SEARCHES & HIRINGS
Firefighters Pension and Relief Fund for the City of New Orleans will start a search for hedge fund managers in November, said Richard Hampton, fund administrator.
The $170 million fund will allocate 5% to 10% of total assets to the new asset class. Mr. Hampton expects the board to hire two managers by Jan. 1. Funding probably will come from U.S. large-cap stock managers. Smith Barney, hired by the fund Oct 1., will conduct the search. The firm replaces Prudential, which also took part in the bidding process.
Dallas Police & Fire Pension Fund consolidated its two index funds, run by two firms, with a new manager, said Larry D. Eddington, chairman of the $1.5 billion pension fund. State Street Global will run $225 million in an S&P 500 index fund and $125 million in an EAFE index fund. The money had been run, respectively, by ANB Investment Management and Barclays Global, which were dropped.
The change results in lower fees. Mr. Eddington declined to specify the fee reduction achieved. Wilshire Associates assisted.
Health Care Authority of Lauderdale County, Florence, Ala., hired Aeltus Investment Management to invest $15.25 million in a series of enhanced equity index and Treasury securities pooled portfolios. The $30 million penion fund will keep Aetna Retirement Services, which had managed the entire plan, mainly in bonds, said Carl Bailey, CFO. Cathey, Wallace & Hall assisted. Strong Capital Management Inc., Menomonee Falls, Wis., hired Schafer Capital as subadviser of the new Strong Schafer Value Fund II, a clone of the original fund.
Strong also introduced the Strong Limited Resources Fund, which invests in energy and natural resource stocks.