SEARCHES & HIRINGS
Essex County Retirement Board, Salem, Mass., is searching for its first high-yield bond manager to run a $5 million portfolio, probably through a commingled fund, said Alison Ellsworth, the Segal Advisors consultant who is assisting. The deadline for RFPs is Sept. 19. The more than $120 million fund has about $45 million in bonds. Funding will come from cash.
Medical Malpractice Insurance Association, New York, is searching for a small-cap growth equity manager, a new area for the $600 million fund.
SEI Investments has sent out RFPs for the search; no further information was available.
The search is part of a restructuring of the fund's equity portfolio.
Last week, board members voted to transfer $85 million out of the $188 million equity portfolio into short-term Treasuries, because stocks have gotten too expensive, said Treasurer Joseph Alvear.
The equity position has been halved, to 10% from 20%, and Spare Kaplan & Bischel, which managed around $6 million, was terminated. The remaining 10 equity managers will be retained, although the amount each manages will be trimmed, said Mr. Alvear. After the rebalancing, the equity portfolio will be 60% large-cap and 40% small- and midcap.
Fort Lauderdale (Fla.) General Employees Retirement System hired Vanguard to manage $10 million in an S&P 500 index fund, said Dorothy Holt, pension administrator. The $218 million defined benefit plan funded its first equity index allocation from Davis Hamilton Jackson and Associates, which manages active large-cap equities and fixed income for the fund. Dahab Associates assisted.
Milwaukee Medical Clinic, Milwaukee, hired Fidelity as a bundled provider for its $60 million defined contribution plan, said Judy Starr, controller.
The change was made to simplify the plan and because it's more logical for a plan of this size to have a bundled provider, she said.
She would not name any of the previous service providers. According to Money Market Directory, Strong Capital Management was the investment provider. Jeffrey Slocum & Associates assisted.
CORRECTION: The name of Sonoco Products Co. was spelled incorrectly in P&I Daily on Friday