Reynolds Metals Co., Richmond, Va., hired Courtland Partners as real estate investment adviser for its $1.7 billion pension fund. Courtland will oversee the fund's real estate managers, which handle 5.1% of the fund, said Richard C. Turochy, director of pension and savings investments. The firm was hired to assist the pension fund in choosing real estate investments, he added. The search was done in-house.
Bell Communications Research, Morristown, N.J., hired Hewitt Associates as the consultant for its $1.3 billion pension fund. Hewitt will be conducting an asset-liability study for the fund. There is no definite timetable for completion of the study, but it could be done as soon as the third quarter, said Brian Flynn, assistant treasurer.
The Taunton (Mass.) Contributory Retirement System, with $65 million in assets, hired Fleet Investment Advisors to manage about $4 million in small-cap equities, said Paul J. Slivinski, executive secretary. Fleet replaced the Apodaca Investment Group, previously known as Apodaca-Johnston Capital Management, which lost CIO Scott C. Johnston last year.
Ames Travel Service, Cincinnati, chose Fifth Third Investment Advisors as bundled provider to start a SARSEP plan for its 25 employees. Fifth Third will provide investment options from its Fountain Square Funds family and client services including administration and education. The search was done in-house.