SEARCHES & HIRINGS
West Virginia Investment Management Board, Charleston, is searching for an investment consultant to help the $4.3 billion fund move into equity investments, said David H. Gardner, chairman of the investment committee. The investment committee will send out RFPs to a short-list of consultants it will review Oct. 7, and present to the board at its meeting Oct. 14, Mr. Gardner said. The move follows the passage of a statewide referendum Sept. 27 that lets the state invest in stocks for the first time.
City of Baton Rouge (La.) & Parish of East Baton Rouge Employees' Retirement System will select a core domestic fixed-income manager from two finalists.
Finalists for the $100 million placement are Western Asset Management and BlackRock Financial Management. The selection is expected before the end of November pending on-site visits, said Jeff Yates, plan administrator for the $600 million system.
Sisters of Charity of St. Augustine (CSA) Health System, Cleveland, hired Thomson Horstmann & Bryant to manage in excess of $12 million in small-cap value equity for its foundation. The manager was the last of 10 core managers to be hired by officials for the $260 million fund. Funding will come from the consolidation of four regional foundations' cash assets. Mercer assisted.
More asset classes may be added later in the year, depending on what the board decides, said John Faulstich, senior vice president for finance. Those additional classes probably would be in fixed income. It is not known if new managers will be hired for any new mandates, he added.
KLA-Tencor Instruments, San Jose, Calif., selected providers for a new $130 million 401(k) plan formed after the merger of KLA Instruments and Tencor Instruments. Wells Fargo will be custodian and an investment provider. Howard Johnson will provide record keeping. The plan will contain two Wells Fargo Funds, seven American Funds, the Putnam New Opportunities Fund, the Seligman Communication and Information Fund and the State Street Aurora Fund, a microcap fund.
Previously, the plans both used the American Funds. Tencor also used the PVG Long-Term Growth Fund, which will be dropped, and the Putnam New Opportunities Fund. KLA had a bundled plan through Capital Guardian, which provided record keeping and custody. Wells Fargo was custodian for Tencor; Howard Johnson was record keeper. Merrill Lynch assisted.