SEARCHES & HIRINGS
IMO Industries, Princeton, N.J., hired SEI Asset Management as a manager of managers for its $175 million defined benefit fund. SEI was chosen to succeed Frank Russell Trust because of SEI's proximity to the company's headquarters; the change was not performance related, said Mike Derr, treasurer. The fund will use 25 managers and roughly the same 60/40 global equity-global bond mix with the addition of high-yield investments.
Flint (Mich.) Employees' Retirement System hired Investment Advisers Inc. to manage up to $50 million in international equity. Assets will come from all existing managers, none of which will be terminated, said David Ready, board chairman of the $750 million fund. Callan Associates assisted.
Validity Corp., Encinitas, Calif., hired Diversified Investment Advisors as bundled provider for its $3.5 million 401(k) plan. Up to 10 Diversified fund options will be used, replacing existing options from Vanguard and MassMutual and a GIC from Lincoln Benefit Insurance. Frazier Co. had been third-party administrator and record keeper.
Fund officials wanted a full-service company and believe the move will increase employee participation, said Sharon Donahoo, vice president, administration and human resources. Consultant Robert F. Driver Co. Inc. assisted.
Winterthur Life UK Ltd. hired Lloyds Bank Securities Services as custodian for £510 million ($831 million) in U.K. securities, said Robert Mason, investment administration manager for the Basingstoke, England, insurer. The account is for a £470 million portfolio of mixed U.K. bonds, plus £40 million from high-net-worth personal pension plans.
The assets previously had been with Barclays Global Securities Services, but Winterthur officials decided to shift custodians when the Barclays unit was sold to Morgan Stanley. Mr. Mason said another £100 million in U.K. securities might be shifted to Lloyds over time.
Machinists' Money Purchase Pension Plan, Fort Lee, N.J., selected Amivest Capital Management to manage its $4.5 million annuity fund, confirmed Lucille Hart, fund administrator. The money will be managed in a balanced fund. The fund formerly was managed by Amalgamated Bank, which will remain as the plan's custodian, said Ms. Hart.
Phoenix Home Life Mutual Insurance Co. added four portfolios from Templeton Asset Management to its variable annuity program. The four portfolios are: The Templeton Asset Allocation Series (global); the Templeton Stock Series (global); the Templeton International Series and the Templeton Developing Markets Series. The first three portfolios will be managed in the United States. The Developing Markets portfolio will be managed by Mark Mobius in Singapore and Hong Kong.
Templeton is the third outside manager added to the stable of products available in Phoenix's various variable annuity programs. Sixteen investment management options are now offered.
Key Asset Management added its first outside mutual funds to the KeyChoice lifestyle fund-of-funds program: Loomis Sayles Bond Fund, a long-term, midgrade bond fund; Neuberger & Berman Genesis Fund, a small-cap equity value fund; and PBHG Growth Fund, a midcap equity growth fund.
Director Christopher Dyer said the addition of strategies from outside managers fills some gaps in internal capabilities and adds exposure to more investment styles