Chicago Municipal Employees Annuity and Benefit Fund is considering adding managed futures to its asset mix. The $4.2 billion fund will begin by asking four managed futures firms to make presentations. Three firms the fund will be looking at are RXR, Dean Witter and Prudential, said James Stack, executive director.
``It's not something we're going to do tomorrow, but we definitely want to take a look at it,'' he added. Becker, Burke Associates is assisting.
United Asset Management reached agreement to acquire Pacific Financial Research, a manager with $4.2 billion in equity and balanced portfolios. All of PFR's 25 staffers and its five principals will remain with the firm. Terms of the transaction, which is expected to close in May, were not disclosed.
RogersCasey realigned some of its businesses and lost its fourth consultant to Morgan Stanley Asset Management.
INVESTWORKS, RogersCasey's computerized manager search product, will become a separate affiliate of BARRA, RogersCasey's parent, said Todd Doersch, president and chief executive of RogersCasey Sponsor Services. RogersCasey's alternatives group has been moved into Symphony Asset Management, BARRA's investment management subsidiary. RogersCasey will search for researchers and consultants in alternatives as a result.
Meanwhile, Tim Barron, a managing director, will join Morgan Stanley as a vice president in the public fund marketing group. His duties will be reassigned, Mr. Doersch said.
RogersCasey and BARRA also will unveil a new planwide risk assessment service at its annual plan sponsor meeting this weekend.
American Express Institutional Services for the first time will make its institutional retirement investment products available to outside 401(k) service providers such as banks, insurance companies, consultants and third-party administrators.
Robert Richey, senior vice president of investments, said about 35 American Express/IDS mutual funds and collective funds will be available.
SEARCHES & HIRINGS
The Falmouth (Mass.) Retirement System is accepting RFIs for a balanced portfolio manager.
The entire $35 million fund now is managed by Bear Stearns in a 60/40 equity-bond portfolio. Bear Stearns is expected to be part of the bidding process. RFIs are due April 14. Hannah Group is assisting.
Reed, Smith, Shaw & McClay, Pittsburgh, added the Warburg Pincus Emerging Growth Fund and the PBHG Growth Fund to expand its $110 million defined contribution plan to 11 options, said Susan Weber, employee benefits manager.
Fund officials terminated Miller Anderson & Sherrerd and Wood Struthers & Winthrop in a move to daily valuation.
Those funds were replaced by existing manager Dreyfus Investment Advisors, which also replaced Mercer as record keeper. The Dreyfus Funds added were: Certus Stable Value Fund, Bond Market Index Fund, S&P 500 Stock Index Fund, Lifestyle Growth & Income Fund, Lifestyle Growth Fund and Lifestyle Income Fund.
Quaker State Corp., Irving, Texas, hired Fidelity as a bundled provider for its $35 million defined contribution plan. Fidelity will provide eight options: Fidelity Select Money Market Portfolio, Fidelity Investment Grade Bond Fund, Fidelity Growth and Income Fund, The Puritan Fund, Contrafund, Low Price Stock Fund, Magellan Fund and Diversified International Fund.
Fidelity replaces Mercer as record keeper and PNC Bank as trustee and fund manager.
The search was completed in-house.
The Oregon State Treasury selected State Street Bank as the new global custodian for the $24 billion Oregon Public Employes' Retirement System, Salem.
Oregon previously used three custodians: Bank of New York for short term and fixed income; Wells Fargo for U.S. equities, and Morgan Stanley for non-U.S. equities. State Street also will do securities lending.
Research Corp., Tucson, Ariz., hired John A. Levin & Co. as a balanced manager for its $86.7 million endowment fund. Levin will handle $12.5 million. Capital Guardian, previously the sole manager, runs the rest of the portfolio in mutual funds, said Linda Tansik, controller.
The search was conducted in-house.
Frank J. Aten, formerly assistant chief fixed income officer, leads a group of fixed-income managers from Boatmen's Trust who left the firm to start their own shop, Rockwood Capital Management.
Portfolio managers D. Andrew Holgruieve, Paul D. Rapponotti, Dan Lane, Scott Leiberton, Andy Brown and David Brooks will join Mr. Aten. Mr. Aten was not available for comment.
Boatmen's offiicials were unavailable. Rockwood will manage U.S. bonds