Children's Health Care, Minneapolis, put in place two derivatives strategies as part of a move to hire five managers for $95 million in corporate cash and its $16 million foundation fund, which are managed in a similar fashion, said Susan R. Slocum, director of treasury.
The Clifton Group will develop and manage the derivatives overlay strategies, which protect $31 million in domestic equity exposure. Also, Clifton was assigned $8 million to run in a synthetic index fund.
The company also hired First Asset Management to run $24 million in large-cap value domestic equities; Oechsle International Advisors to run nearly $6 million in international equities; Wilke/Thompson Capital Management to run almost $6 million in domestic small-cap stocks; and ARM Capital Advisors to manage $40 million in domestic bonds.
Children's Health Care was formed in October from the merger of several health care organizations.
Ingersoll-Rand Co., Woodcliff Lake, N.J., placed $40 million in a synthetic GIC with Putnam Investments, said an Ingersoll spokeswoman.
Synthetic contracts represent 20% to 25% of Ingersoll's approximately $565 million savings plan.
