Albany International
ALBANY, N.Y. - Albany International Corp. hired Wachovia as trustee and custodian for its $83 million defined benefit plan, said Ervin Johnson, vice president and treasurer. It replaces First Chicago NBD, which is leaving the business.
Amlease Corp.
CHARLOTTE, N.C. - Amlease Corp. hired NYL Benefit Services to provide investment management through outside funds, record keeping, administration and employee education and communications for its $2 million 401(k) plan. The change is effective Jan. 1. NYL replaces General American Insurance.
American Skandia Life
SHELTON, Conn. - American Skandia Life Assurance Co. selected Founders Asset Management to run a $105 million global small-cap fund for its variable annuity. The portfolio formerly was run by Seligman Henderson. The change si subject to approval of fund shareholders.
A statement issued by Rodney Smith, chief executive officer of Seligman Henderson, and Wade A. Dokken, executive vice president of American Skandia, said Seligman Henderson resigned the account because it wants to be the sole distributor of its products.
Austin Police
AUSTIN, Texas - The $150 million Austin Police Retirement Fund hired IAI International for a new venture capital allocation. IAI will manage $4 million in addition to the $4 million it runs in macro-cap equities for the fund.
Bank of Sweden Tercentenary
STOCKHOLM, Sweden - Bank of Sweden Tercentenary Foundation hired Singer & Friedlander International Asset Management for the $702 million foundation's first U.K. small-cap equity mandate. The manager will run $7.8 million, said Lars-Eric Klangby, director of finance at the Bank of Sweden.
Funding came from internally managed portfolios.
Bayer Corp.
PITTSBURGH - Bayer Corp.'s $1.6 billion defined benefit fund committed $15 million to Oaktree Capital Management's OCM Principal Opportunity Fund and $25 million to $30 million to DDJ Capital Management, said Roger W. Heins, director-treasury and trust services. Both invest largely in private equity. Funding will come from cash flow and reallocations.
Wilshire Associates assisted.
Bucyrus-Erie Co.
SOUTH MILWAUKEE, Wis. - Bucyrus-Erie Co.'s $38 million 401(k) plan hired Vanguard to provide fully bundled services, including eight investment options, record keeping and education, said John F. Bosbous, assistant treasurer.
The move replaced investment options run by Fidelity and Bank One. Also, it replaced Wyatt as record keeper and Bank One as trustee.
The plan dropped two of its three investment options: the Fidelity Asset Manager balanced fund; and an equity fund that was a 50-50 blend of the Fidelity Contrafund and the Bank One disciplined value fund.
The plan will keep its in-house run GIC fund until the contracts mature, then move to a Vanguard-run GIC fund. In addition, Vanguard will provide seven other investment options.
The plan will move to daily valuation and switching from quarterly.
Allbright & Hart Financial Advisors assisted in the change.
Carson Pirie Scott
MILWAUKEE - Carson Pirie Scott & Co. hired American Funds to manage an active international equity investment option for its $48 million 401(k) plan, said Colleen M. Golonski, vice president-compensation and benefits.
Chicago Park Employees
CHICAGO - The $475 million Chicago Park Employees' Annuity & Benefit Fund, hired Ennis, Knupp & Associates as its full-time retainer consultant, said Joseph Fratto, executive director. Previously, Ennis, Knupp performed asset allocation and manager search work on a project basis, while Standard Valuations performed performance measurement.
Clemson University
CLEMSON, S.C. - The $90 million Clemson University Foundation endowment hired Putnam investments to manage $30 million in growth equities, and Ark Asset Management to manage $30 million in value equities, said Dorothy Burchfield, treasurer. Putnam replaces Coen & Densmore, and Ark replaces Newbold's Asset Management.
Callan Associates assisted.
Daughters of Charity
ST. LOUIS - The Daughters of Charity National Health System hired five managers for its $1.5 billion capital depreciation fund, said Mark Amiri, director-treasury services. For domestic small-cap stocks, it added Duncan-Hurst Capital Management, Mississippi Valley Advisors and Target Investors.
For international equity, it added Brinson Partners and Templeton.
The system will fund them initially with $90 million in total and intends to raise their assignments over two years. Funding will come from cash flow and intermediate fixed income that was being temporarily invested.
Delta Dental Plan
PARSIPPANY, N.J. - Delta Dental Plan of New Jersey, which has $65 million in corporate funds, hired Bank of New York to invest $30 million in intermediate bonds. MacKay-Shields had managed the entire portfolio.
Janus Capital
DENVER - Janus Capital hired State Street Bank as custodian for seven new private securities investment trusts for institutions with $1 million to $10 million to invest. The trusts are similar to commingled funds, but are not restricted to ERISA funds.
