Lynn (Mass.) City Contributory Retirement System terminated Investment Advisers Inc., which managed $23 million for the system in domestic midcap to large-cap growth stocks because, ``We didn't think the management was up to par,'' said Barbara Belliveau, executive secretary of the $112 million fund.
The system has invested the money temporarily in a Russell 1000 Growth Index fund with State Street Global, said Alison Ellsworth, the Segal Advisors consultant who is assisting.
Ms. Ellsworth also cited a high turnover of portfolio managers at the firm as a reason for the termination. Investment Advisers executives did not return calls seeking comment.
Denver Public School Employees' Pension & Benefit Association soon will start a search for a consultant to conduct an asset allocation study, said Darrell Allen, investment officer.
The asset review of the $2 billion fund was prompted by a pension obligation bond offering, which boosted the plan to fully funded status. RFPs have not been issued, but Mr. Allen hopes a consultant will be chosen by mid-October.
The current asset mix is 30% domestic equity, 30% corporate bonds, 15% mortgages, 10% international stocks, 10% real estate equity and 5% private equity.
Trustees for the Associated Grocers Co. of St. Louis, Missouri's defined benefit plan will decide in the next 30 to 45 days on the hiring of a new investment manager.
The $11 million plan uses Boatmen's Trust as the sole investment manager, running a balanced portfolio, and custodian. Larry Steelman, president of Associated Grocers, expects the fund will use Bankers Trust as custodian and possibly an arm of NationsBank as the new sole investment manager. He named TradeStreet as a possibility. Nothing has been finalized, he added.
Fund officials are now reviewing and interviewing managers. Boatmen's recent purchase by NationsBank and exit from the custodial business is what prompted the company to look at other management firms.
Ohio State Highway Patrol Retirement System, Columbus, hired two international equity managers for its $570 million pension fund, said Debra Pelley, executive director. Bank of Ireland will be assigned $20 million and Templeton, $10 million. Both will manage active major-market international equities.
Funding will come from cash. DeMarche assisted in the searches.
Community Foundation of Texas, Dallas, hired Boston Partners Asset Management to manage $33 million in large-cap value domestic equities. Boston Partners is replacing another management firm. Jim Haymes, administrator of investment operations at the $300 million Texas investment fund, wouldn't say which firm had been terminated. Large-cap value is a new style for the foundation.
SEI Investments assisted with the search.
David L. Eisenberg was hired by John Hancock Funds as senior vice president, directing the company's investment policy analysis, a new position.
Mr. Eisenberg was a senior vice president for New England Pension Consultants. No replacement has been named yet.
Among his duties at Hancock will be assisting with implementation of investment strategy and working on the development of risk control tools.
Bertrand Goudreault, pension fund controller for the city of Montreal, will join Ultravest Investment Counsellors Inc. as a vice president in marketing and client servicing. Mr. Goudreault said he will work out of Ultravest's Montreal office.Mr. Goudreault's duties will be assumed by Rejean Guillotte, pension fund controller in charge of Canadian investments and economist for Montreal.
Robert La Fors was hired to head ABKB/LaSalle Securities (Europe) B.V., a new LaSalle Advisors' subsidiary in the Netherlands, a spokeswoman said.
Mr. La Fors will become managing director of European Property Securities for LaSalle. He formerly was with Pensionfund MPMA (Metalworkers) in the Netherlands.
Alan Altschuler has been named CFO of the recently formed Doris Duke Foundation, New York. He will oversee the investment portfolio of the $1.2 billion foundation. He had been chairman of the board of the American Diabetes Association.
David Kruth joined Alliance Capital Management as a vice president with the Alliance Real Estate Investment Fund, a new position. Mr. Kruth was a senior vice president with The Yarmouth Group, now known as ERE Yarmouth. His duties at Yarmouth have been absorbed internally, said a company spokesman