SEARCHES & HIRINGS
Meriden (Conn.) Municipal Employee Pension Board plans to interview finalists Seix Investment Advisors and Caywood-Scholl Capital in a search for a U.S. bond manager, said John Miniter, chairman of the board. A decision is expected at the $176 million fund's Nov. 12 meeting. The fund now allocates $25 million to bonds. The size of a new portfolio has not been determined. A.G. Edwards Asset Performance Monitor is assisting.
Last month, the board terminated bond managers Princeton Investment and Anchor Capital in a restructuring. The board also terminated equity managers City Capital Counseling, Fred Alger and Savoy Asset Management, and reallocated assets to other firms.
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. NationsBank also had managed a bond option and a money market option, both of which were dropped. The total 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, core equity account and Fayez Sarofim, large-cap growth account.
Principal Financial Securities assisted.
Crown Vantage, Oakland, Calif., hired Vanguard as a bundled provider for its 401(k) plan. Vanguard replaces State Street Global, which also was strongly considered, said a fund official, who would not give the size of the plan. Vanguard will provide about the same number of options - five mutual funds plus two company stock options. The transition will take place April 1. Main & Co. assisted.
Illinois Tool Works, Glenview, Ill., added a Putnam window option to its $750 million defined contribution plan. The window option will contain 20 Putnam funds, a money market fund and an income fund.
Putnam's S&P 500 Index Fund and International Fund, an equity fund, will be added to the plan's list of nine core funds.
