Civic Employees Superannuation
REGINA, Saskatchewan - The Civic Employees Superannuation and Benefit Plan and the Police Superannuation and Benefit Plan, hired Connor Clark & Lunn Investment Management, said Gary Tramer, general manager-pensions and benefits for the plans, with combined assets of C$550 million (U.S. $395 million).
The firm will be assigned C$150 million for a balanced portfolio of Canadian stocks and bonds.
Assets will come from Elliot & Page, which also is a balanced manager.
Gainesville City General
GAINESVILLE, Fla. - Gainesville City General Employees Pension Plan and the Consolidated Police & Fire Officers Pension Plan have terminated Mitchell Hutchins as equity manager after the departure of Fred Martin, portfolio manager, and shifted the money to Mr. Martin's new firm, Disciplined Growth Investors, said Alicia Sheppard, Gainesville's treasury manager.
The General Employees plan, with $100 million-plus in assets, had $21.9 million with Mitchell Hutchins; the consolidated plan, with $50.5 million in assets, had $9.5 million.
Greater Miami Jewish Federation
MIAMI - The $45 million Greater Miami Jewish Federation hired Cohen, Klingenstein and Marks for an $8 million large-cap growth stock portfolio, said chief financial officer Stephen Schwartz.
Assets came from a change of managers; Mr. Schwartz did not name the previous manager.
Brian Jones of Consulting Services Group in Memphis was the consultant.
Hampden County Contributory
SPRINGFIELD, Mass. - Hampden County Contributory Retirement System, with $115 million in assets, picked Sirach Capital to manage $30 million in an active core bond portfolio, said Alison Ellsworth, the Segal Advisors consultant who assisted.
When the system launched the search last fall, the system had $20 million in bonds with Wellington and $30 million with Freedom Capital. The assets for Sirach came from Freedom, which continues to manage $45 million in stocks for the system, she said.
SPRINGFIELD, Mo. - The $150 million Mid-America Dairymen pension fund hired PNC to manage a $12 million small-cap equity portfolio, said Les Long, director-pension and personnel services. Assets came from a reallocation.
Morgan Keegan assisted.
GREENWICH, Conn. - Northstar Investment Management hired Brandes Investment Partners to manage a new fund, the International Value Fund. Charles H. Brandes and Jeffrey A. Busby are co-managers of the fund, which will invest in value-oriented international equities.
New York State Teachers
ALBANY, N.Y. - The New York State Teachers' Retirement System committed an additional $25 million to the Prudential Property Investment Separate Account II, according to a record of the board of trustees' April 29 meeting.
The $55 billion fund already had $20 million invested in PRISA II.
Ohio School Employees
COLUMBUS, Ohio - The School Employees Retirement System of Ohio committed to two real estate commingled funds, confirmed Paul Kubinsky, chief investment officer.
The $5.3 billion fund committed $25 million to the Koll/Bren Opportunity Fund IV and $25 million to the Allegis/Aetna Real Estate Separate Account. The commitments will be funded from cash.
Otter Tail Power Co.
FERGUS FALLS, Minn. - Otter Tail Power Co. hired Lazard Freres as a domestic small-cap manager for its $125 million defined benefit plan.
The firm will replace Investment Advisers in running $7 million. Bruce Clark, manager-compensation and employee benefits, would not say why Investment Advisers was terminated. Mercer Consulting assisted.
Petrie Retail Inc.
SECAUCUS, N.J. - Petrie Retail Inc. hired Bank of New York as custodian, trustee and investment manager for a newly combined defined benefit plan. Petrie's and Winkleman Stores' defined benefit plans were consolidated into one plan under Petrie Retail. Assets for the consolidated plan will be managed in a balanced strategy. Evaluation Associates helped in the search. A spokeswoman for Petrie declined to state the size of the plan.
HATBORO, Pa. - Penn-America Group Inc. hired New England Asset Management to manage $100 million of its insurance assets in fixed income. Previously, the assets were managed internally, with the advice from Carl Domino Associates. Domino will continue as a manager of Penn-America's $12 million equity portfolio.
PHILADELPHIA - Philadelphia Municipal Pension Fund selected the Franklin Small Cap Growth Fund I as an aggressive growth option for the city's $180 million 457 plan, and Miller Anderson & Sherrerd's MAS Fixed Income Portfolio for a fixed-income option, said Joseph J. Herkness, executive director.
The fund now has four options.
WEST LAFAYETTE, Ind. - Purdue University hired Warburg Pincus as its fourth international equity manager for its $800 million endowment fund.
