SEARCHES & HIRINGS
Pennsylvania State Employes' Retirement System, Harrisburg, will mail RFPs for a private equity consultant Sept. 30, according to Paul M. Stahlnecker, RFP coordinator for the $20 billion fund. RFPs will be due back to the fund's office Oct. 24.
The contract on the incumbent consultant, Cambridge Associates, expires in December.
Illinois State Board of Investment, Chicago, committed $105 million to three real estate partnerships, said Katherine Lindsay, deputy director for the $6.3 billion fund.
The board committed $40 million to Olympus Real Estate Fund II, a single asset buyer of office, commercial, hotel and other types of real estate; $40 million to RREEF Real Estate Venture Capital fund; and $25 million to MG Development Partnership, which will invest in commercial real estate.
Avon Products Inc., New York, hired Putnam Institutional to run $17 million in high-yield bonds for its $480 million defined benefit plan. The new asset class will be funded through reallocation among existing bond managers; none will be terminated, said Joseph V. Kulhanek, manager of pension and trust investments. Wilshire assisted.
Prime Management Group, Austin, Texas, selected NYL Benefits as new bundled provider for its $800 million 401(k) plan. NYL will provide record-keeping, administration and investment management services. A plan spokeswoman said investment options have not yet been selected, but that between six and eight NYL funds will be offered when the plan is converted Jan. 1, 1998.
The plan had been administered by 401(k) Co. and had six outside funds. The spokeswoman declined to discuss the reasons for the changes.
State of Iowa Deferred Compensation Plan, Des Moines, selected nine mutual fund investment options for its $130 million plan.
The new funds are: Euro Pacific Growth Fund from American Funds Group; Franklin Small Cap Growth Fund; Neuberger & Berman Partners Trust Fund, a midcap stock fund; Maxim Stock Index Portfolio, which track the S&P 500; Income Fund of America, a stock and bond fund; Bond Fund of America, an intermediate to long-term bond fund; a Washington Mutual Investors large-cap fund; the Ariel Growth Fund; and a stable value fund from Great West.
The fund previously offered insurance company annuities only. Segal Advisors assisted.
The Boy Scouts of America Irving, Texas, selected Bankers Trust as master custodian and trustee for its combined $750 million endowment and pension plans. Bankers, which replaces NationsBank, also will provide performance measurement, investment management and benefit payment services. Boy Scouts officials declined to disclose additional details of the move