Anderson Memorial Hospital
ANDERSON, S.C. - Anderson Memorial Hospital hired INVESCO to manage $3 million in an international equity separate account for the hospital's $40 million defined benefit plan.
Assets to fund the hire will come from cash.
Morgan Keegan assisted.
Annapolis Police & Fire
ANNAPOLIS, Md. - The Annapolis Police & Fire Retirement Fund hired Edgar Lomax to manage $5 million in large-cap equities.
The $97 million plan will fund the assignment from Lazard Freres $37.9 million large-cap equity account.
Fund officials hired Edgar Lomax to provide more diversification, said Kathleen Sulick, finance director.
Yanni-Bilkey Investment Consulting assisted.
California Public Employees
SACRAMENTO, Calif. - The California Public Employees' Retirement System picked its existing consultants, Hamilton Lane and Pacific Corporate Group, for the $124 billion system's $2.7 billion alternative investment program.
Pending fee negotiations, Hamilton Lane will be the primary consultant for partnerships and co-investments and Pacific Corporate will be consultant for "independently sourced" alternative investments, those not offered by general partners.
Pacific Corporate and Sovereign Financial Services were unsuccessful finalists for the partnership consulting job. Kleinwort Benson and Pacific Corporate Group were unsuccessful finalists for the co-investment consulting. Kleinwort Benson was the other finalist for the independently sourced consulting.
The board also approved the staff selection of 65 U.S. equity strategies from 58 money managers as finalists in the first phase of a search for about 10 U.S. equity managers. The first phase was based on quantitative measures. A second, qualitative, selection also will be made; responses to the qualitative questionnaire are due Sept. 19.
Commercial Intertech Corp.
YOUNGSTOWN, Ohio - Commercial Intertech Corp. selected American Century Investments as bundled service provider for its $36 million 401(k) plan. American Century will provide record keeping, administration, communications and investment management services. Commercial Intertech will offer 11 diversified American Century mutual funds as investment options, said John Chewning, manager of corporate compensation.
He declined to reveal Commercial Intertech's previous unbundled service providers.
Delta Mutual Funds
NEW YORK - Delta Mutual Funds hired Utopia Capital Management Corp. to manage the Delta Micro-Cap Growth Fund, a new fund that invests primarily in companies with market capitalizations of less than $200 million, with particular emphasis on companies showing increasing sales and/or earnings in the technology, health care and environmental sectors.
Falmouth Town Retirement
FALMOUTH, Mass. - Falmouth Town Retirement System trustees hired Cutler as a U.S. equity manager, and will pick a U.S. fixed-income manager at tomorrow's board meeting, said Margaret Corellis, administrator. Trustees originally had planned to hire a balanced portfolio manager to replace Bear Stearns, the $43 million system's only manager at present, which has the fund's assets in an equity-bond portfolio. But the system decided to hire separate equity and bond managers instead, Ms. Corellis said.
Cutler will get the value of the equity portion of Bear Stearns' portfolio, the new bond manager will get the fixed-income portion. The Hannah Group is assisting.
The Gap Inc.
SAN MATEO, Calif. - The Gap Inc. selected American Express Retirement Services as bundled service provider for its $190 million 401(k) plan, said Sally Brewster, director of benefits. The plan now is unbundled with Hewitt as record keeper. She said the five current investment options might be retained but the plan probably will add two to three others. She said the plan will be converted Jan. 1.
The current investment options are: a money market fund from Mellon Bank; a global balanced option from Merrill Lynch; a socially responsible balanced fund from Calvert; The Janus 20 equity fund; and a growth equity option from PBHG.
HOUSTON - Kirby Corp. hired Northern Trust to manage $13.5 million in U.S. bonds for its $35 million master trust and $15 million for Kirby subsidiary Oceanic Insurance Ltd.'s $30 million portfolio.
Northern replaces PMG Advisors in the master trust and Charles Taylor Investment Management on the insurance side.
In both cases, Kirby wanted a manager that specialized in longer duration bonds.
PaineWebber Consulting assisted in the search.
Maxus Energy Corp.
DALLAS - Maxus Energy Corp. hired Northern Trust as a master custodian and a fixed-income manager for its $120 million defined benefit plan.
Northern replaces NationsBank, which is exiting the custodial business.
The firm will manage $25 million in bonds. The funding comes from other fixed-income portfolios, said Dan Imthurn, assistant treasurer. He declined to provide any additional information. Principal Financial assisted.
HAZEL PARK, Mich. - Michigan Glass and Glazing Industry, Local 357, hired Putnam Institutional to run a $13 million balanced portfolio for its $30 million defined benefit fund.
The portfolio had been managed by a local branch of First of America Bank. Merrill Lynch Consulting assisted.
Mutual Group of Funds
WATERLOO, Ontario - Mutual Group of Funds, hired Mackenzie Financial and AGF Funds to manage a family of seven new mutual funds. Mackenzie will manage the Mutual Summit Dividend Growth, Growth & Income, Equity and Foreign Equity funds. AGF will manage the Mutual Alpine Equity, Asian and Resources funds.
The addition of the seven new funds brings Mutual Funds' family of funds to 20, which have more than $3 billion in assets.
