SEARCHES & HIRINGS
The Texas Treasurer's Office, Austin, hired Phoenix Duff & Phelps to advise the treasury in managing $15 billion in state assets. The firm will serve as an adviser only; management of the funds will remain with the treasurer. A spokesman for Treasurer Martha Whitehead said it is the first time an outside adviser has been used.
Duff & Phelps will assist the staff in analyzing investment options and provide advice regarding the sale and purchase of securities and assist with preparation of quarterly investment performance reports.
The $29 billion State of Michigan Retirement Systems, Lansing, recently made two private placement investments totaling $3 million, confirmed Barry Stevens, chief investment officer.
The retirement system invested $2 million in GenVec Inc. and $1 million in Sneaker Stadium Inc., said Mr. Stevens. The money to fund the investments came from cash.
H2L2 Architects/Planners, Philadelphia, has hired Putnam Investments to provide record keeping, investment management, administration, communication and education for its $350,000 401(k) plan. Massachusetts Mutual Life was the previous provider.
