Owens-Corning Fiberglas Corp., Toledo, Ohio, hired Fidelity as bundled provider for its $390 million savings and profit-sharing 401(k) plan. Fidelity will provide investment management, daily valuation, record keeping and participant education. The plan will have 12 investment options, including eight Fidelity funds. Watson Wyatt was the previous record keeper. The company is retaining its previous options: company stock; a balanced fund managed by Dodge & Cox; Wanger Asset Management's Acorn Fund, an equity fund; and the Templeton Foreign Fund.
Louisiana School Employees Retirement System, Baton Rouge, hired ANB Investment Management as its first passive equity manager. Patrick Cosper, executive director of the $1.2 billion system, said ANB will manage a $150 million S&P 500 portfolio. Assets will come from a terminated active equity manager that Mr. Cosper declined to identify. Other finalists for the account were Mellon Capital and Northern Trust.
Wake Forest University, Winston-Salem, N.C., will commit a $25 million piece of its endowment to the Tiger Hedge Fund by the end of the year, said Louis Morrell, vice president for investments and treasurer. The $640 million fund will place $10 million with the fund initially. Assets could come from existing U.S. equity managers, but nothing has been determined. The search was conducted in-house.
Manhattan & Bronx Surface Transit Operating Authority Pension Plan, Brooklyn, hired Montag & Caldwell for its $400 million pension fund, said Anthony M. Patten, deputy director-payroll and pension services and secretary. It will run a $35 million large-cap growth equities portfolio. Assets came from cash flow. Callan assisted.
Worcester Retirement System, Worcester, Mass., hired Loomis Sayles for its $233 million pension fund, said James A. DelSignore, city auditor and trustee. Loomis Sayles will run a small-cap growth stock portfolio. It will be assigned $8 million. Assets will come from maturing GICs and a reallocation. Dahab Associates assisted.