The Port Authority of Houston pension fund, with about $60 million in assets, shifted to a multimanager approach, hiring seven money managers and a custodian. Equity managers hired were Davis Hamilton, $4.2 million; Oppenheimer Capital, $6 million; Furman Selz, $9 million; Templeton, $6 million; and Calamos, $6 million. New fixed-income managers Smith, Graham and Trevor Stewart Burton & Jacobsen each will run $14.4 million. River Oaks Trust was hired as trustee and custodian. A spokeswoman for the Port Authority said the assets had been managed by a single provider before the changes, but declined to name the firm.
Smith Barney assisted with the changes