SEARCHES & HIRINGS
The 145 million ($225 million) London Borough of Redbridge Superannuation Fund, Ilford, England, is seeking a global balanced manager to run half of the plan's assets. Assets previously had been managed by Henderson Pension Fund Management, which was terminated in July, said Niro Nathan, technical officer. Ms. Nathan said the fund had instituted a policy of changing managers every five years; Henderson had been a manager since 1987.
Mercury Asset Management, the fund's other balanced manager, has been running the entire fund in the interim. Mercury, a manager for the fund since 1992, will be retained for 50% of assets.
Managers must submit preliminary data by Jan. 15. Plan officials hope to make an appointment in mid- to late-April, to start May 1.
The $218 million pension fund of Ohio Casualty Group, Hamilton, Ohio, hired five managers to run a total of about $86 million, including the fund's first moves to international and emerging equity markets. Barry Porter, CFO and treasurer, said Bank of Ireland Asset Management and Brandes Investment Partners each was hired to run $13.5 million in international equities; Templeton International was hired for $8.3 million in an emerging markets mutual fund.
Ark Asset Management and Montag & Caldwell were hired to manage $26 million and $25 million, respectively, in core equities.
Also, Friess Associates was given an additional $3.5 million in equities, bringing Friess' total allocation to $26.5 million.
Funding came primarily from two firms: $58 million from Leavy Investment Management, which closed last year, and $29 million from Dreman Value Management, which was terminated. Dreman ran a $20 million core account, and a $9 million small-cap portfolio.
The 900 million ($1.4 billion) Vauxhall & Associated Cos. Pension Funds, Luton, England, hired Rothschild Asset Management to manage a 15 million ($23 million) global fixed-income portfolio on a fully hedged basis, said Des MacIntyre, manager of pension investment analysis.
The allocation to global bonds stems from an asset/liability study conducted last year by Frank Russell. Until last year, the fund had invested in global bonds on a tactical basis against an unhedged benchmark. Assets will be shifted from the fund's other managers to implement a new asset mix, but no additional managers will be hired.
Details of the new asset mix were unavailable.
Calsonic Inc., Irvine, Calif., will double the number of its defined contribution investment options to six, and has hired Scudder, Stevens & Clark to administer and act as trustee and record keeper for the company's $25 million plan, said Pamela Sasuga, corporate benefits administrator.
Three options will be managed by Scudder - the Scudder Income Fund, the Scudder Managed Retirement Trust-Balanced and the Scudder Growth and Income Fund, Ms. Sasuga said. Two other new options are the Templeton Foreign Fund and the AIM Constellation Fund, an aggressive growth equity fund, she said.
A stable value fund option will be taken over by Scudder, but with Calsonic's existing outside manager, the Industrial Bank of Japan, continuing to run existing insurance contracts until they expire. Two other options run by IBJ will be dropped.
William M. Mercer, the previous administrator and record keeper, assisted with evaluation of the funds and will continue to act as a consultant for the fund, although not necessarily on a retainer basis