Alberta Energy Co.
CALGARY, Alberta - The C$53 million (U.S. $39 million) Alberta Energy Co. pension fund dropped Managed Investments, said Donald E. Smallwood, manager-human resources services. The balanced portfolio, about C$5 million, was transferred to Integra Capital Management, making it the sole manager.
Asea Brown Boveri
NORWALK, Conn. - Asea Brown Boveri Inc. added the Fidelity U.S. Equity Index Commingled Pool, the Morgan Stanley Institutional Fund-Emerging Markets portfolio and the PIMCO Total Return Bond Fund to its $800 million defined contribution plan. Also, Fidelity Institutional Retirement Services will provide daily valued record keeping and other services. Hewitt was the previous record keeper.
Michael Baker Corp.
CORAOPOLIS, Pa. - Michael Baker Corp. hired Putnam Investments to provide fully bundled, daily-valued services for its $40 million 401(k)/ESOP plan. Eight Putnam funds, plus a company stock option, will be the plan's new investment options, said Donald J. Nelson, executive vice president-communications and corporate development. Putnam replaces Dreyfus Retirement Services. Hewitt assisted.
CHICAGO - The Chicagoland Chamber of Commerce selected John Hancock Funds to provide a turnkey defined contribution plan program for its 2,000 members. Members will have access to all of John Hnacock's mutual funds, with daily-valued record keeping, trust and administrative services, employee education and communications and a dedicated toll-free voice response system.
MISSISSAUGA, Ontario - The C$2.4 billion (U.S. $1.8 billion) pension plan of the Colleges of Applied Arts and Technology of Ontario hired its first money managers, said Ron Martin, chairman of the board of trustees.
GE Investments and Martin Currie each will run 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 each received C$232 million. For actively run Canadian bonds, the fund hired Baker Gilmore and Elliott & Page, each for C$244 million. The fund hired TAL for C$325 million of passively managed Canadian fixed income, and Laketon for C$50 million in supra national government agency investments. About C$100 million of non marketable Ontario debentures will be run in-house.
Until last December, assets of the CAAT fund had been part of the Ontario Municipal Employees Retirement System. After CAAT's assets became separate, Ontario Municipal continued to manage the assets.
LONDON - The 225 million ($344 million) Costain Group PLC Pension Scheme, adopted specialist management. Legal & General Investment Management will run a passive U.K. equities portfolio; Perpetual Institutional Asset Management and Morgan Grenfell Investment Management will manage active U.K. equities. For global equities (ex-U.K.), the fund picked J.P. Morgan Investment Management and Capital International. Amounts weren't disclosed.
The fund allocated 15% of assets to Lombard Odier Investment Management Services to invest in U.K. index-linked gilts. Lombard Odier and STW Investment Management Fixed Income Management split an equal amount, to be invested in U.K. fixed-income assets with a mandate to invest a portion internationally on an opportunistic basis.
Balanced managers Mercury Asset Management, Baring Investment Management and Murray Johnstone Pension Management were terminated. The fund also hired Midland Securities Services as global custodian. Previously, the balanced managers provided custody services.
The changes followed an asset/liability management study by Sedgwick Noble Lowndes, which caused the fund to boost fixed-income to 30% from under 10%.
Stamford Associates assisted the manager selection.
EXTON, Pa. - Environmental Compliance Services Inc. introduced a new 401(k) plan, using three investment options from CoreStates Investment Advisers and two from Fidelity. CoreStates also will provide daily valued record keeping and other services.
Lowell Retirement System
LOWELL, Mass. - The $75 million Lowell Retirement System hired QCI Asset Management to manage stock distributions from venture capital funds, said James T. Kennedy, chairman of the board. He said QCI could have as much as $5 million by the end of next year.
Massachusetts Port Authority
BOSTON - The $160 million Massachusetts Port Authority Employees Retirement System hired The Hannah Group as its first investment consultant, said Kathlenn M. Conlin, executive secretary. The system also received approval from state regulators to invest in mid- and small-cap domestic equities. All assets now are in a balanced fund with Wellington Management.
MILWAUKEE - Mechanical Industries Inc. hired Strong Funds for investment management, quarterly-valued record keeping and other services to its $1.7 million 401(k) plan. Investment options are six Strong mutual funds plus GICs from the New England, said Ida Winters, human resources manager. The plan previously used bundled, quarterly valued services from Prudential.
ROCKFORD, Ill. - Rockford Products Corp. hired Putnam Investments for bundled services - including eight Putnam funds - for its $38 million defined contribution plan. Putnam replaces CIGNA. First of America Bank continues as trustee.
State Insurance Fund
SAN JUAN, Puerto Rico - The State Insurance Fund Corp. hired five managers to run a total of $200 million in workers compensation assets. Putnam Investments was hired for $32 million in growth equities; Schroder Wertheim, $48 million in value equities; and Bear Stearns, $30 million in a total return fixed-income strategy. Furman Selz and Wellington Management will divide $90 million in intermediate bonds.
Smith Barney assisted.
BELLEVUE, Wash. - Unigard Insurance Group hired two managers for its $30 million 401(k) plan, said Theodore R. Olson, manager-investment department. Dodge & Cox will run a balanced portfolio, and Brandes Investment Partners will run a non-U.S. equity portfolio. Prime Investment Advisors assisted.
University of Illinois
URBANA, Ill. - The $300 million University of Illinois Foundation Fund committed $3 million apiece to the Walton Street Real Estate Fund I and to DLJ Real Estate Capital Partners, said Bill Sturdivant, director of plan giving.
University of Western Ontario
LONDON, Ontario - The C$530 million (U.S. $387 million) University of Western Ontario defined contribution plan hired Greydanus Boeckh & Associates to run a so-called target-date, fixed-income fund, said Keith D. Gee, director-pensions and benefits. The bond fund is similar to a GIC fund in that it offers a fixed return over a selected term.
MORGAN HILL, Calif. - Wiltron Co. hired Union Bank as master trustee for its $20 million in retirement assets, replacing Bank of the West Trust & Financial Services.
WASHINGTON - The $7 billion World Bank pension fund hired three fixed-income managers for about $100 million each. Goldman Sachs and Miller, Anderson & Sherrerd will run U.S securities.
Smith Barney will manage global fixed income.