THE West Virginia Investment Management Board, Charleston, probably will start reviewing its investment advisers at its next board meeting in June, said David Gardener, chairman of the West Virginia Trust Fund Inc., which was merged out of existence last week. The board, a new entity, will manage all $5.4 billion in state funds, including about $3.5 billion in pension assets.
The trust fund has four investment advisers: Western Asset, Investment Advisers, Lincoln Capital and Fischer, Francis, Trees and Watts. The West Virginia State Board of Investments, the other organization merged into the new board, uses Brinson Partners, Banc One and Huntington Bank.
Teamsters Local 142, Gary, Ind., is considering adding an S&P 500 index portfolio with a tilt to growth stocks within the next calendar year, said Jay Smith, fund manager.
The $215 million defined benefit fund might add another manager to its current small-cap manager, three balanced managers and real estate manager. It will likely be on the agenda at the trustees' June 5 meeting.
Also, the union has added a $7.5 million Health & Welfare Fund to be managed by First Chicago NBD, which is custodian and money manager for the pension fund.
The Walgreen Co. profit-sharing plan, Deerfield, Ill., is searching for a new administrative and recordkeeping system, said Nancy Godfrey, trustee.
The $1.2 billion plan's system is now handled in-house. She said the plan will consider using an outside firm, but prefers to keep administration and recordkeeping functions in-house. The company hopes to make a decision in the next six months.
City of Ocala, Fla., dropped two managers from its $6 million 457 deferred compensation plan, retaining ICMA Retirement as the sole manager, said Glen L. Baker, the city's finance director. The plan dropped Aetna and Great American Reserve. ICMA offered better reporting information and educational material and fewer restrictions on moving funds. ICMA also will be record keeper.