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August 14, 1997 01:00 AM

Executives for Maytag Corp., Newton, Iowa, are evaluating strategies...

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    Executives for Maytag Corp., Newton, Iowa, are evaluating strategies for hedging its entire corporate exposure to a market downturn, including the use of a collar, said David Urbani, vice president and treasurer of the Newton, Iowa-based company.

    Maytag executives are looking at how to possibly hedge the effects of a market correction on its cash flow and corporate earnings, in addition to its roughly $800 million defined benefit plan, he said. The effort is complicated because cash flow and corporate earnings aren't directly correlated to moves in the stock market. Mr. Urbani declined to discuss specifics pending further research.

    New York State Comptroller H. Carl McCall, sole trustee of the $90 billion New York State and Local Retirement Systems, filed suit against Columbia/HCA Healthcare Corp.

    The suit, filed yesterday in federal court in Nashville, does not seek monetary damages. Instead, it seeks to prohibit any of the 11 board members and senior executives named as defendants from receiving payments from consulting or employment agreements, such as golden parachute distributions. The suit asks also that any improper gains from insider trading be impounded or restricted. Finally, the suit would require Columbia to implement stiffer internal controls to ensure compliance with state and federal laws and make certain illegal activities are reported to the board of directors.

    The retirement system owns more than 2.6 million shares of Columbia/HCA stock.

    A Columbia/HCA spokesman said the company is aware of the suit, but it is too soon to comment.

    International equity index assets under management for U.S. tax-exempt institutions grew 9.2% for the six months ended May 31 when adjusted for market growth, according to Pensions & Investments' semiannual survey of leading index fund managers. Meanwhile, U.S. equity index assets declined 1.3% for the period on a market-adjusted basis.

    While index assets reached an all-time high of $920.427 billion, its largest component, domestic equity index assets, did not keep up with the growth in the S&P 500, which went up 13.2% during the six months. The domestic equity component grew 11.8% to $632.236 billion during the period.

    Domestic indexed bond assets also gained during the period, rising 6.5% to $173.193 billion. Enhanced index assets for the six months were up 21.9%, to $174.046 billion.

    MetLife will acquire Security First Group, a subsidiary of London Insurance Group, for $377 million. Security First markets and distributes fixed and variable annuity programs within the public employee retirement plan market and for customers of regional and community banks. Security First Group managed $3.1 billion as of Dec. 31.

    SEARCHES & HIRINGS

    Wyoming Retirement System, Cheyenne, today is interviewing candidates for domestic equity index fund managers for its $3.1 billion pension fund.

    They are ANB Investment Management, Barclays Global Investors, Mellon Capital Management, Northern Trust and State Street Global Advisors.The board could make a decision this month.

    The system plans to allocate 10% of its assets to a large-cap index fund, about 5% to a small- to midcap index fund, although details on the would-be assignments of the candidates wasn't available. Funding would come from reallocating among its eight managers, all of which will be retained.

    The fund also plans to allocate 10% to a fixed-income index fund.

    Chicago Park Employees' Annuity & Benefit Fund hired Becker Burke Associates as its second retainer consulting firm, joining Ennis Knupp, said Joseph Fratto, executive director for the $557 million fund.

    Becker Burke will be responsible for special projects and general consulting, while Ennis Knupp will continue on performance measurement and surveillance of external managers. One of Becker Burke's first projects will be an examination of the commission recapture issue, Mr. Fratto said.

    WHO'S NEWS

    Thomas W. Jones, formerly vice chairman, president and COO of TIAA-CREF, will join the Travelers Group as vice chairman. Mr. Jones will head up a new unit that combines all of the investment management operations of Travelers' Smith Barney subsidiary into a new, single entity, Smith Barney Asset Management. Mr. Jones will be the chairman and CEO of that new division, which managed $120 billion as of June 30, including $81.5 billion of mutual fund assets and $42.8 billion of institutional and individual assets.

    A spokeswoman for TIAA-CREF said the company has not named a replacement yet for Mr. Jones.

    Diana P. Herrmann succeeded her father, Lacy B. Herrmann, as president and COO of their family-owned firm, Aquila Management. Ms. Herrmann most recently was executive vice president of the company.

    Mr. Herrmann will retain his positions as chairman and CEO

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