Voorzorgskas voor Geneesheren, Tandartsen en Apothekers vzw, Brussels, hired Singer & Friedlander International to take over a $17 million small- and midcap European (ex-Belgium) portfolio from Framlington Investment Management. Also, the 14.5 billion Belgian franc ($377 million) fund for Belgian, doctors, dentists and pharmacists has hired Sanford C. Bernstein to run a $10 million emerging markets portfolio. Bernstein already runs large-cap U.S. and Japanese value-oriented equity portfolios for the fund.
Pragma Consulting, Brussels, assisted.
Los Angeles City Employees' Retirement System retained Northern Trust as its master custody and securities lending agent, pending contract negotiations. The $6.2 billion system offered the bank a new three-year contract. Other finalists were State Street Bank and Chase Manhattan Bank.
John C. Bogle is stepping aside as chairman of the board of the Vanguard mutual funds and of the company, effective Jan. 31. He will retain the title of senior chairman and will remain on the board. Mr. Bogle will continue to provide advice to the company and will work on special projects of interest to him, as well as continue his public speaking engagements on mutual fund topics.
John J. Brennan, president and CEO, will succeed Mr. Bogle as chairman.
Alan Brown has been promoted to CIO for State Street Global Advisors and to chairman of the manager's U.K. operation. He had been CIO for SSgA's non-U.S. operations and managing director of the U.K. office.
Nigel Wightman, formerly COO for the U.K. operation, has been named managing director of that unit. Peter Stonberg, formerly CIO of the SSgA's U.S. operation, now will direct the manager's active equity strategies.
Steven J. Lehman joined Federated Investors as vice president and portfolio manager, a new position. He will co-manage the Federated Utility Fund and assist in the management of the Federated Equity Income Portfolio. He most recently was manager of the Prairie Equity Income Fund at First Chicago NBD and was a vice president and senior portfolio manager. First Chicago NBD did not return calls regarding Mr. Lehman's replacement