SEARCHED & HIRINGS
Trustees of the $15 billion Pennsylvania State Employes' Retirement System, Harrisburg, voted to allocate a total of $900 million to five international regional stock managers, said a spokesman for the fund. J.P Morgan Investment Management will receive $300 million for a Japan-only portfolio: GAM Institutional and TCW Asia will split $300 million and will manage Pacific Basin ex-Japan portfolios; and Marathon-London and Scottish Widows Investment will split $300 million and will run European equity portfolios. The money will come from a reallocation from other asset classes and cash. Rogers Casey assisted with the search, said a spokesman.
The $14.9 billion Tennessee Consolidated Retirement System, Nashville, has selected most of the international equities managers it is seeking in its decision to move its foreign stock holdings to external managers. The fund now has invested about $775 million in non-U.S. stocks, but it can invest up to 10% of assets in this category.
Tennessee has hired Putnam Investments for European value stocks; Walter Scott and Marathon-London for European growth stocks; Putnam and J.P. Morgan for Pacific Basin value stocks; and G.T. Capital and Newgate for emerging markets. The fund has not yet filled its Pacific Basin growth stock opening, said CIO Charles Webb.The fund hasn't decided exactly how much individual managers will receive. But to start, allocations to each of the European and Pacific Basin categories will be about $175 million each, while the overall emerging markets category will be smaller at roughly $100 million