The firm was hired to boost exposure to international equities, said James E. Benken, director of investments. He would not reveal the amount of the assignment or source of funding.
The Common Fund, T. Rowe Price and State Street Global Advisors now manage $25 million in international equities for the fund. The search was conducted in-house.
St. Mary's Hospital
KNOXVILLE, Tenn. - St. Mary's Hospital hired American Century as the bundled provider for a new 401(k) plan.
The hospital chose to terminate its $34 million defined benefit plan and 403(b) plan, both of which had been frozen.
The new plan could take up to nine months to establish and will have six to nine options.
SARASOTA, Fla. - Sarasota Firefighters' Pension Plan hired three new managers in a restructuring that prompted the termination of the fund's two existing managers.
The $67 million fund hired Montag & Caldwell for $25 million in a balanced growth fund; STI for $25 million in a balanced value fund; and INVESCO for $17 million in a balanced value fund.
Newbold's was dropped because of personnel changes, and C.J. Lawrence because of performance, said Benita Saldutti, pension manager. Bob Harris, managing director of C.J. Lawrence, said the firm had two bad quarters and had done an excellent job for the fund in the past.
Merrill Lynch assisted.
MENOMONEE FALLS, Wis. - Strong Funds selected Barclays Global Fund Advisors to manage its first passive mutual fund, the Strong Index 500 Fund. Expense ratios are capped at 45 basis points until at least 1999. The minimum investment is $2,500.
Teamsters, Local 734
CHICAGO - Teamsters, Local 734 hired PFA Trust Fund Advisors earlier this month to manage $10 million in U.S. equities and probably will add a small-cap equity manager in the next couple of months to bolster manager diversification, said Erwin Pasch, administrator.
The $130 million Taft-Hartley plan will take $4 million from the fund's sole manager, Killian Asset Management, and the rest from cash. The new small-cap manager also would take a piece of Killian's assets, but trustees don't plan on terminating the firm, said Mr. Pasch. Investment Performance Services will assist.
Teamsters, Local 786
CHICAGO - Teamsters, Local 786 hired Oppenheimer as a balanced manager and Weiss, Peck & Greer as an equity manager for its $150 million pension fund.
Each will manage $12 million. Assets will come from the LaSalle Bank, which had been the fund's sole manager.
Also, the fund is conducting an asset allocation study to be completed by late May. Manager searches are expected to begin after completion of the study, said Jeff Hoff, administrator. Smith Barney is assisting.
Texas A & M University
COLLEGE STATION, Texas - Texas A & M University hired Fund Evaluation Group as consultant to its $2.5 billion endowment fund.
The firm is conducting an asset allocation study, which should be finished within the next couple of months, said Kevin McGinnis, manager of banking and investments. The fund had been without a consultant for the past two years. Fund Evaluation Group will assist Texas A & M in handling the $225 million in endowment assets it directly oversees. The remainder of the $2.5 billion is managed by the state's university system.
CHATTANOOGA, Tenn. - Tri-State Carpenters Pension Trust Fund, with $135 million in assets, hired GLOBALT to manage $12.6 million in equities of U.S. companies that do business overseas. Assets for the hire came from cash. Investment Performance Services assisted in the search.
United Furniture Workers
NASHVILLE, Tenn. - United Furniture Workers hired Putnam Institutional Management to run $20 million in core growth equities for its $100 million fund. Putnam replaces another manager which Willie Rudd, chairman of the fund would not identify. Callan assisted.
DeWitt Wallace-Reader's Digest
NEW YORK - The DeWitt Wallace-Reader's Digest Fund with $946 million, and the $734 million Lila Wallace-Reader's Digest Fund hired three managers, said Rob D. Nagel, chief financial officer and treasurer of both funds.
The funds hired EII Realty Securities for a portfolio of REIT securities; Wellington Trust for an energy fund; and TA Associates Realty for a real estate partnership.
The amount assigned to each was unavailable. Assets came from a reallocation. Cambridge Associates assisted.
WATERTOWN, Mass. - Watertown Contributory Retirement System hired Boston Partners Asset Management as a large-cap manager.
The firm will manage $14 million and replaces Bay Bank. The termination was due to trustee concerns over Bay Bank's acquisition by Bank of Boston, said Joseph O'Reilly at Dahab Associates, the $45 million fund's consultant.
NEW YORK - The Yeshiva University endowment fund, with $500 million in assets, hired Vinik Overseas Fund, said Bernard Pittinsky, director-finance. Vinik will manage a $15 million hedge fund investment. Assets came from cash flow.