Convergent Capital Management purchased a majority interest in Bufka & Rodgers, which has $1 billion under management, said H. Tom Griffith, Convergent president. Terms were not disclosed.
Bufka & Rodgers manages both high-net-wor th and tax-exempt assets. Convergent, an investment management umbrella firm now with $1.5 billion under management, used a combination of cash and notes for the purchase.
The Philadelphia Municipal Pension Fund terminated P.G. Cor bin & Co., a minority firm that managed a $59 million long-term bond portfolio, and will spread the money among its intermediate and long-term bond managers, said Joseph J. Herkness, executive director.
The $2.82 billion fund aims to keep 11.18% of total assets in intermediate and long-term domestic bonds but had 10.4% before the termination.
Remaining domestic bond managers are Nicholas-Applegate, Miller Anderson & Sherrerd, Smith Graham and Western Asset M anagement.
Lynn Mander, a senior vice president at Corbin, declined to discuss the reason for the termination..
SEARCHES & HIRINGS
Retirement Board of Allegheny County, Pittsburgh, will search for an active large-cap value stock manager, said Cheryl A. Bateman, executive director. The $520 million fund plans to issue RFPs in early March. The new manager will be assigned $35 million. The source of the funding hasn't been specified.
Kalson & Associates is assisting.
Ann Arbor ( Mich.) City Employees' Retirement System hired two large-cap growth equity managers.
Montag and Caldwell will manage $35 million and GLOBALT, $10 million. First Chicago NBD, a core equity manager, was terminated because the fund wanted to diversify into growth, value and passive approaches, said Robb Hubbs, retirement administrator of the $300 million pension fund.
Officials now plan to look at domestic fixed income and might review the asset allocation, he added. Callan Associates will assist.
Mallinckrodt Inc., St. Louis, added 12 investment options and hired a new record keeper for its restructured $232 million 401(k) plan.
The options are State Street Global's international equity index fund; PBHG's growth equity fund; Fidelity's small-cap equity fund; IDS' mid- to large-cap growth fund; American Express Trust Equity Index Fund II; Dodge & Cox's large-cap equity fund; State Street's bond fund; a stable valu e option from funds offered by MetLife, TransAmerica and American Express; and American Express Trust Money Market Fund II. Also offered are three lifestyle funds. A company stock fund will remain.
American Express will be record k eeper, providing daily valuation and education. Previously, the fund had two investment options from Vanguard and a blended bond fund from MetLife and TransAmerica. Watson Wyatt was the record keeper. Callan Associates assisted.
The Public School Teachers' Pension and Retirement Fund of Chicago committed $65.6 million to its real estate portfolio in an effort to reach its 5% target allocation.
Trustees placed the money with three funds in which it already in vests. The board added $10 million to RREEF America REIT, $50 million to J.P. Morgan's Real Estate Fund and $5.6 million to CIGNA's Open-End Real Estate Account R. Mercer assisted.
The $7.1 billion pension fund has to invest $61.4 million more to meet its target.
New Haven (Conn.) Employees Retirement Fund hired Morgan Stanley as a core international manager. The firm will manage $11 million, which is slated to come from cash reserves and cash raised by bala nced managers Oppenheimer Capital and INVESCO, said Gwendolyn Bell, pension administrator. She said the board for the $111 million fund liked Morgan Stanley's performance, and the firm already is a manager for the city's police and fire fund.
Watson Wyatt assisted.
Stephen J. Meyer was promoted to treasurer of Baxter International Inc., Deerfield, Ill., where he previously was vice president of international finance and operations. In his new position, Mr. Meyer will oversee Baxter's $2 billion in retirement benefit assets.
Mr. Meyer replaces Lawrence Damron, who retired in November, said Deborah Spak, a spokeswoman.
She said Mr. Meyer's replacement is Dennis Owczarski, who was corp orate treasurer for Caremark International Inc., Northbrook, Ill.