Seattle City Employees' Retirement System hired ARM Capital Advisors and PIMCO as domestic core fixed-income managers. Each firm probably will manage $100 million, said Executive Director Roger Howeiler. He added portfolio sizes have not been finalized and the $1.2 billion fund is still in contract negotiations with the firms.
ARM and PIMCO replace Phoenix Duff & Phelps, which also took part in the bidding process. Dahab Associates assisted.
University of Tulsa (Okla.) hired Marque Millennium Group Capital Management as a large-cap value equity manager for its $550 million endowment fund. The $8 million portfolio will be funded from equity index fund portfolios, none of which will be dropped.
Memorial Sloan Kettering Cancer Center, New York, committed assets to two venture capital managers and a hedge fund. Harvest Capital will manage $10 million in an event arbitrage hedge fund; Brentwood Associates will run $7 million in an early stage venture capital strategy; and Doughty Hanson, $10 million in an LBO fund. Funding will come from cash. Cambridge Capital Advisors assisted. Additional commitments are expected to be made within the month. Officials for the $1.5 billion foundation need to commit $25 million more to reach the target of $190 million in alternatives.