EDMONTON, Alberta - The Alberta Teachers' Retirement Fund Board hired two non-North American equities managers for its C$1.5 billion (U.S.$1.08 billion) pension fund, said Kenneth F. Bancroft, director investments.
GE Investments will be assigned C$100 million for a core EAFE portfolio and Pyrford International, C$50 million for an EAFE portfolio that will make country allocations.
Funding came largely from Baring International and Fleming Canada Partners, which ran similar mandates and were dropped; the rest from a reallocation.
Brockhouse & Cooper assisted.
Annapolis Police & Fire
ANNAPOLIS, Md. - The $97 million Annapolis Police & Fire Retirement Fund hired Bankers Trust as its master trustee. Bankers replaces NationsBank, which is exiting the business.
NEW ORLEANS - Bollinger Shipyards Inc. hired NYL Benefit Services as record keeper for its $10 billion 401(k) plan. A fund spokesman said no changes were made to the plan's six investment options. The previous record keeper was Delaware Charter Trust. The switch was made to improve participant education and communications.
Chicago Area Pattern Makers
LA GRANGE PARK, Ill. - The $126 million pension fund of the Chicago Area Pattern Makers will place 5%of total assets in the Multi-Employer Property Trust, a pooled real estate equity fund.
Administrative Manager Judith Kot would not disclose the source of funding, but did say no managers would be terminated. Marco Consulting assisted.
Dallas Police & Fire
DALLAS - The Dallas Police & Fire Pension Fund moved its two index funds, run by two managers, to 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.
Placing the funds with a single manager enabled the Dallas fund to lower the fees; Mr. Eddington declined to specify the fee reduction achieved. Wilshire Associates assisted.
Detroit General Retirement
DETROIT - 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 for the fund, said the Mount Lucas hiring was the $2.6 billion fund's first foray into futures management. Mount Lucas will take both long and short positions. Funding will come from cash.
The hiring of TT International came as the fund decided to move the assets to separate account management. TT replaces Wellington Management, which managed the assets in a commingled fund. New England Pension Consultants assisted with the hirings.
GENEVA, Ill. - The $806 million Carpenters Pension Fund of Illinois hired Lincoln Capital as a fixed-income index manager as a result of a review of its $240 million fixed-income portfolio. Lincoln will manage about $80 million tied to the Lehman Aggregate index. Lincoln will split the bond portfolio with current active bond managers Lazard Freres and IAI. Marco Consulting assisted.
SPRINGFIELD, Ill. - The $1 billion State of Illinois Employees Deferred Compensation Plan renewed its contract with T. Rowe Price for record-keeping services. Don Templeman, division manager, said the fund received 26 responses to the RFP. T. Rowe Price was selected from among four finalists for the five-year contract renewal. He declined to disclose the other three finalists.
Lauderdale County Health Care
FLORENCE, Ala. - Health Care Authority of Lauderdale County hired Aeltus Investment Management for $15.25 million to be invested in a series of enhanced equity index and Treasury securities pooled portfolios.
The $30 million plan will keep Aetna Retirement Services which had managed the entire plan, mainly in bonds, said Carl Bailey, CFO. Officials hired Aeltus to expand the plan's exposure to equities, he added. Cathey, Wallace & Hall assisted.
BOSTON - Manufacturers Life created for the pension market a family of 24 mutual funds and hired outside firms to manage some of the funds.
The managers are: T. Rowe Price, Science and Technology, Blue Chip and Equity Income funds; Warburg Pincus, Emerging Growth Fund; Morgan Stanley, Global Equity Fund; Founders, Growth Equity Fund; Pilgrim Baxter, Capital Appreciation Fund; Salomon Brothers, Strategic Bond Fund; Miller, Anderson & Sherrerd, Value Equity, High Yield Bond and High Quality Bond funds. The Pinnacle Foreign Fund invests in the Templeton Foreign Fund. Manufacturers' Adviser runs the Index Stock and Real Estate Securities funds. Manulife runs a stable value, a money market and guaranteed interest fund with three portfolios.
