SEARCHES & HIRINGS
Allegheny County Retirement Board, Pittsburgh, narrowed its search for a large-cap manager for its $537 million pension fund, said Cheryl A. Bateman, executive director. The finalists are Sasco Capital, Brinson Partners and Legg Mason Capital. The new manager will be assigned $35 million. The board could make a decsion next month. Assets will come from a reallocation. Kalson & Associates is assisting.
Virginia Retirement System, Richmond, selected three equity managers.
Genesis Asset Management and Schroders will receive $200 million each to invest in emerging markets, and Capital Guardian gets $200 million to invest in small-cap non-U.S. stocks. Some of the money will come from State Street Global, the system's only passive international adviser, which now has $1.8 billion, said Pamela Thomas, director of international investments. The rest will come from U.S. reallocations. Officials of the $24.7 billion system have not decided what to cut back.
The Bakery & Confectionery Union & Industry International Pension Fund, Kensington, Md., hired Systematic Financial Management for a $200 million large-cap value assignment and gave Alliance Capital Management another $150 million for large-cap growth, said Robert Bergin, executive director for the $4 billion fund. Alliance now manages $430 million for the fund in large-cap growth. Mr. Bergin declined to say who managed the assets, but said a firm had been terminated. Marco Consulting assisted.
The Minnesota State Board of Investment, St. Paul, replaced two managers for its deferred compensation plan.
The Maxim Balanced Portfolio, run by INVESCO, replaces Fidelity's Growth & Income option. Howard Bicker, executive director of the $25.8 billion fund, said Fidelity was replaced for performance reasons. A Fidelity spokesman said that negotiations with Great West Life & Annuity Insurance, Minnesota's 457 plan administrator, were continuing and that the termination was not yet final. A change in the management of the fund was made in January 1996, and performance has improved, said Camille Lepre, a Fideilty spokeswoman.
The Maxim Corporate Bond Portfolio, managed by Loomis Sayles, replaces Voyageur's U.S. Government Securities option because the company's retail mutual fund business was sold to Lincoln National