Adventist Health System
WINTER PARK, Fla. - Adventist Health System hired three managers for its $33 million regional medical malpractice plan.
Wells Fargo will run $13.7 million in U.S. fixed-income; Oppenheimer, $9 million in U.S. large-cap equities; and Putnam, $4.8 million in international equity.
Prudential Securities assisted.
Arkansas Teacher Retirement
LITTLE ROCK, Ark. - The $5 billion Arkansas Teacher Retirement System hired Hyperion Capital Management for a $100 million mortgage-backed securities portfolio, said G. Wayne Greathouse, associate director-investments. Assets will come from cash held by equity managers.
Baltimore City Retirement
BALTIMORE - The $2.6 billion Baltimore City Retirement Systems hired Loomis Sayles to manage $320 million in fixed income, said Harry Deitchman, chairman.
Loomis will manage $200 million in immunized assets and $120 million in intermediate fixed income. Loomis replaces Lincoln Capital, which was terminated.
Evaluation Associates assisted.
California State Teachers
SACRAMENTO, Calif. - The California State Teachers' Retirement System selected Pathway Capital as its new alternative investment adviser, replacing Abbott Capital, said James Mosman, CEO of the $68.5 billion fund. Pension Consulting Alliance assisted.
Chattanooga Fire & Police
CHATTANOOGA, Tenn. - The $143 million Chattanooga Fire & Police Pension Funds hired two real estate managers for its first move to REITs, said Marty Cowley, pension fund administrator.
LongLeaf Partners, a REIT run by Southeastern Asset Management, and ABKB LaSalle get $7.5 million each. Gerber Taylor Associates assisted.
Chicago Hospital Risk Pooling
CHICAGO - Chicago Hospital Risk Pooling Program hired Putnam as its first equity manager. The $200 million liability fund used Bank of America for fixed income before awarding Putnam $16 million for core U.S. equity. SEI Consulting assisted.
The program also retained SEI as a full-time consultant.
PHILADELPHIA - The Church Foundation hired its first external managers. T. Rowe Price and Barrow Hanley Mewhinney & Strauss will split the $100 million foundation's 60%allocation to equities, and Miller Anderson & Sherrerd will handle the remaining 40%in fixed income.
CHICAGO - Crain Communications Inc. added two investment options to its defined contribution profit-sharing plan with $52 million in assets. As of April 1, employees will be able to direct retirement dollars into the Franklin Small Cap Growth Fund and the Templeton Foreign Fund. The company currently offers five investment options. Crain publishes Pensions & Investments.
Fan Fox & Leslie R. Samuels
NEW YORK - The Fan Fox & Leslie R. Samuels Foundation hired GEM Capital Management to manage a $5 million high-yield bond portfolio. The hire is the $175 million fund's first move into the area.
STAMFORD, Conn. - GTE added five individual investment choices to its $4 billion 401(k) savings plan as well as an aggressive growth strategy fund to its four strategy funds. The new individual choices are the MAS Fixed Income Fund, Morgan Stanley Institutional Equity Growth Fund, Templeton Institutional Foreign Equity Fund, Templeton Institutional Emerging Markets Fund and Warburg Pincus Emerging Growth Fund. The aggressive growth strategy fund is composed of 85%core domestic, international and aggressive U.S. equity funds and 15%aggressive international equity funds.
Jessie Smith Noyes
NEW YORK - The Jessie Smith Noyes Foundation Inc. hired the Walden Brandywine Investment Trust for a socially screened international equity portfolio, its first move to international, said Stephen Viederman, president of the $65 million foundation.
Lathers Local 68
PLEASANTON, Calif. - Lathers Local 68 hired McMorgan & Co. to run its entire $19 million in assets in a balanced portfolio, said James McMullan, administrator.
The firm replaces Wright Investors' Service, which was terminated because of performance, he said. Officials at Wright did not return phone calls.
Nashville and Davidson County
NASHVILLE - Nashville and Davidson County Metro Employees Benefit Fund hired Furman Selz, George D. Bjurman and Associates and Insight Capital and Research to manage an increased equity mandate. Each firm will get $8 million for small-cap growth from the $971 million fund, said Christi Pierce, accountant. The hire comes after an asset allocation study. PaineWebber assisted.
Methodist Health Systems
MEMPHIS, Tenn. - Methodist Health Systems hired two managers and two mutual funds for its $132 million pension fund, said Larry D. Spratlin, assistant treasurer. Sector Capital Management will run $9.7 million in equities and INVESCO, $5.6 million in REITs. Templeton Foreign and Harbor International Growth mutual funds received $2.8 million each. Assets came from cash flow and a reallocation. Gerber Taylor Associates assisted.
