SEARCHES & HIRINGS
The $237 million Society of the New York Hospital retirement plan shifted its asset mix, assigning more than 50% of its assets to new managers and entering new asset classes.
The fund's new asset allocation is 50% domestic equities, 13% foreign equities, 2% fixed income, 9% hedge funds and 26% non-traditional investments. Formerly, the fund had 86% in domestic stocks, 10% in hedge funds and 4% intermediate fixed income.
In domestic stocks, Jurika & Voyles was hired to manage $19 million in all-cap stocks; Cohen Klingenstein & Marks, $19 million in large-cap stocks. For international equities, the fund hired Brandes to run $23 million in core and emerging markets, and Genesis to run $8 million in emerging markets.
For non-traditional investments, the fund committed $15 million to AG Arb Partners; $20 million to Davidson Kempner Institutional Partners; $7 million to Keefe Associates; $5 million to Pine Street Partners; $7 million to Purchase Associates; and $7 million to the Merger Fund.
The bulk of the money for the new managers appears to have come from Neuberger & Berman, the fund's existing all-cap manager. Also, one growth stock manager, which had managed half of the fund's equities, was terminated, according to Brian Hunter, fund consultant. He would not identify the firm. When asked about the reduction, a spokesman for Neuberger & Berman said, ``That sounds about right.'' Neuberger & Berman will continue to run about $81 million.
The $300 million Nashville Metro Employees' Retirement Fund hired EverGreen Capital Management to manage a $15.5 million domestic equity portfolio, said Wirt McKnight, senior vice president with The Bank of Nashville, which oversees the system's investments.
EverGreen will be funded with money taken from Philadelphia Investment Management Group, which was terminated. Mr. McKnight said PIM Group did a good job, but an evaluation of EverGreen indicated that hiring it would enhance the fund's return.
An official with PIM confirmed it was terminated.
The Boettcher Foundation, Denver, hired Thorsell, Parker Partners to manage a $20 million domestic midcap equity allocation and Ark Investment Management to manage $25 million in large-cap equities. The assets came from cash and from a domestic equity allocation managed by Nelson, Benson & Zellmer, which was terminated for performance reasons, said William Douglas, president of the $170 million fund. No other searches are planned. Consultant Monticello Associates assisted.
State Street Research & Management named C. Troy Shaver Jr. executive vice president and head of mutual fund marketing. The position was held by Gerard Naus, who is also CFO and chief administrative officer at State Street Research. Mr. Shaver, most recently president and CEO of John Hancock Funds, will direct State Street's mutual fund product development, promotion, sales and service.
Ed J. Boudreau Jr., chairman and CEO of John Hancock Funds, will take over Mr. Shaver's duties temporarily while the firm looks for a replacement