Los Angeles County
PASADENA, Calif. - The $19.7 billion Los Angeles County Employees' Retirement Association allocated $25 million to the $1.75 billion DLJ Merchant Banking Partners II buy-out fund. DLJ and its employees are committing $600 million to the fund; limited partners are committing $1.15 billion. The $19.7 billion LACERA fund has 3% of its assets committed to alternative investments.
Masco Corp.
TAYLOR, Mich. - The combined 401(k) plans of Masco Corp./Mascotech Inc. and Trimas Corp. totaling $300 million, added nine investment choices, said benefits administrator James Yoder. The new funds are Fidelity's Equity Index, Low Priced and Equity Income Fund II; Founders Growth; Warburg-Pincus Emerging Growth and International Equity; INVESCO Dynamics and Select Income; and Templeton Developing Markets fund. PaineWebber assisted.
The new funds are offered through Fidelity, Masco's bundled service provider. The 401(k) plans now offer 15 investment options.
Montgomery County
ROCKVILLE, Md. - The $2.1 billiob Montgomery County Employees' Retirement System terminated Mitchell Hutchins and parked the $50 million in a core equity portfolio with Systematic Financial Management, until it searches for a replacement early next year, said Patrick Bell, senior investment officer.
Newton Retirement
NEWTON, Mass. - The $142 million Newton Retirement System hired IAI International to run $10 million in growth stocks, and Putnam Investments to invest $10 million in U.S. midcap equity, said Kelly Byrne, director. The fund used the $20 million it took from Phoenix Investment Counsel, terminated last fall.
City of New Orleans
NEW ORLEANS - City of New Orleans Employees' Retirement System hired State Street Global to manage a $10 million non-U.S. equity portfolio, said Jerry Davis, chairman of the board for the $265 million fund. Funding will be from cash flow. Other finalists were Brinson Partners, Capital Guardian Trust and Scudder, Stevens.
Ohio School Employees'
COLUMBUS, Ohio - The $5.2 billion Ohio School Employees' Retirement System hired Oechsle International Advisors and Sanford C. Bernstein for broad international portfolios of $100 million each, said Paul Kubinsky, director of investments.
A $500 million passively managed commingled EAFE fund managed by State Street Global Advisors was reduced to fund the new managers.
Oklahoma Public Employees'
OKLAHOMA CITY - The $3 billion Oklahoma Public Employees' Retirement System rehired Hoisington Investment Management to manage a $200 million fixed-income portfolio using interest rate anticipation.
PACE Suburban Bus Division
DES PLAINES, Ill. - PACE Suburban Bus Division of the Regional Transportation Authority expanded the investment options and hired a new service provider for six union 401(k) plans, totaling $16 million.
LaSalle Bank had been the investment manager, record keeper and trustee. Chicago Trust now provides most of the investment options, plus daily valued record keeping, trust administration and an automated voice-response system, said Bernard Miller, the fund administrator.
The options for four of the plans are: a synthetic GIC fund and a growth and income fund managed by Chicago Trust; Vanguard S&P 500 index fund; and a balanced fund managed by Montag & Caldwell, a subsidiary of Chicago Trust. A fifth plan will offer the same options, plus aggressive growth and international stock funds from Chicago Trust. The sixth plan's options are the synthetic GIC and asset allocation funds from Chicago Trust; Vanguard S&P fund; Twentieth Century Ultra; and Montag & Caldwell's Growth and International Stock funds.
Provident Mutual
PHILADELPHIA - Provident Mutual Pension Services hired two managers to subadvise its new All Pro Diversified Bond Fund. Firstar Investment Research & Management will manage 70% of the fund in treasury and corporate securities. Atlantic Portfolio Analytics Management will run 30% of the fund in mortgage-backed securities.
San Francisco City & County
SAN FRANCISCO - Trustees of the $7.5 billion San Francisco City & County Employees' Retirement System committed an initial $100 million to Paradigm Asset Management, pending contract negotiations, said Carl Wilberg, portfolio manager of equities. The firm will manage a large-cap value enhanced style portfolio. Funding will come from an internally run U.S. index fund.
Virginia Retirement System
RICHMOND, Va. - The $22 billion Virginia Retirement System is making two new investments in venture capital - up to $50 million in Boston Ventures V and up to $70 million in Vestar Capital Partners III.
The Boston Ventures fund will invest in media, communications and entertainment companies. The Vestar fund will invest in leveraged buy-outs, corporate divestitures and growth companies.
Worcester Retirement
WORCESTER, Mass. - Worcester Retirement System hired New England Growth for $2 million in venture capital, said James A. DelSignore, city auditor and trustee of the $210 million fund. Funding will come largely from an expiring venture capital fund run by the same firm.
