Fulton County Retirement System, Atlanta, retained incumbent Watson Wyatt Investment Consulting for a one-year term as consultant to the $580 million pension fund, a fund official said. New England Pension Consultants and Arthur Andersen were the other finalists chosen from the five-month search. Watson Wyatt may perform an asset allocation study in the first half of the year, pending the outcome of an actuarial review and cash flow analysis.
The Oklahoma Police Pension and Retirement System, Oklahoma City, hired PNC Equity Advisors to manage a small-cap equity growth portfolio. PNC will manage $23.5 million of the fund's $900 million in assets starting Dec. 16, said Robert Wallace, executive director of the fund. The firm was hired based on performance, he said.
Target Investors had managed the portfolio and was terminated because of performance. Bob Zuccaro, president of Target, said the firm had simply found itself out of favor with the pension fund, after five years of top performance compared to other pension funds.
Other finalists in the search were: Alliance Capital Management; First of America Investment; Keystone Investment; Nicholas-Applegate Capital Management; and TCW Group. M.C. Robertson assisted.
