Arkansas Teacher Retirement System, Little Rock, hired ARM Capital Advisors and Loomis Sayles to manage 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 as the fund trims equity exposure slightly. Other finalists were Washington Square Advisors and Peregrine. 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 Investors, which ran $140 million in large-cap equities. The firm was terminated following an asset allocation study, said Thomas McDonagh, assistant director of retirement plans and trust services. SEI assisted.
New York State Common Retirement Fund, Albany, added $100 million to a core EAFE portfolio run 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 the firm's value and growth equity products from a core equities.
The $82 billion 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.
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.
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, and the American Funds' Euro-Pacific Growth Fund. It also added 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. The plan now has seven investment options.
The Earth College endowment fund, San Jose, Costa Rica, hired Putnam Investments and Trusco for U.S. equities. The firms will receive $20 million and $10 million respectively. The $95 million endowment also hired Sovran Capital for a $5 million portfolio of U.S. bonds. Assets for the portfolios came from investments in Costa Rica, mainly in public and private sector bonds.
East Providence (R.I.) Fire & Police Retirement System hired Putnam Institutional Management to run $14 million in core growth equity. Putnam replaces Dietche & Field Advisers at the $62 million fund. Evaluation Associates assisted