AFA Protective Systems
SYOSSEY, N.Y. - AFA Protective Systems Inc., Syosset, N.Y., hired three companies to provide investment management and record keeping for a new 401(k) plan, said Raymond Greenberger, treasurer.
Chase Manhattan will provide three of its Vista funds: fixed income, small-cap equity and balanced. Dreyfus will provide a fixed-income fund and an active general equity fund. Fidelity will provide an aggressive growth fund.
Chase will be the record keeper.
Mr. Greenberger estimates the plan could receive some $400,000 in contributions the first year.
Alaska State Pension
JUNEAU, Alaska - Alaska State Pension Investment Board hired Eileen Byrne Associates as the fund's first real estate consultant.
The firm will assist the $9 billion fund in hiring managers for its $720 million real estate allocation. About $194 million has been placed with managers and it's likely an RFP for another manager could be approved at the board's June 26-27 meeting, said Matt Holbert, real estate investment officer.
Ames Travel Service
CINCINNATI - Ames Travel Service chose Fifth Third Investment Advisors as bundled provider to start a SARSEP plan for its 25 employees. Fifth Third will provide Ames with investment options from its Fountain Square Funds family and client services including administration and education. The search was done in-house.
MORRISTOWN, N.J. - Bell Communications Research 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.
SANTA ANA, Calif. - Carollo Engineers hired American Express Institutional Services as bundled service provider for its $17 million 401(k) plan. American Express will provide investments, daily record keeping, trust and communications for Carollo. Investments include five diversified funds. Assets previously were managed internally, according to Allen C.Todd, partner.
Central Illinois Laborers
JACKSONVILLE, Ill. - Central Illinois Laborers hired Putnam to manage $30 million in midcap domestic equities. Assets will come from new money, said Mark O'Toole, consultant with Marquette Associates, which assisted. The plan has about $600 million in total assets.
AUBURN HILLS, Mich. - Chrysler Corp. added 17 mutual funds to its $3.5 billion defined contribution plan.
Added were Franklin Dynatech, Kemper-Dreman High Return, MFS Research A, Merrill Lynch Growth A, Morgan Stanley Gold, MAS Mid-Cap Growth, Morgan Stanley Real Estate, Oppenheimer Growth A, PBHG Emerging Growth, PBHG Growth, Putnam Vista, Putnam Voyager, Putnam Asset Allocation Funds (conservative, balanced, growth), Templeton Developing Markets and 20th Century Value. The plan now has 40 funds.
PALO ALTO, Calif. - CNF Transportation hired Strategic Investment Solutions as a retainer consultant for its defined benefit plan. SIS will perform an asset allocation study, said Martin Eng, director of global treasury operations. The study could be finished in a couple of months, said Barry Dennis, the consultant assigned to $300 million plan.
Diocese of Rockville Centre
ROCKVILLE CENTRE, N.Y. - The Roman Catholic Diocese of Rockville Centre hired Putnam Institutional Management to run $25 million in core growth equities for its operating fund. Putnam was hired to diversify the fund's equity portfolio, said Maureen Scaduto, investment manager. She would not disclose the size of the fund. Putnam's mandate is coming from a reallocation of assets.
Buck Consultants assisted.
Golden American Life
DES MOINES, Iowa - The Golden American Life & Annuity Co. hired two equity managers for its variable annuity products. Putnam Investments will manage an $85 million global growth portfolio and $55 million of emerging markets stocks; Pilgrim Baxter will handle a midcap U.S. growth portfolio of undetermined size. Golden American handles about $1.8 billion of variable annuities.
Assets came from termination of three unnamed managers that handled the asset classes for the annuity products, said Paul Schlaack, president and CEO of Equitable Investment Sevices. His company and Golden American are subsidiaries of the Equitable of Iowa.
TOLEDO, Ohio - Libby-Owens-Ford Co. added the Scudder Growth and Income Fund to its $310 million defined contribution plan. The Scudder fund will replace the INVESCO Industrial Income Fund, which was dropped because of underperformance, said Jeff Bowman, treasurer. INVESCO officials did not return calls seeking comment.
Hewitt Associates assisted.
St. Louis University
ST. LOUIS. - The St. Louis University endowment committed $10 million to the Goldman Sachs Private Equity Fund. The $500 million endowment added the fund-of-funds after deciding to move to a 15%allocation in alternative investments over the next four years, said Jerry Woodham, treasurer. The current allocation is 4% Assets will come from cash and reductions to the fund's five domestic equity managers. The Wellesley Group assisted.
Massachusetts Bay Transit
BOSTON - The Massachusetts Bay Transportation Authority Retirement Fund terminated Towle Associates and Clemente Capital. Both managed non-U.S. equity portfolios of $6 million each. The money was given to existing international managers Seligman Henderson and Morgan Stanley, which each got $6 million, bringing their total from the fund to $32 million each.
