ALCAN ADMINCO INC.
MONTREAL - Alcan Adminco Inc. hired Sun Life Investment Management to provide an S&P 500 index fund for its C$160 million (U.S. $116 million) employee savings plan, said Hugh Pollock, vice president and manager-pension administration group for the Alcan Aluminum Ltd. unit.
The fund is the seventh investment option for the plan and its first non-Canadian portfolio.
Boehringer Mannheim Corp.
INDIANAPOLIS - Boehringer Mannheim Corp. hired Conseco Capital Management for a balanced account, said David Jack, assistant treasurer. It will manage a $7.7 million balanced portfolio for a deferred compensation plan. Other details were not available.
ST. PAUL, Minn. - The Bush Foundation hired Winslow Capital Management for its $600 million fund, said Connie Thompson, chief financial officer. Winslow will manage $80 million in large-capitalization growth equities. Assets will come from a reallocation.
Cambridge Retirement System
CAMBRIDGE, Mass. - The $270 million Cambridge Retirement System selected two real estate managers, Hancock Timber and W.P. Carey, for commingled closed-end funds, said Alison Ellsworth, the Segal Advisors consultant who assisted. Each firm got $4 million, which came from mature real estate investments and cash, she said.
BOSTON - The Carpenters Combined Benefits Funds of Massachusetts hired Putnam Institutional Management to run $40 million in midcap equities. The $800 million fund terminated Investment Advisers Inc. because of staff turnover, said Jim Meketa of Meketa Investment Group, the fund's consultant.
KANSAS CITY, Mo. - Dryclean USA hired American Century Investments as bundled provider for its $4 million defined contribution plan.
The plan will expand its investment lineup to 10 from five investment funds from American Century, which replaces Cigna as the plan's service provider, said Susan Powell, corporate human resources director.
Fort Howard Corp.
GREEN BAY, Wis. - Fort Howard Corp. transferred $60 million of its 401(k) plan from the Bankers Trust Capital Appreciation Fund to the firm's Russell 1000 large-cap growth index fund.
The investment advisory board originally wanted to hire an active large-cap manager and planned to hire a consultant to conduct a search. Plans were changed following the announcement of Fort Howard's merger with James River Corp., said Vincent Gentile, manager-treasury services. Fort Howard's plan has $800 million in assets and may be merged with James River's $400 million 401(k) plan later.
HAVERFORD, Pa. - Haverford College added two alternative investments for its $191 million endowment fund.
Fund officials committed $7 million to Grantham, Mayo, Van Otterloo for an emerging countries debt mandate and $5 million to the WCAS Capital Partners III private equity fund.
The college is building its alternative investment allocation to 15%of assets from the current 10% said G. Richard Wynn, vice president of finance and administration, treasurer.
The funding for GMO came from a reallocation; the funding for WCAS came from cash flow. Cambridge Associates assisted.
Hyde Park Cooperative
CHICAGO - The Hyde Park Cooperative Society Inc. added the Ariel Appreciation Fund to its 401(k) plan, increasing the total options to nine.
The fund was chosen because of its environmentally friendly investments, said Richard Fisk, general manager. He would not disclose the size of the plan. Pension Solutions assisted.
Mercy Medical Center
BALTIMORE - Mercy Medical Center hired Diversified Investment Advisors as bundled service provider for the center's new 401(k) plan. Mercy is converting its $26 million 403(b) plan to a 401(k) and selected six Diversified mutual funds representing major asset classes as well as three Diversified life cycle funds.
Missouri Public School
JEFFERSON CITY, Mo. - Public School Retirement System of Missouri hired Sovran Capital Management and Wellington Management for core fixed-income portfolios. Each firm will handle $800 million.
Boatmen's Trust, which handled the $1.6 billion account, was dropped because of personnel turnover, said Mark A. Caplinger, chief investment officer of the $12.5 billion fund. Strategic Investment Solutions assisted.
ROCKVILLE, Md. - The $1.3 billion Montgomery County Employees' Retirement System picked State Street Global to manage $15 million in an emerging markets fund, said Julie Dellinger, executive director. The money, which will be deployed in an active/passive strategy through which State Street picks the countries and then passively invests the money in those countries, is coming from an international equity account managed by Chancellor LGT, she said. Chancellor's account is now around $50 million.
Nebraska Public Power
COLUMBUS, Neb. - Nebraska Public Power District hired American Express to provide bundled services for its defined contribution plan.
The company will meet with the firm later this week to discuss specific options for the $270 million plan. TPK Asset Management, First Bank Duluth, Smith Barney, IDS Advisory Group, Murray Johnstone and Morley Capital Management were investment managers for the plan previously.
