MINNEAPOLIS - The $1.1 billion pension fund of Pillsbury Co. plans to consolidate its U.S. equity managers, said John E. Bohan, vice president-pension investments.
The fund has eight managers running nine portfolios. The plan is to cut the number of portfolios to seven during the next 12 months.
The 55% allocation to domestic equity will remain.
The equity managers are: Alliance Capital, which has two growth-oriented portfolios; Boston Partners, value equities; Brinson Partners, value equities; Dietche & Field, value equities; MacKay-Shields, value equities; Sit Investment, small-cap growth equities; State Street, an equal-weighted S&P 500 index fund; and TCW Group, small-cap growth equities.
HEERLEN, The Netherlands - Stichting Pensioenfonds ABP will seek U.S. and European small-cap managers toward year-end, a spokesman for the giant Dutch civil servants fund confirmed.
The subcategories are new for the 250 billion guilder ($123.5 billion) fund. A formal search process has not yet begun, the spokesman said. Details of the sizes of any mandates were not revealed.
University of Wisconsin
MADISON, Wis. - The University of Wisconsin System is seeking managers in six areas for its $250 million endowment fund, said David M. Konshak, assistant trust officer.
For U.S. equities, it is searching for core and small-cap managers. In international equities, it seeks to fill an active Morgan Stanley Capital International Europe Australasia Far East mandate. In fixed income, the system is searching for U.S. long-term, U.S. intermediate-term and non-U.S managers.
The system hopes to make decisions in November. The fund's current allocation is 57% U.S. equities, 10% non-U.S. equities and 33% bonds, including up to 10% international fixed income.
The incumbents, whose contracts expired, are ANB for active U.S. equities; Babson-Stewart Ivory for EAFE stocks; Firstar for core equities; Lieber for small-cap equities; M&I Investment for intermediate-term bonds; and Standish Ayer & Wood for long-term bonds and international bonds. Incumbents could be considered in the searches. No consultant is being used.
Oklahoma Gas & Electric
OKLAHOMA CITY - Oklahoma Gas & Electric is searching for a domestic fixed-income manager and its first midcap equity manager, with the help of consultant Marquette Associates.
A selection will be made by mid-September, said James Hatfield, vice president and treasurer for the $220 million fund. Portfolio sizes have not been determined.
Funding for the fixed-income account will come from the $100 million in a Ryan Labs Asset Management Index Fund; the midcap equity piece may be carved out of a domestic equity account with Boatmen's Trust.
Robert Bosch Corp.
BROADVIEW, Ill. - The $120 million defined benefit plan of Robert Bosch Corp. is considering a search for its first international equity manager. The manager probably would get 5% to 10% of the company's $120 million in defined benefit assets over time, said Karen Gallivan, treasurer.
The new asset class still needs board approval; a decision on a search is expected in the fourth quarter. Towers Perrin is assisting.
Iron Workers Local 207
BOARDMEN, Ohio - Bridge, Structural, Ornamental and Iron Workers Local 207 is considering a fixed-income manager search for its $15 million Taft-Hartley fund. Trustees of the fund terminated Dana Investment Advisors, which invested $6 million in SBA loan pools. Fund officials were confused about the manager's investment strategy, said Lanny Burton, chairman of the pension committee.
Mr. Burton said he was unsure if a full-scale search will be done to replace the manager, or if the money will be left in a money market fund. Segal Advisors is assisting.
Officials at Dana declined to comment.
New York Common
ALBANY, N.Y. - The $80 billion New York State Common Retirement Fund has issued an RFP for a captive fund-of-funds adviser, confirmed state Comptroller H. Carl McCall.
Responses are due Aug. 18.
Houston Firemen's Relief
HOUSTON - The Houston Firemen's Relief & Retirement Fund plans to conduct an asset allocation study within the next six months before deciding whether to add any asset classes or money managers.
Danny Bowers, chief investment officer of the $1.4 billion fund, said the study would be conducted internally and probably will result in reallocating some of the funds' domestic equity assets to bring the fund back within its 30%to 40%target range. The fund has about 42% in domestic equities now.