Johns Manville restructured its $700 million master trust, said Steven J. Wagner, director, pension investments.
Three balanced managers - Capital Guardian, Putnam and J.P. Morgan - were hired to replace current managers Mr. Wagner wouldn't name. They will be measured against a benchmark of 60%stocks and 40%bonds, including a 25%allocation to foreign securities.
No information was available on how the three firms will divide the assets. Mercer assisted.
CalPERS names finalists
The $124 billion California Public Employees' Retirement System named ANB Investment Management, Dimensional Fund Advisors and State Street Global as finalists in a search for a domestic passive small-cap equity manager. Incumbent DFA manages $1.2 billion. Wilshire Associates is assisting.
Final interviews are expected in November.
International equity hiked
The $1.9 billion Georgia-Pacific pension fund increased international equity exposure to 20%of assets from 16% said John Stettler, benefits director.
To compensate, it reduced its U.S. stock allocation to 55%from 59% and terminated one manager of a large-cap growth portfolio. He declined to name the firm.
There are no plans to add international equity managers, he said. The changes were recommended by Ennis, Knupp.
Bechtel adds 4 funds
Bechtel Power Corp. added four mutual funds to its $3.5 billion defined contribution plan.
Baron Asset Fund and the T. Rowe Price Mid-Cap Growth Fund were added to the plan's aggressive growth option. The Janus Overseas Fund and the American Fund's Euro-Pacific Growth Fund are new funds for the international growth option.
Each option now contains three funds. Callan assisted.
Oklahoma seeks CIO
The $4 billion Oklahoma Public Employees' Retirement System is seeking to fill the new position of chief investment officer. Steve Edmonds, executive director, said the fund created the position to oversee its investment management structure.
CITGO hires 2
The $200 million CITGO Petroleum pension fund hired Wellington Management and Grantham, Mayo, Van Otterloo to manage core EAFE international equity portfolios of $20 million each. Merrill Lynch assisted.
Funding will be from a rebalancing of domestic equity assets, said Vickie Ferguson, financial analyst. She said the fund plans a small-cap equity search within the next few months.
Cullins leaving D.C. board
Jeanna M. Cullins has resigned as executive director of the $4.5 billion District of Columbia Retirement Board effective Sept. 30, confirmed Berna Gunn-Williams, chairman. Ms. Cullins' letter, dated Sept. 4, did not give a reason for her resignation, Ms. Williams said. The board will decide at a Sept. 18 meeting how to replace her.
DelCasino leaves N.Y. fund
Joseph DelCasino, deputy comptroller for real estate for the $90 billion New York Common Retirement Fund, resigned.
Mr. DelCasino was unavailable for comment. But industry sources said Mr. DelCasino was joining a real estate affiliate of Donaldson, Lufkin & Jenrette.
Venture capital firm picked
The $29.9 billion pension fund of University of California hired Warburg Pincus Counsellors to manage $142 million in a venture capital/private equity distribution strategy. The firm will decide which IPOs to hold on to and which to sell, said Mel Stanton, assistant treasurer.
Sens. Chuck Grassley, R-Iowa, and John Breaux, D-La., plan to introduce legislation this week to ensure plan participants get the correct amount of pensions owed to them.
The legislation will require employers to provide periodic benefit statements to all employees. For the first time, union pension plans also will be required to do so.
The legislation also would require the Labor Department to draft an alternative dispute resolution procedure so participants who believe their benefits have been miscalculated will have recourse other than taking their employers to court.
Rhode Island taps Watson
The $5.5 billion Rhode Island State Retirement Board hired Watson Wyatt Worldwide as actuary.
Watson Wyatt replaces William M. Mercer.
Wisconsin names Gannon
James M. Gannon was named investment director for private placements at the State of Wisconsin Investment Board, replacing Robert Zobel, who retired. Mr. Gannon previously was assistant investment director for private placements, and hasn't been replaced.
Lucas leaves AIM
Scott Lucas resigned as senior vice president and chief equity officer at AIM Capital Management. Gary Crum, president and director of investments, will assume Mr. Lucas' responsibilities along with other senior management staff.
Freightliner hires trustee
Freightliner Corp. hired Copper Mountain Trust as master trustee for both its defined benefit and defined contribution plans, replacing Wells Fargo. The plans have $353 million in combined assets, according to Money Market Directory.
L.A. Fire narrows search
Los Angeles Fire & Police Pension System selected six finalists in its search for a fixed-income manager to run a $700 million corporate bond portfolio, a spokesman said. A decision is expected in 30 days.
The portfolio had previously been managed by Boston Co.
Wyatt Investing Consulting is conducting the search.
Colorado Fire taps Putnam
Colorado Fire & Police hired Putnam Institutional as a European equity manager. Putnam replaces Walter Scott & Partners in managing the $70 million portfolio, said Ruth Sieler, executive director. Pension Consulting Alliance assisted.
Canadian stocks cut
University of Western Ontario, London, is reducing the Canadian allocation for its global equity fund, said Louise Koza, manager-pension administration for its $680 million defined contribution plan.
The global fund, which is run by five managers, will move to 30%Canadian equities from the current 54%gradually, expecting to reach the target in April.
At same time, the U.S. allocation will rise to 40% from 23% and the EAFE part, to 30% from 23%.
Separately, the plan introduced to participants separate portfolios of Canadian, U.S. and EAFE equities, allowing them to set their own global allocation. The separate portfolios will use the same managers.
Frank Russell assisted.
Smith Barney hired Hansberger Global Investors as subadviser for a new group of global investment funds.
Virginia taps Nordic Capital
The $24.6 billion Virginia Retirement System's investment committee last week voted to hire Nordic Capital, a Scandinavian private equity fund, to manage 300 million kroner ($37.5 million) in a leveraged buy-out fund, said Nancy Everett, deputy chief investment officer. The full board still must approve the hire.
Global equity raised
East Hartford Town Retirement System raised by almost 30%its allocation to global equities, dividing it between existing managers, said Barbara J. Avard, director-finance and pension fund administrator.
The $135 million system assigned $2 million each to Brandes Investment Partners and Simms Capital. Each now manages $9 million.
Funding came from Aeltus Investment Management, which runs the other $117 million in fund assets in a diversified strategy in several portfolios.
Morgan Stanley Dean Witter assisted.
Fund looking at small caps
The $102 million Adams County (Colo.) Retirement Plan is considering small-cap managers for a new mandate of a yet-to-be-determined amount.
The decision to look at small-cap equity is due to a new rule that allows the fund to invest 65%of assets in stocks, up from 55% said Joann Mendenhall, executive director.
A final decision on the amount of the allocation and the manager will be made at the board's Oct. 1 meeting. Mercer is assisting.