PHOENIX - The $200 million Arizona Pipe Trades Pension Trust allocated $10 million to NWQ Investment Management for a small-cap equity mandate and another $10 million to Munder Capital Management for midcap equities. Both were existing equity managers.
California Public Employees
SACRAMENTO, Calif. - The California Public Employees' Retirement System consolidated its apartment investments with two real estate managers.
The $120 billion retirement system retained incumbent SSR Realty Advisors and hired General Investment & Development to manage its $539 million apartment portfolio, said a spokesman for the system.
SSR will manage the west region of CalPERS' portfolio, which is valued at $280 million; GID will manage the $259 million apartments in the eastern United States. SSR previously managed apartment investments for CALPERS valued at $240 million.
Each firm will make co-investments in the existing portfolio and on new acquisitions for CalPERS, said the spokesman. SSR will invest $20 million; GID will invest $25 million.
SSR and GID will take over apartment investments that were managed for CalPERS by Prudential Real Estate Investors, Building Investment Trust, ERE Yarmouth, LaSalle Advisors and The RREEF Funds.
LOS ANGELES - Cedars-Sinai Medical Center said it hired NWQ Investment Management to manage $10 million in equities for its $200 million pension fund. A spokesman declined to say who managed the $10 million previously. Nancy Rimington, NWQ spokeswoman, said it is using a value strategy with a midcap bias on the account.
DALLAS - The 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 in the search.
Copper Mountain Trust
PORTLAND, Ore. - Copper Mountain Trust Corp. hired Back Bay Advisors as a subadviser for its $100 million total return fixed-income commingled pool. Back Bay replaced PIMCO. The change was due to Back Bay's size and a "better corporate fit" with Copper Mountain, said John Wheeler, chief executive and chief investment officer.
Crown Central Petroleum
BALTIMORE - Crown Central Petroleum Corp. hired ANB Investment Management to run about $20 million in passive fixed income for Crown Central's $110 million pension fund, said Michael A. Ciuchta, manager-benefits.
Assets came from Virtus Capital Management, which will continue to manage active core fixed income. The fund decided to split its fixed income between two managers.
Hewitt Associates assisted.
Fort Lauderdale Employees
FORT LAUDERDALE, Fla. - The Fort Lauderdale 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 both active large-cap equities and fixed income for the fund.
Dahab Associates assisted.
Florida Deferred Compensation
TALLAHASSEE, Fla. - The State of Florida Deferred Compensation Plan selected eight investment providers and might select one more in another week.
Hired were: Great Western Bank, Fidelity, T. Rowe Price, Dreyfus, VALIC, Nationwide Insurance, Great West Life and Security First. All had been managers for the $850 million plan previously except for Dreyfus and Fidelity, which replaced Aetna and Great American Reserve.
Aetna might still be in the running and officials will decide in the next week whether they will retain the firm, said Kandi Hicks, administrator.
The number of investment options to be offered to employees will be decided during contract negotiations, Ms. Hicks added.
NASHVILLE - Genesco Inc. added Capital Research and Management's Euro-Pacific Growth Fund to its $34 million 401(k) plan, said Matthew N. Johnson, treasurer. The addition brings the number of options in the plan to six, all run by different managers. LCG Associates and Rogers Co. jointly assisted in the change.
HARTFORD, Conn. - The Hartford Employees' Retirement System hired Aeltus Investment Management as core enhanced-index bond manager.
The firm will manage $70 million for the $850 million fund. The funding will come from a fixed-income annuity contract with Aetna.
Los Angeles County
PASADENA - The Los Angeles County Employees' Retirement Association will allocate an additional $431 million to its $1.4 billion Lehman Aggregate Bond Index fund with Bankers Trust Co. The move is part of a rebalancing of the $23 billion pension fund's assets. The money is coming from small-cap growth manager Weiss, Peck & Greer, which is being dropped for performance reasons. No one at Weiss, Peck & Greer could be reached for immediate comment.
The allocation change was a staff decision with assistance from pension consultant The Frank Russell Co.
Milwaukee Medical Clinic
MILWAUKEE - Milwaukee Medical Clinic 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.
City of Montreal
MONTREAL - 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 and Addenda Capital, and for an enhanced Canadian bond index assignment, TAL Investment Counsel.
Mr. Guillotte declined to provide dollar amounts for the hirings or names of terminated managers.
New York Common
ALBANY - The $90 billion New York Common Retirement Fund, Albany, allocated $200 million to three existing emerging markets managers, according to state Comptroller H. Carl McCall, sole trustee of the fund. Morgan Stanley received $50 million; Schroder Capital received $75 million; and $75 million was allocated to Templeton. Allocations will be funded from cash.
As of July 31, Morgan Stanley managed $134 million; Schroder, $174 million, and Templeton, $189 million.
EASTON, Pa. - Northampton County Employees' Retirement System hired Peirce Park Group as its first consultant to help review the fund's investment policy and risk tolerance.
The $153 million fund's current investment policy, written when the plan formed in 1979 by sole money manager C.S. McKee & Co., includes a provision prohibiting fund officials from comparing the firm to other investment managers or indexes, said Barbara Bigelow, director of fiscal affairs for the county.
The current asset mix is 60%equities, including a small amount in international stocks, and 40%fixed income.
The consultant initially will meet with the board to review third-quarter results, she added.
Ohio State Highway Patrol
COLUMBUS, Ohio - 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 Associates assisted in the searches.
Sound Shore will run $40 million in an active account and State Street, $50 million in a Russell 1000 value index fund. Richard Connell, vice president and treasurer would not identify the manager both firms are replacing.
Evaluation Associates assisted.
J.M. Smucker Co.
ORRVILLE, Ohio - J.M. Smucker Co. added three options from Fidelity for its $35 million 401(k) plan, said Debra A. Wells, assistant treasurer.
It added the Puritan fund, a growth fund and a value fund. The additions brings to nine the number of investment options offered by the plan.
TDK USA Corp.
PORT WASHINGTON, N.Y. - TDK USA Corp. 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.
FOSTER CITY, Calif. - Visa USA Inc. hired Wells Fargo to replace Chase Manhattan as master trustee for its $96 million defined benefit plan.
Chase Manhattan was terminated because of problems with the bank's East Coast location and the three-hour time difference between the fund and the firm, said Susan Sparks, pension consultant at Visa.
The change to Wells Fargo will take place Oct. 1. The firm is also the fund's only investment manager.
BENTON HARBOR, Mich. - The $17 million Whirlpool Foundation hired Putnam Institutional Management to manage its portfolio in six mutual funds. Putnam will use four Delaware Business Trust Funds: a core growth equity trust, small-cap growth trust, international equity trust, and Putnam Horizon Management FI trust; and two other Putnam funds: a large-cap value fund and high-yield advantage fund. Frank Luongo, manager of corporate funding, would not identify the manager the foundation used previously.
West Laurel Hill Cemetery
PHILADELPHIA - West Laurel Hill Cemetery 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.
MELBOURNE, Australia - Victorian Energy Industry Superannuation Fund hired National Australia Custodian Services as custodian. The A$1.1 billion (U.S. $792 million) fund had used State Street as international custodian and handled domestic custodial duties in-house. The search was the result of a recent merger with the Gas and Fuel Superannuation Fund, which already used National Australia Custodian Services, said Ian Ramsay, general manager. Towers Perrin assisted.