SEARCHES & HIRINGS
New York State Common Retirement Fund, Albany, is searching for a small- to midcap equities manager and a large-cap enhanced index manager. Sizes of the portfolios have not yet been determined.
The $82 billion fund also added $100 milion to a core EAFE portfolio managed by Capital Guardian, bringing the portfolio to $631.9 million. Assets came from cash flow. The fund reduced to $400 million from about $820 million its allocation to a portfolio run by Miller, Anderson & Sherrerd and restructured the portfolio, moving into a combination of Miller, Anderson's value and growth equity products from a core equity product. The fund also committed $175 million to TPG Partners II, a leveraged buy-out fund formed by Texas Pacific Group and an additional $2.3 million to Adirondack Communications II, a special situations fund. Assets came from cash flow.
California Public Employees' Retirement System, Sacramento, picked Hamilton Lane Advisors, Kleinwort Benson (USA), Sovereign Financial and Pacific Corporate as finalists in its search for an alternative investment consultant. Interviews are expected in mid-May. The $110 billion fund's incumbents are Pacific Corporate for alternative investments and private equity and Hamilton Lane for alternative emerging investments.
Carpenters' Pension Fund of Illinois, Geneva, hired two active and one passive equity manager. Putnam Institutional Management received $40 million for core growth equities, and Capital Technology got $35 million for small-cap equities. Northern Trust will run $90 million in a core equity index fund. Assets came from a reallocation of the $730 million fund's assets. No managers were terminated, said David Bodley, administrator.
Arkansas Teacher Retirement System, Little Rock, hired ARM Capital Advisors and Loomis Sayles to run core fixed-income portfolios of $200 million each. Bill Shirron, executive director of the $5.2 billion fund, said assets will be from cash reserves held by equity managers. Holbein & Associates assisted.
Sisters of Providence, Seattle, hired Essex Asset Management to run $110 million in equities for its $900 million pension fund. Essex will manage $85 million in large-cap growth and $25 million in small-cap growth. Assets came from Columbus Circle, which managed $140 million in large-cap equities. The firm was terminated following an asset allocation study. SEI assisted.
MDU Resources Group Inc., Bismarck, N.D., hired four managers for its $120 million 401(k) fund. It added the Baron Asset Fund, a small-cap equity fund, the American Funds' Euro-Pacific Growth Fund and the Vanguard total bond market fund to replace a Dreyfus bond fund and a Dodge and Cox balanced fund to replace a Fidelity balanced fund