Clara Abbott Foundation
ABBOTT PARK, Ill. - The Clara Abbott Foundation hired Oak Associates to manage an equity portfolio.
Barry Wojtak, executive director of the $250 million foundation, would not reveal the size of the portfolio. Funding will come from existing managers, none of which was terminated.
COLUMBUS, Ind. - The $250 million Arvin Industries defined benefit plan hired Sasco Capital to manage $20 million in U.S. value equity. Funding came from the termination of Newbold's Asset Management last year, said A.R. Sales, treasurer. Hewitt Associates assisted.
BURNABY, British Columbia -BC Telecom Inc. hired Bimcor to run a C$100 million for a Canadian bond index fund, said Garnet Andrews, cash and investments manager for the C$960 million (U.S.$700 million) pension fund.
Funding will come from cash flow and a reallocation from bond managers. No manager will be dropped. Brockhouse and Cooper assisted.
Carnegie United Kingdom
DUNFERMLINE, Scotland, Carnegie United Kingdom Trust terminated its sole manager, Schroder Investment Management Ltd., and appointed Glasgow Investment Managers Ltd. to run the (British pounds) 29 million (U.S. $48 million) portfolio, virtually all of which is invested in equities, confirmed John Naylor, secretary and treasurer of the fund.
"We weren't happy with the performance of Schroders," said Mr. Naylor. An official at Schroder declined to comment.
The bulk of Glasgow's new mandate will be invested in U.K. equities.
FLINT, Mich. - Citizens Bank of Flint hired Systematic Financial Management as a subadviser for the Golden Oak Value Fund, a new value equity mutual fund.
The fund was created from the conversion of a common trust fund, said Dan Czmer, the bank's chief investment officer. Mr. Czmer declined to say how large the trust fund was at the time of its conversion June 23.
SIOUX FALLS, S.D. - Evangelical Lutheran Good Samaritan Society hired Piper Capital Management as administrator and manager for its $30 million Short Asset Management Fund, a cash portfolio. Piper also will be administrator of the $220 million Helping Hands Fund. The two funds invest money on behalf of the society's centers, nursing homes and central office.
Piper replaces Voyageur Asset Management, which sold its administrative business. Voyageur will continue to run $50 million in long-term fixed income for the Helping Hands Fund, said Thomas Peterson, finance director. Merrill Lynch assisted.
Ferris State University
BIG RAPIDS, Mich. - Ferris State University and the Ferris Foundation hired Fund Evaluation Group as its first investment consultant, confirmed a university spokeswoman.
Fund Evaluation Group is in the initial stages of studying the endowment's asset allocation, its investment guidelines and its procedures for selecting and monitoring money manager, said Christopher Meyer, vice president.
The endowment has about $9 million, according to The Money Market Directory.
Fish & Richardson
HOUSTON - Fish & Richardson P.C. hired American Century Investments as bundled service provider for its $25 million 401(k) plan. American Century will provide record keeping, communications and 12 diversified investment funds. In addition, the plan will offer a self-directed brokerage through Charles Schwab.
Fund officials declined to disclose the previous service providers.
SOMERVILLE, N.J. - Hoechst Celanese Corp. hired Bankers Trust as trustee of its $1.3 billion defined benefit plan, effective Jan. 1, replacing Mellon, said Terry W. Denzer, director-investments and planning.
Bankers Trust also will provide securities lending and benefit administration services and will administer benefit payments for about 15,000 Hoechst Celanese retirees.
Curt Kohlberg & Associates assisted.
Jackson National Life
LANSING, Mich. - Jackson National Life Insurance Co. hired Putnam Investments to manage two funds for its Perspective variable annuity program. Putnam assumed management of a $35 million large-cap value equity portfolio and a $56 million core growth equity portfolio from Phoenix Duff & Phelps.
MANCHESTER, Conn. - The Manchester Retirement Allowance Fund hired Allegis Realty to manage $1 million in a real estate separate account. The $71 million fund may add another $500,000 to the account later this year, said Alan Desmaris, director of finance. Assets came from cash. Hannah Group assisted.
Memorial Sloan Kettering
NEW YORK - Memorial Sloan Kettering Cancer Center committed $10 million each to the Blackstone Capital Partners III Merchant Banking Fund L.P. and WCAS Capital Partners III fund; $20 million to J.P. Morgan for a global multimarket fund; and $10 million to the S.C. Fundamental Value Fund, a global hedge fund. Funding will come from existing U.S. equity managers; none will be terminated.
The hires are part of the $1.5 billion general fund's new $190 million allocation to alternatives, said Mike Gutnick, senior vice president, finance. He said the fund has committed $130 million and is still seeking to add other managers.
Beth Newhouse at Cambridge Capital Advisors is assisting.
New Haven Police & Firemen
NEW HAVEN, Conn. - The $183.8 million City of New Haven Police & Firemen's Pension Fund committed $13.6 million to an S&P 500 index fund with Bankers Trust, said Gregory Brown, city controller. The money came from NCM Capital Management, which was terminated because of significant turnover at the firm, said Mr. Brown. NCM managed a large-cap value portfolio for the system.
Norman Employees Retirement
NORMAN, Okla. - The City of Norman Employees Retirement System hired Fidelity Investments Public Sector Services as bundled service provider for its $18 million 401(a) defined contribution plan. The plan now will offer participants 10 Fidelity investment funds, including four lifecycle funds. The fund previously was managed and administered by Diversified Investment Advisors, with investment decisions made by the board of trustees.
Ohio School Employees
COLUMBUS, Ohio - The $6 billion School Employees Retirement System of Ohio hired Sanford C. Bernstein to run $25 million in an emerging markets commingled portfolio and CRA Real Estate Securities to run $25 million in a REIT separate account, subject to contract negotiations.
