SEARCHES & HIRINGS
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, run by AIM Advisors, and an S&P 500 fund from State Street Bank and an international equity collective trust, run by Capital Guardian Trust, to its five existing options.
Charles Schwab & Co., San Francisco, selected Symphony Asset Management to manage three asset allocation mutual funds conservative growth, balanced growth and high growth. These are the first stock and bond funds offered by Schwab, which to date has sponsored only money market funds