SEARCHES & HIRINGS
Rogers Casey & Associates formed a new investment consulting unit and hired Bill Overgard as managing director of the unit. The unit, a subsidiary of RogersCasey Sponsor Services, will consult to financial intermediaries seeking to create investment alternatives to mutual funds.
Mr. Overgard previously was president of his own firm. Earlier, he had been national director of investment consulting services for Buck, according to a Rogers Casey statement.
MidAmerican Energy Co., Des Moines, Iowa, hired Janus to run $40 million in large-cap growth equity for its $500 million defined benefit plan. It also added the MFS Research Fund A as an option in its $230 million defined contribution plan.
Janus replaces Alliance Capital, terminated for performance reasons and because of style deviation. Alliance officials would not comment on the termination. MFS Research Fund A replaces Fidelity's Advisors Equity Growth T Fund. The Fidelity fund was dropped due to the continued "musical chairs'' at the firm, said Tom Foster, manager-investments.
Hewitt Associates assisted both searches.
Plumbers Local 130, Chicago, hired Congress Asset Management to manage $25 million in core growth equity for its $300 million pension fund. Congress replaces Loomis, Sayles, which was terminated because of poor performance, said John Bojan, fund supervisor and pension secretary. A spokesman at Loomis, Sayles said the firm does not usually comment on client relationships. Marco Consulting assisted.
HGP Industries Inc., Dallas, selected Diversified Investment Advisors as bundled service provider for its $11 million 401(k) plan. Diversified will provide six investment options (including three lifecycle funds), record keeping and administration.
The plan was consolidated with Diversified after merging four plans, two of which were managed by Cigna and one each by Prudential and Massachusetts Mutual.
Steamship Historical Society of America Inc., Providence, R.I., hired AMAS Securities to manage its $1.8 million endowment fund in a balanced portfolio, said Bradford Hatry, treasurer. He wouldn't identify the previous manager.
CORRECTION: Farouki Majeed was identified incorrectly in yesterday's P&I Daily as chief investment officer of the Minneapolis Employees' Retirement Fund. His title is investment officer