The General Retirement System of the City of Detroit hired two large-cap value managers, Globalt and MacKay-Shields, for $25 million each. Joe Glanton, assistant administrator for $2 billion fund, declined to say how the new managers would be funded.
New England Pension Consultants assisted.
The $870 million Denver Employees Retirement Plan selected Seix Investment Advisors and Pinnacle Investment Advisors to manage fixed-income portfolios of $10 million each, according to a fund spokeswoman.
Assets will come from a portfolio managed by Cisneros Asset Management, which closed earlier this year. Other finalists were LM Capital and Taplin, Canida & Habacht. Callan Associates was the consultant.
Parker Hannifin Corp., Cleveland, hired SunGard to provide daily valued record keeping for its unbundled $550 million 401(k) plan, said Sandy Sheldon, manager of benefits administration. SunGard replaces Watson Wyatt.
The company also will add two mutual funds - the Constellation Fund, managed by AIM Advisors, and an S&P 500 fund from State Street Bank - and an international equity collective trust, managed by Capital Guardian Trust, to its five existing option