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June 18, 1997 01:00 AM

Montgomery County Employees' Retirement System, Rockville, Md., is...

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    Montgomery County Employees' Retirement System, Rockville, Md., is reviewing the structure of its U.S. equity portfolio, the blend of active vs. passive managers and amounts allocated, said Julie Dellinger, executive director. The $1.3 billion fund's investment committee will discuss the review next month and make recommendations at the board's September meeting.

    The system also will revisit its real estate strategy at the end of the year when Wilshire Associates conducts an asset-liability study that could lead to a review of its asset allocation. The fund also is developing a derivatives policy that it hopes to adopt in September. It then will examine an automatic rebalancing process that might include derivatives.

    Public School Teachers' Pension & Retirement Fund of Chicago will allocate 2% of fund assets to public REITs, boosting the overall allocation to real estate from 5% to 7% of total assets. The board of the $7.3 billion fund approved a recommendation from its consultant, Mercer, to take 1% from large-cap core equity and 1% from core fixed income to fund the allocation. Trustees will discuss hiring REIT managers already interviewed by the fund and Mercer will make additional recommendations at the Aug. 22 meeting.

    Worcester (Mass.) Retirement System may reduce its number of bond managers to three from four, said James A. DelSignore, city auditor and trustee. The $233 million system would keep the same 32% bond allocation.

    The managers are: Putnam, for international; Loomis Sayles, high yield and conservative; State Street Research, mainly Treasuries; Babson, mainly mortgage-backed securities and corporates. A decsion is expected later this summer. Dahab is assisting.

    Ennis Knupp & Associates dropped its 16-year program allowing pension funds to pay for consulting services through soft-dollar brokerage. CEO Richard M. Ennis said the firm ``has some growing concern whether clients are getting best execution through this arrangement.'' Ennis Knupp used Bear Stearns Securities for its program since its inception.

    Mr. Ennis said the program accounted for 10% of its billings. Ennis Knupp will still accept soft-dollar payments from clients for its consulting fees, but only through arrangements made by the pension funds with their brokerage firms; the consultant won't be involved.

    American Century introduced a real estate fund subadvised by RREEF Real Estate Securities Advisers. American Century acquired the assets of RREEF Real Estate Securities Fund, which were $25 million as of June 12, and renamed it the American Century Real Estate Fund. It invests in public REITs.

    CORRECTION: The California Public Employees' Retirement System CEO's salary, with incentive, could rise to $143,000 to $182,000. The new base salary is $110,000 to $140,000, vs. $100,000 to $110,000 previously. Yesterday's P&I Daily reported incorrect data.

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