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July 30, 1997 01:00 AM

Board members for the $1.4 billion Milwaukee County Employees'...

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    Board members for the $1.4 billion Milwaukee County Employees' Retirement System will begin educational sessions in September regarding international emerging markets, said Jac R. Amerell, director.

    The board hasn't made a decision on emerging markets, but will invite its three existing international equity managers to discuss the matter, he said. The fund's international managers are Capital Guardian; Grantham, Mayo, Van Otterloo; and Rowe Price-Fleming.

    American Century and J.P. Morgan today formally announced J.P. Morgan will purchase a 45% interest in American Century for about $900 million. The two firms also announced they will market services to corporate defined contribution plans. Each company also will sell the other's mutual funds to financial intermediaries and institutional investors.

    American Bankers Association, Washington, may replace the State Street International Equity Fund with another fund or add another international fund to the eight investment options in its 401(k) plan, said Jerry Peterson, director of human resources.

    Officials for the $23 million plan have not been satisfied with the State Street fund's overall performance, which can be explained by the fund's heavy investment in Japanese stocks, he added. A decision will be made at the next board meeting in October. The fund is managed by State Street Global Advisors. Los Angeles City Employees' Retirement System has given new three-year contracts to existing managers Morgan Grenfell Asset Management and Templeton Investment Counsel. Morgan Grenfell manages a $438.6 million global bond portfolio, and Templeton runs $272.1 million in Pacific Basin equities for the $6.3 billion system.

    The Hennessee Group officially opened its doors with $600 million in assets under management. As expected, Charles Gradante and Lee Hennessee, husband and wife, have formally split from Weiss, Peck and Greer, to set up the registered investment advisory firm. The firm offers custom investment advisory services to institutions and individuals with more than $10 million in assets and discretionary accounts to clients with more than $25 million. Services to smaller clients will be offered in certain situations.

    SEARCHES & HIRINGS

    Los Angeles Fire & Police Retirement System interviewed finalists in a search for an emerging fixed-income money manager to run $20 million to $40 million. Finalists are John Hsu Capital, G.W. Capital and LM Capital Management. Final selection is expected in August. The $9.1 billion fund also is picking semifinalists, not identified, for a mainstream fixed-income manager. The selection won't come until later this summer.

    Watson Wyatt is assisting in both searches.

    British Airways Pension Fund, London, named Bankers Trust global custodian of its £7.4 billion ($12 billion) in worldwide investments. Bankers Trust also will provide securities lending and ancillary administrative services. No other details were available.

    Occidental Petroleum, Los Angeles, will be adding two options and dropping another in its $886 million 401(k) plan, said Andrew Bednarz, manager of benefit plan investments. The Putnam International Growth Fund and a small-cap equity separate account managed by Sanford C. Bernstein will be added effective Jan. 1. The plan will drop a money market fund managed by its trustee, Northern Trust, because the plan also offers a stable value fund. After the changes, Occidental's plan will offer nine choices. DeMarche Associates assisted.

    United States Holocaust Memorial Museum, Washington, hired Cramer Rosenthal McGlynn as the first small-cap manager for its endowment fund. The firm will handle 10% of the fund's assets, said Zelda Silberman, special assistant for endowment and investment policy. She would not say how much the new fund has in assets, but said the endowment is still growing. Cambridge Associates assisted.

    Southfield (Mich.) Employees' Retirement System hired two money managers, terminated one and reduced the allocation to a fourth manager. The roughly $60 million fund hired GLOBALT for an $18 million portfolio that invests in stocks of U.S. companies doing sizable business abroad, and Pacific Income Advisors for $24 million in U.S. fixed income.

    Funding comes from the termination of Munder Capital, which ran about $30 million for the fund split between U.S. equities and U.S. bonds, and the elimination of the roughly $15 million bond portfolio handled by Independence Investment Associates. Independence still runs about $15 million in U.S. stocks for the fund, said Jim Pierce, deputy treasurer. Harris Investment Management, Chicago, hired Hansberger Global Investors as subadviser for the $200 million Harris Insight International Fund, subject to shareholder approval.

    The fund had been managed by Harris

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