SEARCHES & HIRINGS
Northern Illinois Gas, Naperville, Ill., hired Aeltus Investment Management to run $20 million in large-cap growth equities for its defined benefit plan. Doug Ruschau, assistant treasurer, declined to identify source of the funding. The plan has $408 million in assets, according to Nelson's Directory. Callan Associates assisted.
Graco Inc., Minneapolis, invested $10 million of its $80 million defined benefit plan with two large-cap value equity mutual funds. The Davis New York Venture Fund, run by Davis Selected Advisers, and the Washington Mutual Investors Fund, run by Capital Research, got $5 million each.
Officials withdrew from the Gabelli Asset Fund and took $2 million from Fidelity's Aggressive Fund, said Jon Arfstrom, manager treasury services.
The search was conducted in-house.
Genlyte Group, Union, N.J., hired SEI Asset Management as a manager-of-managers for its $39 million defined benefit plan.
SEI will oversee 25 managers for the Genlyte plan, which previously used Eagle Capital, Neuberger & Berman and Bank of America as separate account managers, said Neil Bardach, Genlyte CFO. Only Neuberger & Berman will continue to manage domestic mid- to large-cap equities, though its account was significantly reduced. Specific amounts were not detailed.
Pennsylvania Public School Employes' Retirement System, Harrisburg, committed $75 million to Berwind Property Partners IV, an opportunistic real estate fund, confirmed CIO John Lane. The fund will invest in small deals, he said, some in Pennsylvania. The commitment from the $33 billion fund will come from cash.
Two pension funds made commitments to the Multi-Employer Property Trust. The $122 million New York State United Teachers Employees' Retirement Plan, Albany, committed $2 million, confirmed Thomas Y. Hobart Jr., president. The $124 million International Brotherhood of Electrical Workers Local 212, Cincinnati, also contributed $2 million, said Anthony Carle, benefits administrator. MEPT is an open-end real estate fund that invests in mortgages and makes loans to developers. Both commitments were funded from cash.
