SEARCHES & HIRINGS
Ohio Bureau of Workers Compensation, Columbus, will issue RFPs for emerging managers in all asset classes, including alternatives, by the end of this month, said Bob Cowman, CIO. Callan Associates is assisting.
The $18 billion fund is expected to allocate up to $500 million to 10 smaller firms that are not eligible to take part in the fund's fixed-income and equity manager searches. The fund is conducting the fixed-income and equity searches concurrent with the minority searches. Mr. Cowman expects a decision to be made in the emerging firms search in the first quarter of 1998.
Trustees also considered VALIC as an investment manager for the program, but thought VALIC's fee structure was too high, said James M. Hacking, executive director of the $8.2 billion system. VALIC will be allowed to come back to the board with a reduced and revised fee structure within about two weeks.
The program likely will be operational by April 1, said Mr. Hacking. The board will decide by the end of November, with input from consultant Deloitte & Touche, how many and which investment options will be offered.
ICMA was hired last month to provide record keeping and investment management services.
The Scotts Co., Marysville, Ohio, hired Fidelity Institutional Retirement Services as bundled provider for its $85 million savings plan. Scotts will offer 11 Fidelity funds, a company stock fund and the Baron Asset Fund. A company spokesman declined to discuss the plan's previous service provider or investment information.
NEC America Inc., Melville, N.Y., added the CRM Small-Cap Value Fund to its defined contribution plan, increasing its number of options to five.
The fund, managed by Cramer Rosenthal McGlynn, is the $280 million plan's first small-cap option. Towers Perrin assisted.
Middlesex County Retirement System, Cambridge, Mass. hired H.C. Wainwright as its investment consultant. The consulting firm's name was incorrect in the Oct. 7 P&I Daily