SEARCHES & HIRINGS
Vermont's three state public funds chose three separate consultants.
The $776 million State Teachers Retirement System decided to retain incumbent Callan, the $701 million State Employees' Retirement Board hired Wilshire Associates and the $101 million Vermont Municipal Employees' Retirement System selected Hewitt. Each consultant will be hired for two-year contracts starting July 1.
State Treasurer Jim Douglas said each candidate was asked to provide estimates for separate and total contracts.
Oxford Health Plans Inc., Norwalk, Conn., hired Putnam Institutional Management as the bundled provider for its 401(k) plan. The firm replaces Principal Group, which did record keeping and provided 12 options for the $20 million plan. Plan administration was done in-house. Putnam will provide seven options in addition to a company stock option.
Texas Firefighters' Pension Commission, Austin, hired Cohen, Klingenstein & Marks as its first large-cap growth manager. Initially, the firm will receive $4 million that will be funded from a restructuring of existing managers and maturity of a $1 million GIC. The search was completed internally.
The investment committee is also expected to start searching for an international manager to handle 10% of the fund after its next meeting in mid-July, said Helen Campbell, administrator for the $24 million fund. The search should be finished in September.
More restructuring is expected due to the recent approval of the prudent person rule. Trustees also decided to retain John Vann Co. as consultant.
Hyde Park Cooperative Society, Chicago, added the Ariel Appreciation Fund to its 401(k) plan, increasing the total options to nine. Richard Fisk, general manager would not disclose the size of the plan. Pension Solutions assisted.