SEARCHES & HIRINGS
The $3.3 billion District of Columbia Retirement Board, Washington, approved three equity searches and one fixed-income search, said Jeanna Cullins, executive director. In equities, the fund is searching for enhanced core, midcap value and small-cap growth managers. In fixed income, it seeks a high-yield bond manager.
Trustees have not decided how much to allocate to the new asset classes, nor have they decided when managers will be selected, Ms. Cullins said. These are all new asset categories for the fund, she added. RFPs will not be used; consultant Rogers Casey will assist the fund with the searches.
The $88 billion California Public Employees' Retirement System, Sacramento, is expected to release an RFP Nov. 17 for a real estate consultant. The deadline for questions on the RFP is Dec. 6; the final filing date is Jan. 12. Selection of finalists is expected March 18, and interviews will be held in April. The current consultant, Pension Consulting Alliance/E&Y Kenneth Leventhal is expected to compete.
The $630 million Minneapolis Teachers' Retirement Fund Association signed contracts with two managers for core fixed-income strategies, said Patricia Ammann, assistant investment officer-marketable securities. Northern Trust and Loomis Sayles' Milwaukee and Minneapolis offices each will manage $55 million, she said. The changes were made as a result of a switch to more of a core fixed-income strategy, she said.
Elano Corp., Dayton, Ohio, hired GE Investment Retirement Services as full-service provider for two defined contribution plans with $20 million in assets and a new 401(k) plan, effective Jan. 1.
The two existing plans previously were managed in an unbundled arrangement using multiple providers for each, but fund officials decided it would be more efficient to have one full-service provider for all of the plans. GE Investments will use State Street Bank for record keeping and administration.
GE Investments also will offer services including investment management, enrollment, communications and education.
Jewel Financial Services is the fund's consultant.
Chase Manhattan's global securities services division won two new Danish clients for global custody.
Lonmodtagernes Dyrtidsfond, the 38 billion Danish kronor ($6.9 billion) Danish pension fund for salaried employees based in Silkeborg, hired Chase as global custodian for its 1.1 billion kronor ($200 million) non-Danish equities portfolio, said Soren Kolbye, finance manager.
Chase was picked because of a combination of lower prices, better information and improved security of assets, he said. Juske Bank, Silkeborg, previously provided custody.
Also, Topdanmark Insurance, a leading Danish life and general insurance company located in Ballerup, hired Chase to provide custody for 1.1 billion kronor in U.S. equities and Eurobonds. Custody previously was provided by Sydbank in Aabenraa