There also are five Pinnacle lifestyle funds, which invest in 19 other mutual funds in the family.
NEW YORK - The $200 million Metal Trades Local No. 638 hired Putnam Institutional Management to run $10 million in a core growth equity portfolio in a move to reallocate from balanced managers to speciality managers.
The Taft-Hartley fund also hired two strategic allocation bond managers, a large-cap value manager and a large-cap growth manager. Administrator Kevin Driscoll would not release names, but said $70 million was allocated to new managers including Putnam. None of the balanced managers were terminated. The search was completed in-house.
MILWAUKEE - The Milwaukee County Employees' Retirement System, hired Capital Guardian to manage $20 million in emerging markets equities, said Jac Amerell, director of the $1.4 billion fund. Cap Guardian beat out the fund's two international equity managers, Grantham Mayo Van Otterloo and Rowe Price-Fleming, he said.
The hiring is the fund's first move into emerging markets. Mercer assisted.
Ohio State Teachers
COLUMBUS, Ohio - The $40 billion Ohio State Teachers' Retirement System will invest $20 million in CB Healthcare Fund L.P. sponsored by Cain Brothers & Co. The $100 million venture capital fund will focus on early-stage healthcare services companies. The investment will be funded from cash.
PHILADELPHIA - The Metropolitan District Council, United Brotherhood of Carpenters & Joiners of America, with $840 million in combined pension fund and annuity fund assets, hired its first two equity managers for the annuity fund, said Edward Coryell, president.
Phoenix Duff & Phelps and Sierra Investment Partners will manage $10 million each in an undetermined style. The money came by cutting back the allocation to Mellon Trust, which manages $160 million, mostly in GICs, and CoreStates Personal and Institutional Investment Management, which manages $150 million in an active bond portfolio for the annuity fund, Mr. Coryell said.
Philadelphia Municipal Pension
PHILADELPHIA - The Philadelphia Municipal Pension Fund committed $10 million to SCP Capital Partners, a private equity fund, according to the minutes of a recent meeting of the $2.8 billion fund's trustees.
SCP, sponsored by Safeguard Capital Management, is a late-stage venture capital fund that will invest in Pennsylvania.
TROY, Mich. - The Troy Retirement System froze its $120 million defined benefit plan for some groups of new employees effective Jan. 1 and hired ICMA Retirement as investment adviser for the new defined contribution plan it is setting up in its place, said John Lamerato, assistant city manager of finance.
Current employees will have the choice of switching to the new retirement plan. Mr. Lamerato expects about $50 million to flow in. Already, the firefighters' union agreed to let new employees be covered by the defined contribution plan. The city is working on a similar pact with other unionized workers and an arrangement for non-unionized employees.
Trust Bank of Colorado
DENVER - Trust Bank of Colorado hired Bidwell & Riddle Investment Advisory to manage a new common trust fund it is offering to high-net-worth individuals.
The bank initially is placing between $1 million and $5 million in seed money with the firm. Bill Avery, managing director for the bank, expects the fund to eventually reach the $20 million mark.
READING, Pa. - V.F. Corp. added four options and dropped two for its three defined contribution plans totaling $510 million.
Funds added were: Vanguard Institutional Index Fund, an equity index fund; Baron Asset Fund, a small-cap growth fund; Longleaf Partners Small-Cap Fund, a small-cap value fund; and the Vanguard Institutional Money Market Fund.
Dropped were the Kemper Money Market Fund and the Fidelity Magellan Fund. Each defined contribution plan now totals nine options.
Washington State Investment
The funding will come from cash, and brings the $40 billion fund's allocation to private equity to 7.9%of total assets. The board's goal is to have private equity reach 15%of total assets, said James Parker, executive director. Brinson Partners assisted.