SEARCHES & HIRINGS
BANKAMERICA, San Francisco, is searching for an international equity manager for its $3.4 billion pension fund. The manager will handle about $120 million and replace an unidentified active international equity manager in the process of being terminated, said Elsie Fletcher, vice president and senior manager pension asset management.
Frank Russell is assisting. A decision is expected at the a June board meeting.
PPG INDUSTRIES Inc., Pittsburgh, will introduce eight new investment options from Fidelity in its $2 billion 401(k) savings plan early next year. PPG will retain its internally administered company stock fund, which contains about 68% of total assets, and will add eight Fidelity mutual funds.
Options being eliminated are a balanced fund from PanAgora; an S&P 500 index fund run by Mellon Capital; and a wrapped stable value income fund jointly run by J.P. Morgan, BlackRock, TCW and Pacific Investment Management. The revised plan also will move to daily valuation from monthly. Hewitt will continue as record keeper.
TIMES MIRROR Co., Los Angeles, hired State Street Global to run a passive S&P 500 index portfolio for its $1 billion fund, said Rajender K. Chandhok, assistant treasurer, pension and investments. He did not disclose the size. The fund simultaneously terminated two unnamed active equity managers, one of U.S. stocks, the other for global equities.
The moves were part of an overall allocation shift that increased total equities - including domestic, international, real estate and alternative investments - to about 70% from about 50%. The bond allocation has dropped to 30% from 50%. A portion of the shift was accomplished through a change in the mandates for multiasset class managers J.P. Morgan and Capital Guardian. Mr. Chandhok declined to elaborate.
ROCKEFELLER BROTHERS Fund, New York, committed to limited partnership funds as a result of rebalancing.
The $390 million fund places $7.5 million in both the Contrarian Capital Management's Distressed Securities Fund and The Invesment Fund for Foundations' TIF Partners One Fund, an alternative investment fund of funds Assets came from cash and a decrease in the foundation's bond allocation to 25% from 35%, said Benjamin Shute Jr., secretary and treasurer. No managers were let go.
Officials may add more alternative investments to get nearer the 10% target allocation, he said. Cambridge Associated Assisted.
LOS ANGELES COUNTY Metropolitan Transit Authority hired Barclays Global as an enhanced core U.S. equity manager for its $675 million pension fund. Barclays will handle about $65 million. The money had been parked in an index portfolio run by Bankers Trust, said Donna Robinson Mills, senior investment manager. Asset Strategies assisted.
UNIVERSITY OF PUGET SOUND Tacoma, Wash., hired Vanguard to manage a $16 million U.S. equity index portfolio for its $128 million endowment. Vanguard joins Becker Co. in replacing The Common Fund, which was dropped as a domestic equity manager about a year ago, said Mike Rothman, vice president for finance and administration.
The Common Fund continue