SEARCHES & HIRINGS
Oklahoma Police Pension & Retirement System, Oklahoma City, will soon release an RFP for a U.S. fixed-income manager to run $100 million, said Bob Wallace, executive director of the $968 million fund. The fund hopes to hire the manager by Oct. 1. Meanwhile, RFPs are due June 30 in the search for a midcap growth manager to handle about $50 million, he said.
Mr. Wallace said the midcap contract had been with Investment Advisers, which was terminated after recent staff departures. Funding for the bond portfolio comes from Boatmen's Trust, terminated after it was purchased by NationsBank.
The system also hired Boston Partners to manage about $30 million in small-cap stocks. Boston Partners replaces David L. Babson Co., whose contract expired.
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.
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.
Triple S Insurance, San Juan, Puerto Rico, hired Putnam Investments to manage $15 million to $20 million of its $225 million pool of health insurance assets, said Luis Garcia, investment director. Putnam beat two finalists, BlackRock and Loomis Sayles.
Putnam is the first outside manager for the company, and executives may consider another, perhaps in mortgage-backed securities, in about a year, Mr. Garcia said. Triple S is affiliated with Blue Cross & Blue Shield, and has $60 million in property and casualty investment assets and $25 million in life insurance investment assets.