SEARCHES & HIRINGS
Sierra Pacific Power Co., Reno, Nev., hired five managers for its $200 million defined benefit plan.
Equity managers hired were: Putnam for $33 million in large-cap growth; Capital Guardian, $16 million in core international; Cadence Capital, $14 million in midcap growth; and Boston Co. for $14 million in midcap value. Funding comes from the termination of large-cap growth manager Chancellor's $55 million portfolio and the reduction of Boston Co.'s large-cap value portfolio to $33 million from $55 million. Sirach Capital will run $18 million in intermediate-term bonds, funded from existing long-term bond manager Loomis, Sayles, which continues to run $31.5 million. Callan assisted.
Chancellor has gone through a number of changes in management and structure, so fund officials were just more comfortable with a new manager, said Mark Ruelle, CFO at Sierra Pacific. A Chancellor spokeswoman said, ``The turnover works both ways ... we are hiring some really incredibly talented and very capable people.''
Carpenters District Council of Greater St. Louis and Vicinity will invest $120 million in the new Builders ProLoan Mutual Fund distributed by Huntleigh Securities.
Funding will come from the $775 million pension plan's current ProLoan program, which was the inspiration for the mutual fund. Like the ProLoan program, the fund will provide loans for union-built homes. Commerce Bank is subadviser.
Pennsylvania State Employes' Retirement System, Harrisburg, selected Alliance Capital and Montag & Caldwell to run the fund's $500 million large-cap growth equity portfolio. Each will get $250 million, replacing Miller, Anderson & Sherrerd. RogersCasey assisted.
The $20 billion fund also allocated up to $25 million to Keystone Ventures V, a venture capital fund. Cambridge Associates assisted.
Funding will come from cash.
New York State Teachers' Retirement System, Albany, invested $100 million in the Prudential Real Estate Investors' Strategic Value Investors fund, which recently closed with $685 million. Funding comes from cash.
The $58 billion New York fund is among eight institutional investors that invested a total of $350 million in the Prudential fund.
San Antonio (Texas) Fire & Police Pension Fund hired Capital International for $25 million in emerging markets stocks. The $922 million fund's allocation will be invested in Capital International's Emerging Markets Growth Fund. Funding will come from a reduction in the large-cap U.S. equities portfolio of an unnamed firm. Towers Perrin assisted.
Metal Trades Local 638, New York, hired Putnam Institutional to run $10 million in a core growth equity portfolio in a move from balanced managers to specialty firms.
The $200 million fund also hired two strategic allocation bond managers, a large-cap value manager and a large-cap growth manager. Administrator Kevin Driscoll would not name the other firms. No managers were terminated. The search was done in-house.
Philadelphia Municipal Pension Fund, with $3.2 billion in assets, committed $1 million to GS Capital, a private equity fund sponsored by Safeguard Scientifics, according to minutes of a recent board meeting