LONDON - The 85 million ($133 million) Amoco Pooled Pension Fund 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.
AMOCO POOLED PENSION FUND
The Amoco fund will invest in 22 developed markets (excluding the United Kingdom) through State Street's Common Trust Fund in an actively managed approach.
DAYTON, Ohio - Elano Corp. 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, but fund officials decided it would be more efficient to have one full-service provider for all 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.
SALEM, Mass. - The $91 million Essex County Retirement System has given an additional $1 million each to Bank of Ireland for international stocks and to David L. Babson for domestic small-cap stocks, raising their 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.
HOUSTON - The $32 million 401(k) plan of Hines Interest L.P. 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.
SADDLE RIVER, N.J. - Lexington Management Corp. has chosen Capital Technology as subadviser for its new Lexington SmallCap Value Fund. The no-load fund, which will be launched in January, will invest in undervalued companies with market capitalizations of $20 million to $1 billion.
MILWAUKEE - The $1.2 billion Milwaukee County Employees' Retirement System funded a $5 million core equity assignment for Ariel Capital Management, said Jac Amerell, director.
Also, NCM Capital Management was given $5 million to manage in a core fixed-income strategy, Mr. Amerell said.
Both hires were part of Milwaukee County's policy of hiring minority firms, but no minority-owned firm searches are planned in the near future, he said. William M. Mercer assisted.
MINNEAPOLIS - The $630 million Minneapolis Teachers' Retirement Fund Association hired two managers for core fixed-income strategies, said Patricia Ammann, assistant investment officer-marketable securities.
Northern Trust and Loomis Sayles each will manage $55 million, she said. The changes were made as of a result of a switch to more of a core fixed-income strategy, she said.
HARRISBURG, Pa. - Trustees of the $528 million Pennsylvania Municipal Retirement System 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, said Mr. Allen.
Plumbers & Steamfitters
KNOXVILLE, Tenn. - The Plumbers & Steamfitters Local 102 Pension Fund hired NWQ Investment Management for a $11 million balanced portfolio.
The allocation, which is just more than 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.
Risk Capital Reinsurance
GREENWICH, Conn. - Risk Capital Reinsurance Co. hired Putnam Institutional Management to manage $300 million of insurance assets in bonds and short-term instruments, said Debbie O'Connor, senior vice president and controller for Risk Capital.
No other manager hirings are expected, she added.
NEW BRUNSWICK, N.J. - The Rutgers University Foundation hired Bank of New York to manage $7 million in a balanced portfolio.
Assets came from an existing manager. The endowment has $167 million in assets, according to Money Market Directory.
San Jose Police and Fire
SAN JOSE, Calif. - The $1 billion San Jose 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.
No other information was available.
WASHINGTON - The $410 million endowment of the Smithsonian Institution hired two international stock managers and conducted preliminary interviews of bond managers, said Sudeep Anand, treasurer.
Warburg, Pincus Counsellors and Rowe Price-Fleming International will be allocated up to $25 million each for international equities. Assets will come from reducing allocations to balanced managers Miller, Anderson & Sherrerd and Fiduciary Trust.
On the bond side, the endowment investment committee will decide by March whether to hire any managers, and if so, how much to allocate to them, Mr. Anand said. "It's something that's nice to have but not necessary," he said, noting the Institution has exposure to bonds through its balanced managers.
Southern California Permanente
PASADENA, Calif. - Southern California Permanente Medical Group hired Dreyfus Retirement Services to provide daily valued record-keeping services for its two defined contribution plans, which total $800 million. The hire is effective Jan. 1.
Dreyfus will provide trust, record keeping, administration, voice-response system and employee communications, replacing North America Trust Co., said Robin Radin, director of physician benefits. The plan is valued monthly now.
None of the investment options offered in either plan will be changed. The $200 million 401(k) plan will continue to offer five Vanguard mutual funds. The $600 million Keogh plan will retain four pooled funds from the Boston Co., a pooled fund from Wall Street Associates, a frozen MetLife real estate pooled fund and a self-directed brokerage option administered by Dreyfus or an employee-selected broker.
Southern California Permanente is considering various options to provide more advanced investment education next year, including individual financial planning services from independent investment advisers, said Ms. Radin.