The switch will allow employees to choose how to invest their money instead of the employer-directed approach, said Bill Podraza, vice president for human resources and external affairs. Asset Consulting Group assisted.
New York Common
ALBANY, N.Y. - The $88 billion New York State Common Retirement Fund made several hirings and commitments. The fund hired J.P. Morgan Investment Management for a $250 million research-enhanced domestic equities indexed portfolio; assets came from cash. The pension fund also transferred $100 million to the Barclays Global Investors Russell 2000 Alpha Tilts Fund B from the BGI Low Cap Fund; $2 billion remains in the low-cap fund.
In alternative investments, the fund committed $25 million to the TCW/Latin America Private Equity Partners L.P., which will primarily invest in middle market companies in Argentina, Brazil and Mexico, and $50 million to the Behrman Capital II L.P., which will invest in later-stage domestic companies with perceived technology risk. Assets will come from cash.
Oakland County Road
BEVERLY HILLS, Mich. - The $110 million Road Commission for Oakland County Retirement System hired Merrill Lynch Consulting and Advisory Services/The Brice Group as consultant, said Dennis A. Lockhard, director of finance.
Pension Portfolio Advisors had been the fund's consultant.
Merrill Lynch will be working on the fund's investment policy, guidelines and objectives to reflect recent amendments to Michigan law.
Oce Printing Systems
BOCA RATON, Fla. - Oce Printing Systems outsourced the investment and administration of its $13 million defined benefit pension plan and $32 million 401(k) plan to CIGNA Retirement & Investment Services.
Oce officials are still in the process of selecting investment options and asset allocations for both plans. A spokesman declined to identify previous service providers.
Oxford Health Plans
NORWALK, Conn. - Oxford Health Plans Inc. hired Putnam Institutional Management as the bundled provider for its 401(k) plan. The firm replaces The 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. Officials decided to hire Putnam for the convenience of the bundled approach and to improve service to employees, said Scott C. Thibeault, director, compensation benefits & HRIS.
HARRISBURG, Pa. - The board of trustees of the $18 billion Pennsylvania State Employes' Retirement System is putting up to $100 million in four alternative investment funds.
The system will allocate up to $50 million to Charterhouse Equity Partners Fund III; up to $35 million to DDJ Capital Management's B III Capital Partners Fund; and up to $9 million and $6 million, respectively, to APAX Partners' German Fund II and U.K. Fund VI.
The board also approved an additional $5 million investment with the Mid-Atlantic Venture Fund (previously called NEPA III), bringing the total allocation to $20 million.
The allocations will be funded from cash and are subject to completion of contract negotiations. Cambridge Associates assisted.
St. Louis County
CLAYTON, Mo. - St. Louis County retirement plans hired Wellington to manage $35 million in fixed-income assets, replacing Boatmen's, said Ralph Bowser, retirement plans administrator for the county, which has $220 million in assets.
AUSTIN, Texas - Texas Firefighters' Pension Commission 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.
Trustees also decided to retain the John Vann Co. as consultant.
Times Mirror Co.
LOS ANGELES - Times Mirror Co. hired Fidelity Institutional Retirement Services Co. to provide a bundled program for its $600 million savings plus plan.
Eight investment options will be offered to employees: Fidelity Stable Value Fund, INVESCO Balanced Fund, Fidelity S&P 500 Index Fund, Fidelity Growth and Income Fund, PBHG Growth Fund, PBHG Aggressive Growth Fund, Fidelity International Fund, and a company stock option.
Previously, the plan had American Express Stable Value Fund and American Funds' Global Fund, Equity Fund and Balanced Fund in addition to a company stock option. Watson Wyatt was record keeper.
Plan officials wanted to construct a diversified portfolio, said Silva Saak, pension analyst. The search was completed in-house.
Vermont state funds
MONTPELIER, Vt. - 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 Associates. 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. Callan had been the consultant to all three funds.
Wichita Retirement Funds
WICHITA, Kan. - Wichita Retirement Funds hired Northern Trust to replace Boatmen's Trust as master trustee/custodian for the $320 million Wichita Employees' Retirement Fund and the $275 million Wichita Police & Firemen's Retirement System.
Wichita began seeking a new custodian after Boatmen's was acquired by NationsBank, which sold off its custody operations, said Alan Person, pension manager.
HOUSTON - Wortham Foundation hired three domestic small-cap equity managers and two international managers to diversify its portfolio. Dreyfus, Baron Investment Management and Texas Commerce Bank will handle $6 million each in small-cap equities.
The $190 million foundation also allocated $5 million to Brandes Partners and $15 million to Morgan Stanley for non-U.S. equities.
Assets will come from the fixed-income portion of balanced manager Vaughn, Nelson, which will continue to manage the remainder of the fund.
Compstock and Co. assisted.