SEARCHES & HIRINGS
West Virginia Investment Management Board, Charleston, expects to issue RFPs in about a week for a consultant, now that it's allowed to invest in equities. Craig Slaughter, executive director of the $5.5 billion fund, said the consultant would develop asset allocation, investment polices and investment manager recommendations. A hiring is expected by the end of the year.
A state constitutional amendment adopted last month enables the board to invest up to 20% in equities within the first year after its passage, 40% the second and 60% thereafter.
Detroit General Retirement System hired Mount Lucas Management for a $10 million unleveraged futures allocation and TT International Investment for about $100 million in active core international equities.
Joe Glanton, assistant administrative supervisor, said the Mount Lucas hiring was the $2.6 billion fund's first foray into futures management. The firm will take both long and short positions. Trilogy Capital was the other finalist. Funding will come from cash. The hiring of TT followed a decision to move the assets to a separate account. TT replaces Wellington, which ran the assets in a commingled fund.
New England Pension Consultants assisted with both hirings.
Metropolitan District Council, United Brotherhood of Carpenters & Joiners of America, Philadelphia, with $840 million in combined pension and annuity assets, hired its first two equity managers for the annuity fund, said Edward Coryell, president.
Phoenix Duff & Phelps and Sierra Investment Partners will run $10 million each in undetermined styles. The money came by cutting back the allocation to Mellon Trust, which runs $160 million, mostly in GICs, and CoreStates Personal and Institutional Investment Management, which manages $150 million in an active bond portfolio.
Trust Bank of Colorado, Denver, hired Bidwell & Riddle Investment Advisory to manage a new common trust fund it is offering to high-net individuals. The bank is initially placing between $1 million and $5 million in seed money with the firm