SEARCHES & HIRINGS
Minneapolis Employees' Retirement Fund is searching for a REIT manager and is considering hiring a consultant, its first in more than two years. Trustees of the $1.2 billion fund decided to go ahead with the REIT manager search after also considering direct real estate investments, said Farouki Majeed, investment officer. It hopes to complete the search by July and could allocate $15 million to the new manager. Mr. Majeed said the board hasn't set a timetable, but could make a decision on hiring a consultant by July.
Vulcan Materials, Birmingham Ala., hired two U.S. equity managers to replace Chicago Corp., which managed $61 million for both the defined contribution and defined benefit plans in growth stocks.
State Street Research and Management will run $11 million in a Russell 1000 Growth index fund for the $225 million defined contribution plan. For the $335 million defined benefit plan, J.P. Morgan will run $25 million in an enhanced S&P 500 fund and Trinity Investment, an existing value equity manager, will handle $25 million in an S&P 500 fund. Trinity also runs $75 million in value equity for both plans.
Chicago Corp. was terminated over long-term performance concerns and a shift in the defined benefit plan's investment style, said Wayne Houston, director of compensation and benefits. Chicago Corp. officials declined to comment. Wilshire assisted.