Trustees of the $528 million Pennsylvania Municipal Retirement System, Harrisburg, selected Metric Realty to receive a $10 million real estate allocation, said James Allen, secretary.
The money will be invested in Metric's Growth & Income Fund, which will buy apartments, office and industrial properties, said Mr. Allen. The Metric investment will be funded from cash reserves.
The $1 billion San Jose (Calif.) Police and Fire Retirement Plan hired Credit Suisse to run an international fixed-income portfolio, said Ina Lancaster, analyst. Credit Suisse is replacing Prudential Global Advisors, which ran the $58.5 million portfolio.
The 85 million ($133 million) Amoco Pooled Pension Fund, London, hired State Street Global Advisors to manage 20% of its assets in an international pooled equity fund, said Mark Roberts, pension plan manager.
State Street replaces Pictet International. Mr. Roberts declined to comment on why Pictet was dropped. The Amoco fund will invest in 22 developed markets (excluding the U.K.) through State Street's Common Trust Fund in an actively managed approach.
The Plumbers & Steamfitters Local 102 Pension Fund, Knoxville, Tenn., hired NWQ Investment Management for an $11 million balanced portfolio. The allocation, which is just over half of the fund's assets, came from another balanced manager who was terminated. A spokesman declined to give the name of the manager. Segal Advisors assisted in the search.
The $32 million 401(k) plan of Hines Interest L.P., Houston, hired T. Rowe Price Associates to provide fully bundled services, including 10 investment options, record keeping and communications. The plan has 800 participants.
Previously, the fund used unbundled services, with Smith Barney serving as trustee and Arthur Andersen as record keeper. The names of the other vendors could not be learned. The fund also moved to daily valuation from quarterly.
The $91 million Essex County Retirement System, Salem, Mass., gave an additional $1 million each to two managers - Bank of Ireland for international stocks and David L. Babson for domestic small-cap stocks.
The additions raise the managers' allocations to $5 million each, said Cynthia Kendall, chief executive assistant. The money came from cash and from reducing the allocation to State Street Research and Management, which previously managed both stocks and bonds and now manages only fixed income.