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September 26, 1997 01:00 AM

HIRINGS Illinois State Board of Investment, Chicago, committed $105...

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    HIRINGS

    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, primarily in suburban markets, Ms. Lindsay said.

    Avon Products Inc., New York, hired Putnam Institutional Management 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 fixed-income managers, none of which 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 easons for the changes.

    State of Iowa Deferred Compensation Plan, Des Moines, selected nine mutual fund investment options for its $130 million plan. The plan hired Great West Life as its first third-party administrator earlier this year.

    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.

    Coca-Cola Bottling Co. Consolidated, Charlotte, N.C., hired Putnam as a bundled provider for its $55 million 401(k) plan. Putnam replaces a semi-bundled approach in which Aon Consulting was record keeper and American Funds and Aetna provided investment options, said Tripp Deal, corporate benefits manager. The number of options was doubled to 10. The search was done in-house.

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