SEARCHES & HIRINGS
The $725 million United Food & Commercial Workers Unions and Employers Midwest Pension Fund, Chicago, is searching for its first small-cap equity manager, said Dan Ryan, administrator.
The fund, which is reviewing submissions and not seeking any more proposals, expects to allocate $30 million to the area. It hopes to make a decision in March. Marco Consulting Group is assisting.
The 23 trillion ($207 billion) Pension Welfare Service Corp., Tokyo, hired three investment advisers to manage an undisclosed amount of the public fund's assets: Goldman Sachs, Morgan Stanley and the investment management arm of the Industrial Bank of Japan.
Kunio Mizuta, the fund's general manager, said Goldman Sachs was tapped to manage Japanese and global equities, while Morgan Stanley and IBJ were hired to manage global equity accounts. The fund also is in ``active negotiations with other investment advisers,'' Mr. Mizuta said. He wouldn't identify the firms.