International Paper Co., Purchase, N.Y., hired six U.S. small-cap stock managers for its $4 billion pension fund as a result of its recent asset allocation study , said Robert Hunkeler, vice president and director of investments.
The pension fund, which already used Provident Investment Counsel as a domestic small-cap growth manager, added Arbor Capital and Artisan Partners for that style; Kestrel Investment and Shapiro Capital as U.S. small-cap value managers; and Rosenberg Institutional and Barclays Global Investors as core U.S. small-cap managers.
RogersCasey assisted. The money for the new managers came from cutting back the fund's allocation to U.S. large-cap stocks.
Rosemount Inc., Eden Prairie, Minn., hired two small-cap managers for its more than $300 million combined 401(k) profit-sharing plan, said David P. Vanasek, manager-tax and financial administration.
Wall Street Associates and Woodland Partners join MFS Asset Management, an existing manager, to share in the management of the plan's aggressive equity portfolio. Investors in the portfolio will receive a return that is a blend of the performance of the three managers. That portfolio has about 22% of the plan's assets.
Jeffrey Slocum & Associates assisted.
Massachusetts Pension Reserves Investment Management Board, Boston, today decide to keep Wilshire Associates as general consultant and Pathway Capital as alternative investment consultant.
Competing general consultant finalists were New England Pension Consultants and RogersCasey; Pathway beat out Abbott for the alternatives slot.
PRIM also will put $20 million in the Europe-only portion of the Advent International Global Private Equity Fund III and up to $40 million in Oaktree Capital Management Opportunities Fund II, a distressed, high-yield bond fund.
District of Columbia Retirement Board picked Hughes Capital as a minority ``farm team'' manager to run between $20 million and $25 million in active core U.S. fixed income for the $4.5 billion fund. Funding will come from cash.
Earlham College, Richmond, Ind., hired consultant Cambridge Associates to assist with alternative investments for its $245 million endowment fund, said Richard K. Smith, vice president-financial affairs.
The fund will retain Wellesley Group, its existing full-service retainer consultant, which also assists on alternative investments. The endowment, which has 3% invested or committed to alternative investments, has a target allocation of 15 % it hopes to reach by 2005.
American Systems Corp., Chantilly, Va., hired Principal Financial Group as a bundled provider for its $15 million 401(k) plan.
The number of funds offered to employees will increase to 13 from 10 funds. Diversified Investment Advisors had been the provider. Paul Horn, benefits manager, would not say why Diversified was terminated. Seven of the new funds will be managed by Principal and six will be managed by Vanguard