SEARCHES & HIRINGS
Oklahoma Police Pension and Retirement System, Oklahoma City, will interview three finalists for a $50 million hybrid domestic fixed-income mandate. Robert Wallace, executive director of the $850 million fund, said Oak Tree Capital, Salomon Brothers and TCW Group will be evaluated for a combination high-yield and convertible bond portfolio. Final selection is expected in November.
Asset Consulting Group assisted.
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.
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. Jeffrey Slocum & Associates assisted.
State Universities' Retirement System of Illinois, Champaign, hired ICMA Retirement as record keeper for a new optional retirement program. ICMA will provide administrative and record-keeping services and some investment management options for the program. ICMA beat out finalist Norwest Bank for the combined investment and administrative role.
SURS' board meets again Oct. 8 to decide what asset classes will be offered and to select one or more money managers for investment-only services. Deloitte & Touche is assisting.
Southern States Cooperative, Richmond, Va., hired Fidelity as a semi-bundled provider for its $66 million 401(k) plan. The firm replaced First Union National Bank of North Carolina, which was allowed to take part in the bidding process, said Richard Sherman, vice president of human resources.
The number of plan options will double to 12. William M. Mercer assisted.
City of Anniston (Ala.) Policemen's and Firemen's Retirement Fund hired AG Edwards, Southern Trust Bank and Merrill Lynch to run the fund's newly created sequity allocation, which includes U.S. and international stocks. Each firm will run $3.2 million, which will come from an $11.3 million money market fund that was managed by Merrill Lynch. The remaining $1.8 million will go to bond managers and cash.
The searches were done in-house. The $23 million fund had been managed in-house.
The Sierra Club, San Francisco, hired NWQ Investment to manage its new Sierra Club Combined Fund/Balanced Environmentally Responsible Account. The fund starts with $1.6 million in assets from the Sierra Club.