SEARCHES & HIRINGS
The city of Montreal pension fund hired five managers and increased the allocations to two others, said Rejean Guillotte, pension fund controller in charge of Canadian investments, and economist for the C$2 billion (U.S. $1.4 billion) fund.
In Canadian small-cap equities, Montreal hired Knight Bain Seath & Holbrook, and increased an assignment to Cote 100 Inc., Mr. Guillotte said. In Canadian large-cap equities, the fund hired Guardian Capital and increased an assignment to Natcan Investment Management.
For Canadian bonds, Montreal hired Ultravest Investment Counsellors Inc. and Addenda Capital Inc., and for an enhanced Canadian bond index assignment, hired TAL Investment Counsel.
Mr. Guillotte declined to provide dollar amounts for the hirings or names of terminated managers.
Cedars-Sinai Medical Center, Los Angeles, said it hired NWQ Investment to manage $10 million in midcap value equities for its $200 million pension fund. A spokesman declined to say who managed the $10 million previously.
TDK USA Corp., Port Washington, N.Y., hired Fidelity Institutional Retirement Services Co. as bundled service provider for its 401(k) savings plan.
A fund official declined to disclose size of the fund or previous unbundled providers. TDK's 2,500 U.S. workers may select from six Fidelity mutual funds: Puritan Fund; Contrafund; OTC Portfolio; Worldwide Fund; Institutional Short-Intermediate Government Bond Fund; and Retirement Money Market Portfolio.
West Laurel Hill Cemetery, Philadelphia, hired Radnor Capital Management as small-cap value equity manager for its $50 million endowment fund. The investment committee chose the firm to replace a local bank, which had been with the fund for many years, said Tom Helm, chairman of the investment committee and member of the board of directors.
He would not disclose the name of the bank or the amount Radnor will be managing.
Copper Mountain Trust Corp., Portland, Ore., hired Back Bay Advisors as a subadviser for its $100 million total return fixed-income commingled pool. Back Bay replaced PIMCO.
The change was not performance related, but due to Back Bay's size and ``better corporate fit'' with Copper Mountain, said John Wheeler, CEO and CIO.
