SEARCHES & HIRINGS
The C$2.4 billion (U.S. $1.8 billion) pension plan of the Colleges of Applied Arts and Technology of Ontario, Mississauga, hired its first money managers, said Ron Martin, chairman of the board of trustees.
GE Investments and Martin Currie each will manage C$240 million in global equities. In Canadian equities, Goodman & Co. received C$212 million; Bolton-Tremlay got C$70 million; and Beutel Goodman, Laketon Investment and Gryphon were awarded C$232 million each. For actively managed Canadian fixed income, the fund hired Baker Gilmore and Elliott & Page for C$244 million each. The fund also hired TAL for C$325 million in passively managed Canadian fixed income, and Laketon for C$50 million in supranational government agency investments. The fund will manage in-house about C$100 million of non-marketable Ontario debentures.
Until last December, assets of the CAAT fund had been part of the Ontario Municipal Employees Retirement System. After CAAT's assets were separated, the fund had an agreement that Ontario Municipal would continue to manage these assets for a year.
Rockford Products Corp., Rockford, Ill., selected Putnam Investments to provide bundled services for its $38 million defined contribution plan. Starting March 1, Putnam will provide investment management, as well as daily valued record keeping, administration, employee communication, investment education and an automated voice response system. Putnam replaces CIGNA. First of America Bank will continue as trustee, said Deborah Barclay, a spokeswoman for Rockford Products.
Eight Putnam funds will be available as investment options, as well as a company stock option, which Putnam will administer