PITTSBURGH - The $1.1 billion pension fund of AK Steel Corp. is undertaking a major asset allocation study, said James Wainscott, vice president and treasurer.
"We will probably have fewer active managers than we have now," he said, noting the fund wants to tilt more toward passive management, where it has only a little investment now.
Mr. Wainscott declined to reveal details about existing managers. He said the fund most likely will look at making selective changes in particular styles within asset classes.
The fund has 60% in equities and 40% in fixed income.
He said the study, being conducted internally, will take several months.
SAN DIEGO - The $1.4 billion San Diego City Retirement System plans to issue requests for information in the fall or winter to international bond managers, according Doug McCalla, investment officer.
"We want to see what's out there and compare it to PIMCO," he said, referring to Pacific Investment Management.
Earlier, the system authorized PIMCO to invest up to 4%, or an average of 2%, of the system's total assets in international fixed income.
"We will identify a focus group of managers to request for information to evaluate and see if we want to make a change."
LOS ANGELES - Northrop Grumman formally merged three pension plans, improving its near-term cash position, enhancing its operating profits and lowering operating costs, said Kent Kresa, CEO.
The former Grumman Corp. pension plan and the Northrop Grumman Rolling Meadows Site Pension Plan were merged with Northrop Grumman's plan, creating a pension fund estimated at $7 billion.
Northrop Grumman has yet to merge the nearly $600 million Vought Aircraft plan into its fund. Northrop acquired Grumman and Vought last year.
BOSTON - The $8 billion Massachusetts State Teachers & Employees Retirement System wants to hire at least two international equity managers to manage up to $1 billion of the fund's assets, said CIO Collette Chilton.
Requests for proposals are due in October, and the fund expects to pick new managers by December.
She said that as part of its new asset allocation policy approved last December, the fund will increase its international equity exposure to 18% from 10%.
Funds will be drawn from fixed income, which will be reduced to about 37% of assets from 44%.
CORNING, N.Y. - The $85 million Dresser-Rand Co. defined benefit fund, is considering hiring a consultant to measure investment performance and monitor money managers, said Nathan C. Hallett, treasury director.
He said the fund won't make a decision until after the first of the year.
Currently, the fund evaluates performance internally.