SEARCHES & HIRINGS
International Paper Co., Purchase, N.Y., is searching for managers to run 23% of its assets in international developed and emerging market equities portfolios for its $4 billion pension fund and hired six U.S. small-cap stock managers, said Robert Hunkeler, vice president and director of investments.
The pension fund, which already used Provident Investment as a U.S. small-cap growth manager, added Arbor Capital and Artisan Partners for that style; Kestrel Investment and Shapiro Capital for U.S. small-cap value; and Rosenberg Institutional and Barclays Global, core U.S. small-cap.
RogersCasey, which also is handling the searches for international managers, assisted.
No timetable has been established for the search. Funding for the new firms came from cutting back U.S. large-cap stocks.
Robert R. McCormick Tribune Foundation, Chicago, is completing a search for its first asset allocation to venture capital, said Louis J. Marsico Jr., director-finance and administration. The $1.2 billion fund could allocate $10 million to venture capital. It has a finalist manager under review and isn't considering any more candidates. Advisory Research is assisting. The foundation may make a decision by the end of the year.
Massachusetts Pension Reserves Investment Management Board, Boston, today decided 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 ``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.
Forsakringsbolaget SPP, Stockholm, hired Chase Manhattan as global custodian for the insurer's $9 billion in international equity and bond assets, replacing Barclays Global Securities Services