Operating Engineers, Local 4
BOSTON - International Union of Operating Engineers, Local 4, selected Putnam as record keeper for its combined 401(k) and self-directed annuity plans with $40 million in assets. Putnam replaces KPMG and will provide quarterly valuation and already provides the local's nine investment selections.
A union spokesman said the change in record keepers primarily was a cost measure.
TACOMA, Wash. - Frank Russell hired Barclays Global Investors, Fiduciary Trust International and Westpeak Investment to manage its first multimanager mutual fund for non-U.S. investors
The U.S. Small Cap Equity Fund is domiciled in Dublin and will be offered initially to French investors through a distribution agreement with Societe Generale Asset Management.
Separately, Frank Russell teamed up with Liberty Life Group to offer to South African investors the global multimanager mutual funds it manages from London.
Two global bond funds and seven regional international equity funds will be available.
St. Louis County
CLAYTON, Mo. - Trustees for the St. Louis County pension plans are sticking with Bankers Trust Co. as custodian of the $250 million in assets.
Bankers Trust purchased the custody assets of Boatmen's Bank from NationsBank, and the transfer is going well so far, according to Ralph Bowser, director-retirement and deputy director-personnel.
Trustees at one point were considering a change, but it appears that Bankers is devoting a lot of resources to Boatmen's former custody clients, he said.
The board oversees two funds, one for civilian employees and one for law enforcement personnel.
St. Louis Police
ST. LOUIS - St. Louis Police Retirement System is continuing
to hire managers to replace Boat-men's Trust, which was terminated in the spring. Hired were Brinson Partners for U.S. domestic large-cap value stocks and Morgan Grenfell, for core fixed-income products. Putnam Investments already had been hired for large-cap growth. Each will handle about $90 million for the $626 million pension fund.
The hiring of a fourth manager is expected soon. SEI Investments assisted.
San Francisco City & County
SAN FRANCISCO - San Francisco City & County Employees' Retirement System committed $85 million to four alternative investment funds.
The $9 billion system moved $20 million to BC European Capital Fund V; $20 million to Doughty
Hanson & Co. III; $15 million to Yorktown Energy Partners III; $30 million to Blackstone Capital Partners III. The San Francisco fund has committed a total of
5.5% of assets to alternative investments.
It has a target allocation of 9%.
The consulting firm Cambridge Associates assisted.
Santa Clara County
SAN JOSE, Calif. - Santa Clara County Transit District hired William M. Mercer Investment Consulting to do an asset allocation study and select the first external managers for its $110 million pension fund.
The study should take a couple months and yield significant changes, said Jerry Rosenquist, deputy director.
The fund's current mix is 98% fixed income and 2% indexed equities, all domestic.
BUFFALO, N.Y. - Sierra Technologies hired Northern Trust as trustee for its $20 million defined contribution plan and overhauled the investment options available to employees.
Northern Trust Retirement Consulting assisted Sierra in choosing six investment options: Northern Stable Asset Fund; Benchmark Equity Index Class C Fund offered by Northern Trust; Dodge & Cox Balanced Fund; Strong Common Stock Fund; Templeton Foreign Fund I; and MFS Emerging Growth Fund A.
The plan had offered PIMCO Low Duration Fund, Twentieth Century Balanced Fund, Strong Common Stock Fund and INVESCO Individual Income Fund. All but the Strong fund were dropped.
OLYMPIA, Wash. - Washington State Investment Board committed $16 million Varde Select Fund offered by Varde Partners Inc. and $49 million to the Nordic Capital Fund III offered by Nordic Capital.
Both are international private equity funds. The funding will come from cash
Brinson Partners assisted.
Western Pennsylvania Hospital
PITTSBURGH - Western Pennsylvania Hospital hired Peachtree Asset Management as a large-cap growth stock manager for its $144 million pension plan and $47 million foundation.
Peachtree replaces Columbus Circle Investors, which managed $32 million in defined benefit assets and $8 million in foundation assets, said Mark Miller, director of internal audit and treasury services.
Evaluation Associates assisted in the search.
Workplace Health, Safety
SAINT JOHN, New Brunswick - Workplace Health, Safety and Compensation Commission of New Brunswick hired Hansberger Capital Global Investors for its C$585 million (U.S.$420 million) insurance fund, said Warren H. Gerow, manager-treasury and investments.
The fund will assign C$20 million to Hansberger for emerging markets.
Funding will come from Morgan Stanley, which ran an emerging markets portfolio and was dropped.
Wyoming Retirement System
CHEYENNE, Wyo. - The Wyoming Retirement System, Cheyenne, hired Barclays Global Investors to manage two equity index funds, said Harry Wales, financial manager at the $3.1 billion fund.
Wyoming will allocate up to $350 million for an S&P 500 fund and up to $150 million for a combined small- and midcap fund.
Funding will come from reallocations among its active managers.
Ark Asset, formerly a balanced manager, will become a core equity manager.
While its $500 million in bonds will be dropped, its existing $190 million in equities will be increased to $340 million.
Keystone, which ran $70 million in midcap equities, will be dropped.
Other funding will come from reallocations among other managers, which will be retained.
Buck assisted in the search