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October 03, 1997 01:00 AM

HIRINGS Texas Permanent School Fund, Austin, outsourced about $2.5...

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    HIRINGS

    Texas Permanent School Fund, Austin, outsourced about $2.5 billion to external managers. Loomis, Sayles; Barrow, Hanley, Mewhinney & Strauss; and J&W Seligman will oversee a combined $800 million in small-cap and midcap equities for the $16 billion fund. Oaktree Capital; Salomon Brothers; and MacKay-Shields split $800 million in high-yield bonds. First Quadrant; Davis, Hamilton, Jackson; and Columbia Partners will divide $900 million in large-cap equity.

    Dean Murray, executive administrator, said funds were reallocated from internally managed assets. He declined to specify the exact amount each manager would run.

    Maryland Teachers & State Employees Supplemental Retirement Plans, Baltimore, added two small-cap funds - the Delaware Trend Fund and the T. Rowe Price Small Cap Stock Fund - and replaced a Fidelity money market fund with a stable value fund run by Dwight Asset Management.

    In addition, the $1 billion system renewed its contract with Public Employees Benefits Services, its existing third-party administrator, for a new five-year term.

    Minnesota State Board of Investment, St. Paul, will retain incumbent consultant, Richards & Tierney, for the next five years following a review of the $37 billion fund's options. The fund conducted a search because its prior contract with the firm was expiring, said Howard J. Bicker, executive director.

    Austin (Texas) Diagnostic Clinic Association revamped its $53 million defined contribution plan in a move to daily valuation.

    Hired were UAM as record keeper and Fleet National Bank as trustee replacing NationsBank, which also had managed a bond option and a money market option that were dropped. The number of options will increase to 11 from four. Funds added were: PBHG Growth Fund, a small-cap growth fund; Dreyfus Appreciation Fund, a large-cap growth fund; Barrow Hanley Mewhinney intermediate bond fund; Vanguard S&P 500 Index Fund; and ICM Small Company Value fund.

    Other managers dropped were: GSB Investment Counsel for a core equity account, and Fayez Sarofim, large-cap growth stocks. Principal Financial Securities assisted.

    Children's Memorial Medical Center, Chicago, hired John A. Levin for its $340 million endowment fund, said Paula Noble, assistant treasurer. It will be assigned $60 million for a value equity portfolio.

    Funding will come from a manager with a similar style that was dropped. She declined to identify the manager.

    J.H. Ellwood assisted in the search.

    Horizon Health Systems, Southfield, Mich., hired Portfolio Analytics as its first consultant to do performance monitoring for its $83 million defined benefit plan. The firm possibly will do an asset allocation in the future, but is not expected to start such a project right away, said Richard Muszynski, director of finance.

    CORRECTION: Paula Meyer, the new president of Piper Capital Management, had been senior vice president and director of marketing, a role she retains. Yesterday's P&I Daily misstated her role at the firm

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