The $850 million Battelle Memorial Institute pension fund, Columbus, Ohio, may raise its international allocation to double digits, said Damian D. Sung, director-investment management. The fund is considering an international allocation of 10% - up from the current 6% - and all in equities. He expects a decision in the first quarter on whether to begin a search. The fund isn't using a consultant. Bankers Trust now manages the fund's entire international allocation in an MSCI EAFE index fund. He said the fund hasn't decided whether to place the new allocation in active or passive portfolios. Assets could come from cash, although it hasn't been decided. The $21 million Falmouth (Mass.) Town Retirement System, which recently hired Hannah Group as its first investment consultant, is about to name a new investment manager to run both stocks and bonds. State Street Bank, which had been the fund's sole investment manager, will remain as custodian. A town official declined to name the new manager until contracts are signed. ING (U.S.) Capital Holdings, a U.S. subsidiary of the $220 billion Dutch financial conglomerate Internationale Nederlanden Groep, today announced the formation of ING Capital Advisors. The new firm offers a spectrum of floating-rate corporate loan investment products to traditional institutional investors as well as banks and insurance companies. According to ING, the firm is the first to provide institutional investors with direct access to the floating-rate corporate loan market on a pooled, pass-through basis. Previously, investors could only gain exposure to this market segment through a handful of retail mutual funds or through specialized structured vehicles. ING Capital Advisors will be based in New York and Los Angeles.Michael McAdams, who has been a senior vice president at Pilgrim America and the founding portfolio manager of the Pilgrim Prime Rate Trust, will be CIO. He has not yet been replaced at Pilgrim. Oppenheimer Management signed an agreement to acquire The Rochester Funds and its affiliated companies. Rochester runs $2.9 billion, mainly in tax-exempt and convertible securities, both areas Oppenheimer wanted to expand. The transaction, which has been approved by the boards of both fund companies, is expected to be completed in January and is subject to approval by Rochester shareholders. It is anticipated the Rochester funds will operate separately.