The Canadian Forces Non-Public Fund Employees Pension Fund could hire its first specialty managers and increase its allocation to equities, said Gerry Haman, CFO, Canadian Forces Personnel Support Agency, Ottawa.
He suggested the fund, with C$50 million (U.S. $37 million) in assets, could hire up to three specialty managers for Canadian and international investments.
The fund also is considering increasing its allocation to Canadian equities, now 37% of total assets. The allocation could be boosted to 50%; assets would come from Canadian fixed income, now 38% of the fund.
A decision on both issues could be made in April. Altamira Management is the fund's sole manager.
Mercer is assisting in the studies.
Wal-Mart Stores Inc., Bentonville, Ark., plans to introduce a 401(k) plan by midyear to its estimated 670,000 domestic employees, and has retained Merrill Lynch Group Employee Services as bundled service provider.
A Wal-Mart spokeswoman said a diverse menu of investment options will be offered, but the number and type have not been determined.
The current $2 billion Wal-Mart Profit Sharing Plan will be maintained as a separate plan. Wal-Mart doesn't have a defined benefit plan and is one of the largest employers without a 401(k) plan.
Merrill Lynch will provide administration, record keeping, trust, education and communications, and probably most investment options.
Price Waterhouse Group assisted in the search for a bundled service provider.
SEARCHES & HIRINGS
The California Endowment, Woodland Hills, Calif., hired Boston Partners to handle a $98 million allocation to domestic small-cap stocks. The assets came from cash, said Jon Van Scoyk, finance manager of the $1 billion fund. Asset Strategy Consulting assisted. No other searches are planned.
The Lincolnshire County Council Pension Fund, Newland, England, hired Schroder Investment Management to manage a £26 million ($42 million) Japanese equity portfolio, said Melvyn Harrison, chief financial officer. The fund has £510 million ($826 million) in assets.
Schroder replaces Daiwa International Capital Management (U.K.). which had managed the portfolio for six years. Mr. Harrison said Daiwa had met its performance targets and that the manager had been on the short list for the mandate, but a new set of the trustees selected Schroder instead.
Wayne County Retirement System, Detroit, selected Smith Barney Futures to run $10 million in managed futures for the $1 billion system, said Joseph Magda, executive secretary. Smith Barney will act as a manager of managers in a separate account.
Separately, Ronald Yee was promoted to executive secretary to replace Mr. Magda, who retires today. Mr. Yee had been assistant executive secretary.
Mason Tenders District Council Trust Fund, New York, hired State Street Global Advisors as a passive domestic equity manager.
The $200 million fund will put $10 million in State Street's Flagship Fund. Trustees decided to try passive management and moved the $10 million from gains in real estate sales, said John Virga, funds director. Independent Fiduciary Services assisted.
Laborers Local No. 210, Buffalo, N.Y., hired Marco Consulting Group as consultant to replace J.P. Jeannert Associates Inc., said Frank Falzone, administrator. Jeannert had a conflict of interest because it serves as a money manager for the $103 million pension fund as well as a consultant, Mr. Falzone said.
Marco's first job will be to do an asset allocation study. Jeannert will continue to manage an unidentified amount in a hedge fund for the pension fund. The search was done in-house.
Separately, Mr. Falzone will be leaving the fund in early February. An interim administrator has yet to be named.
Frank Russell Trust added a second small-cap stock fund - FRTC Small Cap Fund - to its stable of institutional commingled funds. The managers are: Fiduciary Trust Co. International, for growth; Barclays Global, for value; and Westpeak Investment Advisors, for a mix of the two. New managers could be added as the fund's assets grow.
The Navajo Nation, Window Rock, Ariz., named finalists in its search for a new consultant. Callan Associates, William Mercer Consulting and R.V. Kuhns & Associates will be interviewed in February. A decision is expected then, said Martin E. Ashley, accounting manager.
The consultant will monitor manager performance and determine asset allocation for the general, endowment and retirement funds. SEI had been the consultant and was included in the RFP process, he said