The allocations will be funded from cash. Frank Russell assisted with the emerging markets search.
OKLAHOMA CITY - The Oklahoma Firefighters' Pension and Retirement System hired Asset Consulting Group as consultant, said Robert Hollander, executive director of the $1.3 billion fund.
The new consultant probably will assist with an asset allocation study. The fund has about 70%in equities.
Incumbent DeMarche Associates declined to rebid.
Operating Engineers Int'l
WASHINGTON - The Central Pension Fund of International Union of Operating Fund Engineers hired Boston Partners to manage $120 million in its premium equity strategy.
The allocation was funded through portfolio restructuring, said John Szczur, director of investment for the $4.7 billion fund.
Several managers were terminated as part of the restructuring, but Mr. Szczur would not identify the managers or provide further details. Ennis Knupp assisted.
Park Tudor School
INDIANAPOLIS - Park Tudor School hired Conseco Capital Management to run $5 million in equities for its $40 million endowment. Assets came from existing managers, but none was terminated. Fund Evaluation Group assisted.
PECO Energy Corp.
PHILADELPHIA - PECO Energy Corp. hired Fidelity Institutional Retirement Services to provide record keeping, employee education and a portion of the investment management of the fund's now 11 investment options for PECO's $410 million 401(k) plan. A fund spokesman said PECO previously handled record keeping and trust activities internally. New investment options at PECO are the Putnam Equity Income Fund; Fidelity Spartan U.S. Equity Index Fund; Templeton Foreign Fund and the Franklin Small Cap Growth Fund. PECO retained its existing seven funds and also shifted to daily valuation from quarterly.
Pennsylvania Public School
HARRISBURG, Pa. - The $33 billion Pennsylvania Public School Employes' Retirement System invested $150 million in the LF Strategic Realty Investors II L.P. and $50 million in the Security Capital Group's private real estate investment trust.
Both will be funded from cash. Institutional Property Consultants assisted.
St. Olaf College
NORTHFIELD, Minn. - St. Olaf College hired Thomson Horstmann & Bryant to manage, in small-cap equities, 20%of the school's $90 million endowment, said Linda Roiger, assistant treasurer.
Funding will come from a reallocation. DeMarche Associates assisted.
Security Industrial Insurance
DONALDSVILLE, La. - Security Industrial Insurance Co. hired Putnam Institutional Management to run about $37 million of its approximately $200 million general insurance assets in fixed income.
The insurer wanted a second manager for diversification purposes; Conseco will continue to manage the remainder of the portfolio, said Bill Stewart, manager, finance and investment management with Loewen Group, the parent company.
Sierra Health Foundation
SACRAMENTO, Calif. - Sierra Health Foundation hired Boston Partners to manage $5 million in U.S. midcap equities.
The new allocation was funded through rebalancing of existing portfolios, said Len McCandliss, president of the $140 million foundation. No managers were terminated. Arnerich & Massena assisted.
HOUSTON - RMC/Vanguard Financial Services selected Oppenheimer Funds to take over investmen management and administration for its $250,000 401(k) plan. The fund will offer six diversified Oppenheimer investment funds. A fund official declined to name the previous provider. Mass Mutual will continue as record keeper. Post Oak Capital Advisors assisted.
Texas Municipal League
AUSTIN, Texas - The Texas Municipal League Intergovernmental Risk Pool, with $320 million in assets, hired Voyageur Asset Management to invest an $80 million domestic fixed-income portfolio. Other finalists were INVESCO and Smith, Graham. The search was conducted internally following a rebidding of the portfolio contract, which had been with Graham & Co
Triple S Insurance
Triple S Insurance hired Putnam Investments to run $15 million to $20 million of its $225 million pool of health insurance assets, said Luis Garcia, investment director. Putnam is the first outside manager for the company.
University and Community
RENO, Nev. - University and Community College System of Nevada hired Pacific Investment Management to run $51 million in U.S. and international fixed income. It terminated Sanford C. Bernstein, which ran $43 million in U.S. core fixed-income and an $8 million international bond portfolio run by The Common Fund. The Common Fund will continue to manage $50 million in equities for both the endowment fund and the system's operating fund.
The fund hired PIMCO to consolidate its bond portfolio and save on fees, said Tim Ortez, director of banking and investments for the $180 million endowment fund. Cambridge Associates assisted.
POUGHKEEPSIE, N.Y. - Vassar College hired Northern Trust to replace Bank of New York as custodian for its $450 million endowment fund. The change was made to secure more timely accounting and performance reports, said Jay Yoder, director of investments. Lower fees also were achieved in the switch, he added. Kohlberg & Associates assisted.
Virginia Tech Foundation
BLACKSBURG, Va. - Virginia Tech Foundation committed $12 million to a REIT managed by Cohen & Steers, and terminated international small-cap manager Rowe Price-Fleming.
Rowe Price-Fleming was terminated because executives at the $450 million foundation believe the international small-cap equity market is underperforming. They plan on moving the $18 million account to Templeton for large-cap international equity; Templeton already manages $21 million. Funding for the REIT will come from cash and U.S. large- and midcap equity managers and will bring the fund's real estate allocation to 5%of total assets.
Executives also are narrowing a list of U.S. small-cap equity managers to run 10%of its assets. The search is expected to be completed at the $450 million fund's mid-November board meeting.
Yorkshire Tyne Tees TV
LEEDS, England - The Yorkshire Tyne Tees Television Holdings PLC pension fund appointed Gartmore Investment Management PLC, London, to run a (British pounds) 43 million ($71 million) fixed-income portfolio, confirmed Nicholas Holmes, controller of group accounting.
The Tyne Tees Television fund was merged with the Yorkshire Television pension fund last year. Gartmore had run the original Tyne Tees Television bond portfolio. William M. Mercer assisted.