SEARCHES & HIRINGS
San Jose (Calif.) Retirement System is preparing to search for a small-cap manager to handle $50 million of the $800 million fund. It's likely the fund's consultant, Mercer, will use its manager database to choose managers. The search is expected to be completed in the next couple of months, said Ed Overton, retirement administrator. Funding will come from Apodaca-Johnston and Investment Advisers, which were terminated.
The fund also hired Julius Baer to replace PCM in managing $40 million in international bonds, and Bank of Ireland to replace Putnam in running $50 million in non-U.S. equity. Both Putnam and PCM were dropped more than a year ago, Mr. Overton said. Callan assisted in the selection of Julius Baer, and Prudential assisted with hiring Bank of Ireland.
Consolidated Freightways, Menlo Park, Calif., hired Strategic Investment Solutions to do an asset allocation review of its $210 million defined benefit pension plan. The study is expected to be finished before July, said Linda Lester, cash manager. No manager changes are expected, though it is still to early to say, she said.
Minnesota State Board of Investment, St. Paul, committed $40 million to the Contrarian Capital Fund II, a distressed debt fund offered by Contrarian Capital Management, said Howard Bicker, executive director of the $25.8 billion pension fund. The commitment will be funded from cash.
University of Tulsa's $500 million endowment hired AMR Investment Services and Neuberger & Berman to replace Valu-Trac in international equities. AMR will manage $11 million in international equity, and Neuberger & Berman will handle $4 million in an emerging markets stocks for the Tulsa, Okla., fund.
Trustees weren't happy with Valu-Trac's performance, said Warren Henshaw, director of endowments and investments. Valu-Trac officials were not available for comment. Corporate Consulting Group assisted.
Alameda-Contra Costa Transit District, Oakland, Calif., retained Callan as its consultant after conducting a search. Callan will continue to review the fund's assets and managers. No asset allocation study has been scheduled, since an extensive one was done last year, said Sheila Levin, acting administrator for the $168 million fund