Nevada Industrial Insurance
CARSON CITY, Nev. - The $1.2 billion Nevada State Industrial Insurance System hired five equity managers in a move to passive management. Vanguard, Bankers Trust, State Street Global Advisors and Fidelity will handle $24 million each in S&P 500 index portfolios. T. Rowe Price received about $8 million in an overflow S&P 500 index portfolio that will be funded with the "overflow" from other equity portfolios.
The new managers replace Independence Investment Associates, which managed a little more than $100 million in core U.S. equity. The firm had fairly good performance, said J.R. Clark, director of investment and accounting but was not beating its index. Officials at Independence did not return calls. Mercer assisted.
New Mexico Educational
SANTA FE, N.M. - The New Mexico Educational Retirement Board with $4.6 billion in defined benefit assets, hired Bankers Trust as its first small-cap equity manager. The firm will run $200 million in a Russell 2000 index fund. Assets will come from cash.
NEWTON, Mass. - Newton-Wellesley Hospital hired Putnam to run $20 million in core domestic growth equities for its endowment.
Putnam replaces another firm that Stephen DeVeau, director of general accounting would not identify. The endowment has $35.5 million in assets, according to Nelson's Directory of Plan Sponsors. New England Pension Consultants assisted.
BOSTON - Northeastern University added three hedge funds to its $305 million endowment fund.
Davidson Kempner, Standard Pacific and West Highland each will manage $3.5 million to $5Continued on page 39Continued from page 38
million, said Joseph D. Murphy, assistant treasurer. Funding for which came from bond manager Standish, Ayer & Wood, which continues to run $90 million.
Cambridge Associates assisted.
NEW YORK - The $195 million fund of the Office & Professsional Employees, Local 153 hired Glickenhaus & Co. to run $15 million in large-cap value equity. Glickenhaus replaces Werthiem Schroder Investment Services, which was terminated. Callan assisted.
Otter Tail Power
FERGUS FALLS, Minn. - Otter Tail Power Co. hired J.P. Morgan as domestic fixed-income manager for its $122 million defined benefit plan.
The firm will handle a $46 million portfolio, replacing Investment Advisers. Fund officials decided to change after Investment Advisers portfolio manager Mark Simenstead left the firm, said Bruce Clark, manager-compensation and employee benefits. Mercer Consulting assisted.
NORWALK, Conn. - Perkin-Elmer Corp. hired BEA Associates as a domestic fixed-income manager for its $700 million defined benefit plan.
BEA will replace Ark Asset Management. Ark, which managed $58 million, was terminated due to poor performance, said Jim Maher, senior manager support services. Ark officials would not comment on the termination.
BEA initially will manage $7.5 million; that will increase depending on the market, Mr. Maher said. The remainder was given to existing bond manager Mellon Equity Associates. New England Pension Consultants assisted.
San Francisco City & County
SAN FRANCISCO - San Francisco City & County Employees' Retirement System board approved investing an additional $15 million for a total of $30 million in First Reserve Fund II, an oil and gas fund. The allocation will come from cash.
Oregon State University
CORVALLIS, Ore. - The $140 million Oregon State University Foundation hired Rowe-Price Fleming International as its first international equity manager. The $15 million will come from cash.
PHILADELPHIA - The $2.83 billion Philadelphia Municipal Pension Fund hired two new alternative investment managers: Texas Pacific Group Partners II to manage $15 million, and Fairview Capital II to manage $10 million. The investments are being financed with cash, said Joseph J. Herkness, executive director.
San Francisco City & County
SAN FRANCISCO - San Francisco City & County Employees' Retirement System board approved a maximum $50 million investment in TPG Partners II, a value-oriented alternative investment fund that invests in transactions such as restructurings. The allocation from the $8 billion fund will come from cash. Cambridge Associates assisted.
University of St. Thomas,
ST. PAUL, Minn. - The University of St. Thomas, with $170 million in endowment and miscellaneous assets, hired Ark Asset Management to manage $15 million in large-cap value equities, said Carol Peterfeso, assistant treasurer. Assets came from a reallocation among managers and the termination last year of Sanford Bernstein.
RENO, Nev. - University & Community College System of Nevada hired Cadence Capital to run $10.2 million in midcap growth stocks for its $174 million endowment fund. Cambridge assisted.
University of North Carolina
CHAPEL HILL, N.C. - University of North Carolina at Chapel Hill hired Smith Capital to manage $15 million in equities for its $550 million endowment fund.
Funding comes from Lynch & Mayer, whose $50 million large-cap portfolio was eliminated.
Lynch & Mayer continues to run about $50 million in midcap equities for the endowment.