ALFRED, N.Y. - The $37 million Alfred University endowment hired Dawson-Samberg Capital Management to run a midcap equities portfolio of about $5 million, said Peter C. Fackler, vice president-business and finance. Assets came from terminating Duncan-Hurst Capital Management. Newport Capital Advisers assisted.
DEERFIELD, Ill. - Making its first move in the area, the $750 million Baxter International Inc. defined benefit fund hired Wachovia Trust Services for timberland, said Charles W. Thurman, assistant treasurer. The fund committed between $10 million and $20 million in the Wachovia Timberland Fund. The new investment will be funded gradually from cash flow.
DALLAS - The $82 million pension fund of A.H. Belo Corp. hired Evergreen Capital Management and Sloate, Weisman, Murray to manage $5 million each in domestic equities. The assets came from cash, said Treasurer Vicky Teherani. Callan Associates assisted.
ADRIAN, Mich. - The $10 million Brazeway Inc. defined benefit fund hired Asset Strategies Portfolio Services as a consultant, said Judith L. Schafer, manager-compensation and benefits. The company's previous consultant retired this summer.
Contra Costa County
CONCORD, Calif. - The $1.6 billion Contra Costa County Employees' Retirement Association committed $15 million to Hearthstone Multi-State Home Builders Partnership for construction of affordable single-family homes. The pension fund also committed $20 million to U.S. Realty for investment in net lease properties.
Chicopee Retirement System
CHICOPEE, Mass. - The $54 million Chicopee Contributory Retirement System hired Scottish Equitable Investment Management to manage $1.5 million in international equities, confirmed Ruth Corridan, executive director. The move marks the fund's entry into international stocks. The money will come from the $18 million Freedom Capital currently manages in domestic equities. Segal Advisors assisted.
CHARLOTTE, N.C. - The $1.4 billion Duke Power Co. Employees Retirement Plan hired Clay Finlay to manage an EAFE equity mandate of approximately $50 million. The assets came from another manager whom Jeff French, manager of long-term investments, wouldn't identify.
Frank Russell Co. assisted.
Fairfax Educational Employees
FAIRFAX, Va. - The $920 million Educational Employees' Supplementary Retirement System of Fairfax County renewed for three years its custody contract with Mellon Trust, said Jane Schmiedekamp, treasurer.
Commonwealth of Kentucky
LOUISVILLE, Ky. - The Commonwealth of Kentucky will unbundle services for its $400 million deferred compensation plan Jan. 1.
Pending signing of final contracts, National Deferred Compensation will provide only record keeping and administration. Previously, it handled record keeping, administration, communications and education. Merrill Lynch will provide investment consulting, including performance monitoring and analysis of the fund's investment options.
Communications, education and marketing now will be provided by William M. Mercer and its affiliate, Seabury and Smith.
Los Angeles County
LOS ANGELES - The $17 billion Los Angeles County Retirement Association has committed $15 million to Apollo Investment Fund III, a $1.5 billion middle-market buy-out fund. The fund invests in special situations and recapitalizations of distressed situations, provides transitional financing to established companies experiencing expansive growth and makes middle market leveraged acquisitions. The commitment was made through Chancellor Capital Management.
BOSTON - The Massachusetts Society for the Prevention of Cruelty to Animals hired Income Research and Management, said Howard Levy, vice president-finance and administration.
Income Research will run $20 million in fixed income for its $60 million endowment and $15 million pension funds. Both funds are run in a similar investment strategy. The firm replaced Dewey Square Investors, which continues to manage about $20 million in equities for the funds. New England Pension Consultants assisted in the search.
MILWAUKEE - The $1 billion Milwaukee County Employees' Retirement System hired Bear Stearns Asset Management and Boston Partners to run $130 million in large-cap equities formerly managed by Boston Co. Asset Management, said Jac Amerell, director. Bear Stearns will manage about $95 million, and Boston Partners will manage $35 million, he said. Mercer assisted.
New York State Nurses
ALBANY, N.Y. - Making its first allocation to the speciality, the $500 million New York State Nurses Association hired Janus Capital to manage $60 million in large-cap growth equities, said John P. Carsten, plan manager. Funding came from dropping a growth manager that "had a lot in small-cap growth." He declined to name the manager.
Precision Twist Drill
CRYSTAL LAKE, Ill. - The $11 million defined contribution plan for Precision Twist Drill Co. hired DiMeo Schneider & Associates as investment adviser, said Norman Margolin, executive vice president and CFO.
The fund had used Kidder Peabody, and Bob DiMeo and Bill Schneider had responsibility for the account, said Mr. Margolin. The two started their own firm, and the fund decided to continue the relationship, he said.
San Francisco City & County
SAN FRANCISCO - The $6.2 billion San Francisco City & County Employees' Retirement System has approved allocating between $10 million and $20 million to Summit Partners IV, said Carolyn Hamilton, CIO. The venture capital limited partnership invests in late stages of venture capital financing and can purchase pieces of existing companies. Cambridge Associates assisted.
San Jose Fire and Police
SAN JOSE, Calif. - The $950 million San Jose Fire and Police Department Retirement Plan hired William M. Mercer as its general consultant, pending ratification by City Council, said Edward Overton, administrator.
Mercer replaces SEI Capital Resources, terminated because its parent is looking for a buyer.
Mercer will assist in a search for a manager to replace Boston Co. Asset Management, which managed an equity allocation of $60 million to $65 million. The firm was terminated following the departure of a group of executives.
Smith Barney Consulting
WILMINGTON, Del. - Smith Barney Consulting Group, Wilmington, Del., added Voyageur Asset Management and Alliance Capital Management to manage large-cap growth equity portfolios for its wrap account programs.
Frank Tonnemaker, president of Voyageur Fund Distributors, said he hopes to attract $250 million in assets through the program over the next one to three years.
South Carolina School Boards
COLUMBIA, S.C. - The $20 million South Carolina School Boards Insurance Trust hired First Union Bank of South Carolina to manage all of its assets, which are invested in government and agency bonds.
The board terminated Lexington State Bank "for various reasons," said Cathy Eargle, director of risk management.