SEI's operations when the firm was first reported to be for sale, but decided not to go ahead.
Mercer was approached by Donaldson, Lufkin & Jenrette, the investment banker hired by SEI to handle the sale, but officials ruled out a bid, said Larry Gibson, chairman of the firm's steering committee.
A spokeswoman for Hewitt also said the firm had no interest in SEI.
The $2.7 billion U S WEST defined contribution plan is considering adding "window funds," such as those of Bankers Trust or Charles Schwab, that give participants access to hundreds of mutual funds through one source.
Company officials also are thinking of giving participants daily valuation of their plan balances, said Vera Updike, manager, savings plans.
These changes probably will not take place for about year.
The Massachusetts Bay Transportation Authority, Boston, hired Scudder Defined Contribution Services to provide a fully bundled service, including record keeping, administration, communication and education as well as most investment options, for its $5 million 401(a) plan, according to Al DiGregorio, controller and assistant treasurer.
The investment options are six Scudder funds and two outside funds: Twentieth Century Value and Neuberger & Berman Focus Trust.
The former provider was The New England.
Lothian keeps 2
The (pounds) 920 million Lothian Regional Council Superannuation Fund, Edinburgh, tentatively decided to retain Baillie Gifford and G.T. Capital Management as Far Eastern equity managers, said Colin Hay, head of investment. The managers run a combined (pounds) 87 million in Pacific Basin portfolios including Japan. But their mandates will be changed; Baillie Gifford will run a Pacific Basin ex-Japan portfolio and G.T. will run a Japan-only portfolio.
The amounts to be allocated have yet to be determined.
The Timken Co., Canton, Ohio, consolidated six company 401(k) plans into four and hired American Express Institutional Services to provide bundled 401(k) plan services for all four, which total $148 million.
American Express is providing daily valued record keeping, administration, trust, and investment education and communication services. Timken selected five American Express mutual funds and the Templeton International fund as investment management options, said Nancy Cyperski, manager-retirement planning and administration. The two plans for Timken's bargaining units offer three mutual funds and a company stock option. The two plans for non-union employees offer six mutual funds and company stock.
The previous provider was Society National Bank.
Total net investment by U.K. pension funds in the first quarter of 1995 was (pound) 2.32 billion, sharply up from (pound) 658 million invested in the previous quarter.
According to figures from the Central Statistical Office, net investment in gilts were (pound) 3.33 billion in the first three months of 1995, up from (pound) 1.55 billion in the previous three months. Cash and short-term assets increased to (pound) 1.79 billion from the previous quarter's (pound) 688 million. These were broadly offset by (pound) 3.02 billion in sales of U.K. company securities, the third successive quarter in which the value of pension funds' equity holdings decreased.
At the end of 1994, pension funds had total identified assets of 450.3 billion, down from 479.7 billion in 1993. The CSO said this was largely owing to the fall in the U.K. stock market.
James A. Casselberry Jr., director of fixed-income investments for the John D. and Catherine T. MacArthur Foundation, Chicago, was named managing director and chief operating officer of Wedgewood Capital Management Inc., Washington.
William McLean, director of marketable securities at the MacArthur Foundation, said it has not been determined who will replace Mr. Casselberry, who will leave June 30.
Mr. Casselberry's position at Wedgewood is a new one. BettyeLynn Smith, a Wedgewood spokeswoman, said Mr. Casselberry will assume some of the operational duties that have been handled by Daryl Dennis, president and chief investment officer. Mr. Casselberry will also oversee marketing and client relations.