SEARCHES & HIRINGS
The Fairfax County 457 plan, Fairfax, Va., will issue RFPs in June or July for bundled and unbundled service providers for the $100 million plan. No timetable for responses to the county purchasing & supply division was established. Officials expect to make a decision by the end of the summer. A fund spokeswoman declined to name the current service providers. The fund is conducting the search to determine what kind of services are available, she said.
Los Angeles City Employees' Retirement System identified six candidates in its search for a master custodian - Bankers Trust, Bank of New York, State Street Bank, Chase Manhattan, Mellon Trust and incumbent Northern Trust. A selection is expected in June. The contract is expected to run for three years. The $5.8 billion fund's general consultant, Asset Strategy Consulting, is assisting.
Wolverine World Wide Inc., Rockford, Mich., reallocated 20% of the assets in its $100 million pension fund, said Stephen Gulis, executive vice president and CFO. Hired were Cohen, Klingenstein & Marks for an $8 million in large-cap growth stocks and Bennett Lawrence Management for an $8 million midcap growth portfolio. Assets came from a $20 million reduction in a large-cap equity portfolio managed by Freiss & Associates. The remainder of the reallocation went to existing managers. PaineWebber assisted.
Syntex USA Inc., Palo Alto, Calif., hired Morgan Stanley to run a non-U.S. equity fund for its $250 million 401(k) plan, said Susan Griswold, director-strategic financial planning and trust investments. Syntex also dropped a Fidelity balanced fund and added Fidelity Puritan fund.
Seattle City Employees' Retirement System committed $5 million to the Multi-Employer Property Trust, confirmed Roger Howeiler, executive director of the $1.1 billion fund. Funding will come from cash.