The $1.4 billion fund also recently committed an additional $19 million to venture capital and another $17.5 million to real estate. For venture capital, the fund gave Weiss Peck & Greer another $4 million for each of two separate funds, bringing its allocation to $16 million. MBT also gave another $5 million to Investment Advisers, bringing that total to $8 million; New England Growth Fund got $3 million bringing its total to $5 million and Dominion Ventures received another $3 million, lifting its total to $5 million. For real estate, existing managers Equitable Real Estate and TA Realty received additional allocations of $10 million and $7.5 million respectively. Equitable now manages $40 million for the fund, while TA manages a total of $29 million.
KANSAS CITY, Mo. - Mo-Kan Teamsters Pension Fund hired two fixed-income managers and one equity manager.
ARM Capital Advisors will run $25 million in fixed income; ULLICO, through its J for Jobs fund, will run $2 million in fixed income; and Putnam Institutional, $25 million in core growth equities.
They replaced an unidentified manager, said Kim Gillihan, business manager for the $88 million fund. Segal Advisors assisted.
WINDOW ROCK, Ariz. - The Navajo Nation hired R.V. Kuhns & Associates as its consultant, said Martin E. Ashley, accounting manager.
The consultant is scheduled to begin performance evaluations for the nation's general, endowment and retirement funds. The funds have $220 million, according to Nelson's Directory of Plan Sponsors.
SEI had been the consultant and was included in the RFP process, he said.
LINCOLN, Neb. - Nebraska Employees Retirement System hired Ameritas Life Insurance as the single record keeper for its new deferred compensation plan.
Ameritas, already record keeper for its $600 million state employees' and county employees' 401(a) plans, will handle the system's new voluntary deferred compensation plan.
Manager searches are under way; new managers should be in place July 1, said Anna Sullivan, spokesman.
P.H. Glatfelter Co.
SPRING GROVE, Pa. - P.H. Glatfelter Co. hired Bankers Trust as master trustee of its $335 million defined benefit plans, said Bob Wood, secretary and assistant treasurer. Mr. Wood would not say whom Bankers Trust was replacing. Glatfelter also will use Bankers Trust for performance measurement and benefit disbursement services. The search was conducted in-house.
Reynolds Metals Co.
RICHMOND, Va. - Reynolds Metals Co. 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.
Samaritan Health System
PHOENIX, Ariz. - Samaritan Health System added four funds to its $130 million defined contribution plan. Added were: MAS Fixed Income Fund, Vanguard S&P 500 Index Fund, PBHG Emerging Growth Fund and American Fund's EuroPacific Growth Fund. The new funds replace the Janus Fund, Bankers Trust S&P 500 Index Fund, and Dodge & Cox Balanced Fund, said Bernard Brody, system director-compensation and benefits.
Fund officials made the changes after a review of the funds, prompted by Samaritan's merger of its 401(k) plan with the plans of Health Partners of Arizona, Health Partners of Southern Arizona and Laboratory Sciences of Arizona to form one multiemployer plan.
Bankers Trust will continue to provide its Fixed Principal Fund, bringing the number of options to five.
Watson Wyatt assisted.
SARASOTA, Fla. - City of Sarasota Police Officers' Pension Plan hired Mississippi Valley Advisors as a balanced manager for $25 million.
The firm replaced C.J. Lawrence, which was terminated because of performance, said Benita Saldutti, pension manager for the $75 million fund. C.J. Lawrence officials did not return calls. Merrill Lynch assisted.
Sargent & Lundy
CHICAGO - Sargent & Lundy hired Numeric Investors as a small-cap equity manager for its $151 million defined benefit plan.
Numeric will manage $18 million in a small-cap equity fund. Numeric replaced NWQ, which invested in large-cap equities, said
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Alex Cudzewicz, vice president of accounting. The termination was due to the pension fund's overweighting in large-cap equities, he said.
Hewitt Associates assisted.
JUNEAU, Alaska - Sealaska Corp. hired American Century as a bundled provider for its $11.5 million 401(k) plan.
The company recently converted to the 401(k) plan from a cash balance plan; the 401(k) will have eight investment options, said Patrick Duke, senior financial analyst. The cash balance plan had been managed by Vanguard.
Employees will chose from a Treasury bond fund, a money market fund, four equity funds, an international equity fund, and a lifestyle fund. Names of the funds were not available. The search was completed in-house.
CHICAGO - Sentinel Management Group selected Bank of New York as custodian for its $200 million in mostly futures cash under management, spokesman Richard Jones said. Previously, Sentinel used First Chicago NBD, which left the custody business.
State Loan and Investment
CHEYENNE, Wyo. - State Loan and Investment Board formerly the Wyoming State Farm Loan Board, hired Institutional Capital Corp. as its first equity manager.
The firm initially will manage $20 million in large-cap equities. The amount gradually will increase until the mandate reaches $50 million, said Steve Degenfelder, deputy director of the $3.2 billion fund.
The board also is searching for a large-cap growth manager and a commission recapture firm to handle the remaining $50 million to be placed in equity. It's probable more than one large-cap growth manager would be hired, he added. RFPs are due in both searches April 11, with selections being made on May 8. R.V. Kuhns & Associates is assisting.
TAUNTON, Mass. - The Taunton 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 the Apodaca-Johnston Capital Management.