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January 23, 1996 12:00 AM

Board members of the University of Iowa Foundation, Iowa City, are...

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    Board members of the University of Iowa Foundation, Iowa City, are discussing the addition of an international equity manager to bring diversity to international investments, said Larry Bruse, treasurer.

    The board of the $398 million foundation will hear a presentation from an international manager ``known to be a contrarian'' at its Feb. 10 meeting, Mr. Bruse said. He would not identify the manager. Assets for an additional manager possibly would come from domestic equity managers and its current international stock manager, Warburg Pincus. Warburg manages about 12% of the foundation's assets and the board has been pleased with the firm's performance, he said.Cambridge Associates is assisting.

    SEARCHES & HIRINGS

    The Milwaukee County Employees' Retirement System is in the midst of a consultant search. RFPs will be accepted through Jan. 31, said Jac Amerell, director for the $1.4 billion fund. The fund has been very happy with its current consultant, Mercer, but the three-year contract is almost up and officials thought it was time for a review, he said. Mercer will be one of the candidates, he said.

    The Assemblies of God Ministers Benefit Association, Springfield, Mo., is searching for two fixed-income managers, said Clyde Hawkins, administrator of treasury, who oversees its $340 million pension fund.

    The fund expects to select managers from proposals already submitted and make a decision in the next two months. Each manager would be assigned $10 million to run in longer-term domestic fixed income. Assets will come from cash flow. Merrill Lynch is assisting.

    Milwaukee Employes' Retirement System board members selected the incumbent domestic custodian, Northern Trust, to act as global custodian, said Pat Cronin, financial manager for the $2.8 billion city fund. Northern was selected over Mellon Trust and Chase Manhattan.

    The switch to a global mandate anticipates a possible move into active international equity management, although that would not happen until after educational meetings for trustees in February and March, he said.

    The Oklahoma Public Employees' Retirement System, Oklahoma City, hired two emerging markets equity managers in its first allocation to the asset class. Capital International and Genesis Asset Management will manage portfolios of $35 million each. Steve Edmonds, executive director of the $3.4 billion fund, said funding is from a reshuffling of assets. Strategic Investment Solutions assisted.

    Diebold Inc., Canton, Ohio, hired six new managers and a new trustee and record keeper as a result of a yearlong restructuring of its defined benefit plan. Fund officials decided to boost equities and add international equities and domestic small-cap stock to the $230 million plan's asset mix as part of its ``corporate culture that fosters change,'' said Timothy McDannold, director of treasury services.

    Hired were: Ark Asset Management and MacKay-Shields Financial for domestic equities; Strong Capital Management and Loomis Sayles for domestic fixed-income; and Capital Guardian Trust and Bank of Ireland Asset Management for international equities. Each will split evenly their mandates as detailed by the fund's new asset mix: 50% domestic stock, 20% international equities, 30% fixed income. All of Diebold's previous managers were terminated. Mr. McDannold would not disclose their names.

    Mellon Trust will replace Key Trust as master trustee and record keeper. Mellon was a better fit for the growing fund, he said. Mercer and Paine Webber Consulting assisted.

    Iron Workers Pension Plan of Western Pennsylvania, Pittsburgh, hired two new domestic value equity managers.

    Oppenheimer Capital and Delaware Management will split a $20 million equity portfolio that had been managed by Systematic Financial. Systematic was terminated because of performance, said Boe Gillespie, administrator of the $130 million fund. Systematic officials would not comment on the termination. Prudential Securities assisted.

    Barberton Community Foundation, Barberton, Ohio, hired six managers and a trustee for its $75 million in assets.

    Hired were: Oak Associates for large-cap growth; Fox Asset for large-cap value; Dean Investment for mid- and small-cap value; Scott & Stringfellow for mid- and small-cap growth; Gelfand Partners for fixed income; and Templeton for international investments.

    The foundation allocated $8 million to each large-cap manager, $10 million each to mid- and small-cap managers, and $25 million to bonds. Templeton will manage about $10 million; it has yet to be decided if the assets will be run in a mutual fund or a separate account.

    All hirings are dependent on contract negotiations, said John Shannon of Legacy Strategic Asset Management, who assisted the asset allocation study. National City Bank of Cleveland was hired as trustee.

    The board also is continuing its search for an executive director

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