New York Common Retirement System, Albany, selected Oppenheimer Capital to manage a midcap value equity portfolio, said state Comptroller H. Carl McCall, sole trustee of the fund. Oppenheimer is expected to get $200 million, if negotiations are completed. The fund also put an additional $100 million in Capital Guardian's core EAFE strategy, Mr. McCall said. The firm already manages $640 million for the $78 billion system. Assets for both will come from cash.
Pennsylvania State Employes' Retirement System, Harrisburg, is putting up to $136 million with three alternative investment managers. Trustees of the $18 billion fund allocated up to $75 million to Blackstone Capital Partners III for large, privately negotiated transactions; up to $36 million to the Schroder Ventures European Fund for European company partnerships and early stage investments; and up to $25 million to Media/Communications Partners Fund III for media and telecommunications investments.
The allocations will be funded from cash, subject to completion of contract negotiations. Cambridge Associates assisted.
Tracor Inc., Austin, Texas, hired GMG/Seneca Management and RCM Capital to handle $15 million each in small-cap equities and committed another $15 million to Hicks, Muse, Tate & Furst's buy-out fund.
GMG/Seneca and RCM will replace Target Investors and Monetta Financial Services, which were terminated because of poor performance, an official of the $370 million fund said. Other assets also came from a reallocation. Holbein Associates assisted.
Bob Zuccaro, president of Target, said the firm has underperformed for the past couple of years. Officials at Monetta were not available for comment.
Aegon Nederlands NV, The Hague, outsourced global bond and emerging market equities portfolios to PanAgora Asset Management, said Edgar Koning, senior vice president and head of fixed income and equities. Mr. Koning wouldn't give the size of the portfolios. Aegon's total insurance assets are 65 billion guilders ($33.3 billion).
He said Aegon officials are interested in PanAgora's structured investment approaches. Aegon uses more traditional techniques with equities, although it employs a structured approach with bonds. The Dutch insurer internally manages more than 99% of its assets.
Duke University, Durham, N.C., is adding Frank Russell to the list of six mutual fund vendors offering funds to participants in its 403(b) plan. The five new LifePath manager-of-managers lifestyle funds will be added as soon as they become available, said Coleman Trask, executive vice president. With the addition, participants will have a choice of more than 100 funds.