SEARCHES & HIRINGS
Pennsylvania Municipal Retirement System, Harrisburg, has started a search for its first timberland real estate manager, which will manage $20 million. Trustees of the $800 million fund approved the search to help round off the real estate allocation at 10% of total assets. The funding for the new manager is expected to come from cash.
James B. Allen, chairman of the board, said he expected a decision at the board's November meeting. Dahab is assisting.
Seattle City Employees' Retirement System named ARM Capital Advisors and PIMCO as finalists in the $1.1 billion fund's fixed-income manager search. In the next few weeks, Executive Director Roger Howeiler hopes to have a final decision. The mandate will be between $250 million and $300 million. Wurts & Associates is assisting.
Metropolitan Water Reclamation District Retirement Fund of Chicago hired Kenwood Group to run $7 million in midcap value equities, said George Kirie, financial analyst.
The $800 million fund added $10 million to its equity index fund with ANB Investment Management, raising that assignment to $102 million. It also added $5 million each to Phoenix Duff & Phelps and to Zurich, both core growth equity managers, raising their assignments to $61 million each. Funding came from dropping Abacus, a core bond manager, decreasing an ANB fixed-income index fund, which retains $83 million, and other reallocations.
Halliburton Co., Dallas, hired Hewitt Associates as record keeper for its $3.8 billion defined contribution plan. The plan had been administered internally. Nathaniel Duffield, director-trust investments, said the plan will move to daily valuation from monthly.
He also expects to add two investment options to its existing four. He said domestic equity and international equity selections may be added. Halliburton uses separate account managers to structure its investment options.