HIRINGS
Hampton Roads Shipping Association-International Longshoremen's Association, Norfolk, Va., hired three managers to run a total of $124 million for its $450 million pension fund, a fund official confirmed.
The fund hired the Edgar Lomax Co. to run a balanced portfolio. Hughes Capital Management, a fixed-income firm, will be a subadviser to Lomax, which is an equity manager. Legg Mason Capital Management and Woodford Gayed Management were hired for U.S. equities, the fund official confirmed. Assets come from WR Lazard and TPK Asset Management, both of which were terminated because of performance. Representatives from the firms were unavailable for comment.
Oklahoma Police Pension & Retirement System, Oklahoma City, with $968 million in assets, hired Boston Partners Asset Management to manage about $30 million in small-cap stocks. Boston Partners replaces David L. Babson Co., whose contract expired, said Bob Wallace, the fund's executive director.
Port Authority of Allegheny County, Pittsburgh, hired INVESCO for the first move to REITs for its $620 million fund, said James Shearer, program manager. INVESCO will be assigned $15.5 million for a REIT portfolio. With the move, the fund reaches its 5% target for real estate. Assets will come from a reallocation. Yanni-Bilkey Investment Consulting assisted.
