SEARCHES & HIRINGS
City of New Orleans Employees Retirement System will add a small-cap value equity manager by the end of this year, said Jerry Davis, chairman of the investment board of the $316 million system.
Mr. Davis said the small-cap manager will invest between $10 million and $25 million to be reallocated from existing equity managers and cash. The search will be conducted by Dean Witter, but will not involve sending RFPs.
Coltec Industries Inc., New York, hired Bankers Trust to manage a combined $180 million in S&P 500 stock index fund assets.
A spokeswoman at Coltec said a portion of the indexed assets are from the firm's $703 million defined benefit plan and a portion from its $305 million 401(k) plan. She declined to specify how much was from each plan or name the former manager.
Army & Air Force Exchange, Dallas, hired Boston Partners to manage a $210 million allocation to large-cap equities for its three retirement plans - a defined benefit plan, a supplemental deferred compensation plan and a VEBA. The three plans total $3.9 billion.
The allocation came from the termination of a large-cap value manager that Mimi Sauers, chief-investments and administration, declined to name. Wilshire Associates assisted.
Baltimore County Employees' Retirement System, Towson, Md., hired Institutional Capital Management and Legg Mason to run $60 million each, said Robert Burros, investment administrator of the $1.45 billion pension fund. Institutional Capital will use a large-cap strategy; Legg Mason will manage midcap to large-cap value stocks.
The assets came from a $500 million U.S. equity index portfolio managed by Barclays Global and a midcap U.S. stock portfolio run by Alex. Brown Investment. Alex. Brown continues to manage $121 million.
The system also reduced the U.S. portion of its equity allocation to 42% from 45%, while raising its international component to 18% from 15%. Ennis Knupp recommended the changes.
Flinn Foundation, Phoenix, hired Seigler & Collery to manage $4 million in its SC Fundamental Value Fund, a hedge fund. The hire has brought the $160 million fund close to its target allocation to alternative investments, said Don Snyder, executive director. The funding will come from cash. Cambridge Associates assisted.
Mount Holyoke College, South Hadley, Mass., will commit to the Odyssey Partners U.S. private equity fund. The fund will use assets formerly invested in Odyssey's hedge fund, which was liquidated.
Jan Albano, director of treasury operations, would not disclose how much will be committed to the new fund. The decision to add the private equity fund to the $299 million fund's alternative investments allocation stemmed from its previous relationship with the firm, she added
