City of New Orleans Employees' Retirement System, with $309 million, will review results of an asset allocation study at a special meeting of trustees on Aug. 12.
The study - by Dean Witter Investment Consulting - is expected to result in manager searches in several new asset classes, said Jerry Davis, investment board chairman. In another development, the fund hired First National Bank of Commerce as its new custodian, replacing BankOne.
Allegheny County Police Pension Fund, Pittsburgh, is considering the addition of real estate funds, convertible bonds and natural resources to diversify its $30 million defined benefit plan.
Fund officials told Yanni-Bilkey to look at managers that have different investment strategies for equities, said Norbert Kowalski, board member. Currently, Yanni-Bilkey manages small-cap equities and international equities and Babson manages domestic equities for the fund. The fund also has two fixed-income portfolios run by PIMCO. The board is expected to meet with Yanni-Bilkey in October to discuss what changes could be made to the plan.
New York City Employees' Retirement System will hire a law firm in the next few weeks to write a report on the probable results of the lawsuits facing tobacco companies, said Mike Musuraca, a trustee of the $45 billion fund. A board of trustee subcommittee is interviewing law firms. A report is expected by September, said Mr. Musuraca. NYCERS has about $360 million invested in tobacco company stocks.
The city's general counsel, known as corporation counsel, typically handles legal issues for the pension fund, but the agency is representing the city in its lawusit against tobacco companies, said Mr. Musuraca.
Expandia A.S., said to be the largest investment company in the Czech Republic, with some $400 million under management, expects to open its first U.S. office within the next few months, company officials announced. Expandia's activities center on bringing foreign capital to companies that have been privatized in former communist countries. The firm now provides financial services throughout central and eastern Europe. The location of the new office has not yet been determined.
SEARCHES & HIRINGS
Workplace Health, Safety and Compensation Commission of New Brunswick, Saint John, narrowed its search for a custodian for its $550 million insurance fund, said Warren H. Gerow, manager-treasury and investments. The finalists are: Royal Trust, the incumbent; State Street; a CIBC-Mellon joint venture; and Northern Trust. The investment committee hasn't set a date for making a decision.
Stop & Shop Companies Inc., Quincy, Mass., hired Putnam Institutional Management to run $5 million in small-cap value and $14 million in core growth equities, said Gloria Williams, treasurer. She would not disclose the source of funding for the hires. The fund has $112 million in assets, according to Nelson's Directory of Plan Sponsors.
New England Pension Consultants assisted.
Police and Firemen's Disability and Pension Fund for the State of Ohio, Columbus, hired Star Bank as custodian, replacing Key Bank.
The change in custodians for the $6.9 billion fund resulted from a bidding process that takes place every two years. The state treasurer's office conducted the search.
The Newey Group PLC pension fund in Tipton, England, hired Lloyds Bank Securities Services as custodian for the £20 million ($32.6 million) fund, which is entirely invested in U.K. securities. Custody previously was provided by a stockbroker.
Integrated Management Systems Inc., Beaverton, Ore., hired Arnerich, Massena & Associates as the first consultant for its $5 million 401(k) plan.
The firm will oversee the plan's seven fund options and provide fund officials with information on current trends in the industry, said Gwyn Harvey, director of human resources.
IMS is open to adding a couple more funds, but nothing has been finalized, she added.
First National Bank in Lewis County, Vanceburg, Ky., hired First & People's Bank & Trust as custodian for its pension plan, replacing Pittsburgh National, said Kathy Dillow, operations officer at First National. She declined to reveal the size of the fund.
Also, Fifth Third Bank replaced Pittsburgh National as custodian for First National's trust assets, trade settlements, income collection and reporting.
Mark S. Jordahl, executive vice president and managing director of Washington Square Advisors, will become CIO of ReliaStar Financial next January.
He will succeed Steven W. Wishart, who will reduce his work schedule in preparation for retirement in October 1998. ReliaStar is the parent of Washington Square; Mr. Jordahl will be replaced internally at Washington Square