SEARCHES & HIRINGS
Tucson Supplemental Retirement System hired Hewitt Associates as a consultant to perform an asset-liability study and subsequent manager searches. The study will begin in mid-September, said Mike Parisi, treasury administrator. He expects Hewitt to finish the review by the end of the year. Any manager searches will be done at the beginning of 1998.
Public School Teachers' Pension & Retirement Fund of Chicago gave $30 million each to two real estate managers. Allegis Realty will run a separate account and SSR Realty will run the money in its MetLife Tower Fund. Assets come from cash. The board also heard presentations from REIT managers CRA Real Estate and Morgan Stanley. An allocation to REITs will be discussed at the June meeting, as will venture capital.
The board terminated Schroder Capital Management for a $133 million non-U.S. equity portfolio because of lagging performance. Schroder officials did not return calls. Schroder will continue to run $34.5 million in emerging market stocks. Schroder's international assets will go to Scudder, Stevens and Morgan Stanley. Part of the money also will fund a 5% increase in emerging markets, split between Scudder and Schroder.
Ash Grove Cement Co., Overland Park, Kan., hired Investment Advisers Inc. to run a non-U.S. equity portfolio for its $100 million pension fund, said Robert Sunderland, member of the pension committee. IAI will be assigned 5% of the total fund. Assets came from an in-house portfolio.
Vanguard Group is adding managers to its $2.2 billion small-cap, manager-of-managers fund, the Vanguard Explorer Fund. Effective Aug. 1, Chartwell Investment Partners and Vanguard's internal money management department will join Wellington Management and Granahan Management. Wellington and Granahan will continue to run 60% to 70% of the assets.