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January 30, 1997 12:00 AM

The Oregon Public Employes' Retirement System will be searching for...

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    The Oregon Public Employes' Retirement System will be searching for three small-cap value managers and one small-cap growth manager after it completes a custody search, said Michael Parker, a spokesman for the Oregon Investment Council, which oversees the $24 billion system. The council also committed $300 million to TPG II, a buy-out fund run by Texas Pacific Group.

    The small-cap searches will result from a planned rebalancing of its active-passive mix; the amount of the assignments has not been determined.

    Negotiations have begun in the hiring of a custodian. He declined to name the candidate.

    The Michigan Bureau of Investments, Lansing, which oversees the state's retirement funds, received approval to put up to 2% of its $34.4 billion in assets into long-only positions in commodities futures contracts, said Barry Stevens, executive director.

    Staff members will consider an allocation to Goldman Sachs Commodity Index futures contracts, but the fund may not actual invest in commodities until after the end of its fiscal year on June 30, Mr. Stevens said.

    Iron Workers, Mid-American Pension Fund, Lansing, Ill., has split its $458 million pension fund into two separate plans.

    The plan had been a hybrid for the past 25 years, but now is officially split into a defined benefit and a defined contribution plan, said Joseph Burke, administrator. The defined benefit plan, Iron Workers Mid-American Pension Fund, will contain $175 million; the defined contribution plan, the Supplemental Monthly Annuity Fund, will have $283 million in assets. Employees will contribute to both plans in different percentages based on which of the 12 local unions they belong to. No new managers are expected to be hired.

    Also, Mellon Trust was chosen to replace Northern Trust as custodian. Mellon will serve both plans. Marco Consulting assisted.

    The Staffordshire County Council Pension Fund, Stafford, England, is seeking bids on £701 million ($1.14 billion) in U.K. and Far Eastern equity mandates, as well as a single global custodian. The contracts are up for review as part of a normal, periodic process, said Trevor Humphreys, financial service manager, special services, for the fund. Managers must respond to a questionnaire by March 10. A short list is expected by early summer. The fund has total assets of £1.1 billion ($1.78 billion).

    Up for bid are U.K. portfolios totaling £590 million run by PDFM, Morgan Grenfell and Newton. He declined to comment on whether fund officials were satisfied with performance.

    Also, a £54 million Japanese equity and £57 million Pacific Basin ex-Japan mandates, both run by INVESCO, are up for review.

    Currently, custody for each portfolio is handled separately, but officials seek to find one custodian for the U.K. and Far Eastern assets.

    Zippo Manufacturing Co., Bradford, Pa., added four Principal Financial Group investment funds to its $10 million 401(k) plan, said CFO Robert R. Jackson. Two balanced funds, a small-cap stock fund and a midcap value equity fund were added. With the additions, the participants now have eight investment portfolio choices run by Principal.

    The Florida State Department of Insurance/Treasury Division, Tallahassee, hired two bond managers for and its $8.5 billion state operating and special purpose fund.

    Hired were Trusco, to run $200 million in a two-year bridge bond portfolio, and Ryan Labs, to run $300 million in an intermediate-term bond index portfolio. Each will start with $100 million. Chase Manhattan assisted.

    Caraustar Industries, Austell, Ga., hired Frank Russell Trust as sole manager of its $25 million pension plan. The plan will be managed in four Russell equity and fixed-income funds. Russell also will provide investment management, asset allocation advice, trustee, custody and performance reporting. The search was done in-house.

    CORRECTIONS: The Rhode Island State Investment Commission named finalists in an emerging markets manager search for the state's $4.6 billion pension fund. Yesterday's P&I Daily incorrectly reported that the search was being conducted for a different Rhode Island retirement plan.

    International Paper began offering employees two new investment choices for its 401(k) plan. The number was incorrectly stated in yesterday's P&I Daily. Also, the new growth fund is offered by Harbor Capital Advisors.

    Peter Murray will become chief executive of the Railways Pension Trustee Co., London, manager of the £11 billion ($17.9 billion) rail industry pension fund, starting May 1. He succeeds David Adams, who is becoming chief executive of the Chartered Institute of Public Finance and Accountancy. Mr. Murray now is national pensions manager for Unilever's U.K. pension fund. No successor has been named

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