SEARCHES & HIRINGS
Oklahoma Police Pension & Retirement System, Oklahoma City, hired Asset Consulting Group as its new consultant, replacing M.C. Robertson & Associates. Robert Wallace, executive director of the $875 million fund, said M.C. Robertson is being replaced as of May. Mr. Wallace said once Asset Consulting has familiarized itself with the system's operations, searches will be conducted for domestic fixed-income and midcap equity managers.
Washington State Investment Board, Olympia, committed to three new partnerships. The $37 billion fund placed $50 million with RSTW Partners L.P. III, $100 million with WCAS Capital Partners L.P. III and $100 million with JER Real Estate Partners L.P. RSTW and WCAS are mezzanine partnerships; JER invests in distressed real estate debt. Assets will come from cash. Brinson Partners assisted with the alternative partnerships and Pension Consulting Alliance assisted with the real estate.
Portland General Corp., Portland, Ore., hired Numeric Investors as a small-cap equity manager for its 401(k) plan. Numeric will manage $15 million in a new microcap allocation in the small-cap equity option with three existing managers, said Mahendra Shah, principal analyst for the $320 million plan. Separately, plan officials terminated W.H. Reaves, which managed $28 million in equity, and Hoisington, which handled $5 million in fixed-income. Their assets were reallocated among existing managers.
Collins Associates assisted.
Rhode Island State Investment Commission, Providence, committed $10 million to Texas Pacific Group Partners II L.P. for the $4.7 billion State Employees' Retirement System.
The additional commitment is part of the plan's $255 million target allocation to alternative investments, said Steve Klamkin, spokesman. A total of $115 million has been placed in alternative investments so far with more commitments expected later in the year. Assets will come from existing managers. Pacific Corporation Group assisted.
St. Joseph's Hospital and Medical Center, Paterson, N.J., hired Bank of New York to manage a balanced account for its general operating fund. Assets for the portfolio will come from cash. Samuel J. Sacco, controller, would not disclose the size of the fund or the portion the bank will be managing