SEARCHES & HIRINGS
Philadelphia Municipal Pension Fund, with $3.2 billion in assets, is searching for U.S. small-cap value and growth stock managers to replace recently terminated George D. Bjurman, said Joseph J. Herkness, executive director. Small-cap growth-stock finalists probably will be interviewed Sept. 25; value finalists, Oct. 23. Bjurman ran $47.3 million in U.S. small-cap stocks, but the fund has decided to search for separate value and growth managers.
Mercer is assisting.
Vermont State Employees' Retirement System, Montpelier, is searching for its first U.S. small-cap stock manager to diversify its $800 million-plus portfolio. The change was recommended by Wilshire. James H. Douglas, state treasurer, said trustees have not yet decided where the money will come from, or whether to hire a growth or value manager. Trustees probably will review finalists in the small-cap search in October.
The system also will add $40 million to an S&P 500 index fund managed by Alliance Capital, which now has $47 million. Money will come from cutting back the allocation to Delaware Investment Advisers, which had $177 million in U.S. large-cap value equities. Mr. Douglas said the move was not performance related "but simply a rebalancing.''
Vermont State Teachers' Retirement System, Montpelier, is searching for a U.S. small-cap growth manager to manage $50 million that will come from liquidating the $88 million domestic portion of an $148 million global mandate with Scudder, Stevens & Clark, said James H. Douglas, state treasurer. Scudder will continue to run $60 million in the international stock portion of the global portfolio.
The $900 million system will give the remaining $38 million of Scudder's domestic portion to Fidelity Investments in a domestic large-cap growth stock portfolio. Fidelity now runs $149 million in U.S. large-cap growth stocks for the system.
Callan is assisting. Trustees will review finalists in the small-cap search Oct. 27.
Quad/Graphics Inc., Milwaukee, will make a final selection from among three finalists for the record-keeping assignment for its $120 million 401(k) plan. Finalists are incumbent Principal Financial Group, Northern Trust and Marshall & Isley Trust. The fund is partially bundled with Principal currently with eight investment options. A fund spokeswoman said the fund is not seeking to expand its investment options but wants to unbundle.
Memorial Health Services, Long Beach, Calif., will switch its defined contribution plan to bundled provider Vanguard early next year, said Cheryl Nichols, executive assistant to the treasurer. The $180 million plan will increase to 20 options from six options. Ms. Nichols would not release the names of the plan's current providers.
According to Nelson's Directory of Plan Sponsors, the managers were Dreyfus, Patterson Capital and Provident Investment Counsel. The search was done in-house.