SEARCHES & HIRINGS
Massachusetts Pension Reserves Investment Management Board, Boston, will be looking for an active small-cap value manager. Executive Director Greg White said the $18 billion fund's board wants the manager to run $100 million to $200 million. Assets probably will come from Dimensional Fund Advisors, which runs $800 million in passive small-cap stocks. No timetable has been set.
Rohm & Haas Co., Philadelphia, hired J.P. Morgan to run about $100 million or one-third of the $1.1 billion pension fund's bond portfolio. J.P. Morgan will split the portfolio with existing bond managers Jennison and Loomis Sayles. Frank Russell assisted.
Kansas City (Mo.) Employees' Retirement System hired Capital International as its first emerging markets manager. The firm will run 5% of the $460 million fund. DeMarche assisted.
Also, Executive Director Pat Gerrick is leaving to join the New York State Common Fund as director of international investments. Kansas City fund officials hope to have a replacement in June. Mid-America Dairymen Inc. pension fund, Springfield, Mo., hired PNC to run $12 million in small-cap stocks, said Les Long, director-pension and personnel services of the $150 million fund. Morgan Keegan assisted.