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October 31, 1997 12:00 AM

HIRINGS Oregon Public Employes' Retirement System, Salem, chose Frank...

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    HIRINGS

    Oregon Public Employes' Retirement System, Salem, chose Frank Russell to serve as its sole consultant. The $24 billion pension fund previously had used both Russell and Wilshire Associates as its consultants for more than 20 years, but decided to consolidate all the consulting work with Russell. A spokesman for the retirement system cited Russell's ``depth in researching and selecting money managers'' as its reason for choosing the firm.

    Oregon also broadened the role of Pension Consulting Associates to allow PCA to act as a ``provocateur'' and offer second opinions. Consultant Woody Brock was retained for broad economic analysis.

    New York State Teachers' Retirement System, Albany, with $58 billion in assets, committed a total of $100 million to three timberland managers, confirmed Candice Ronesi, a spokeswoman.

    Wachovia Timberland Investment Management and Forest Investment Associates each will receive $80 million; Xylem Investments will receive $20 million.

    The commitments will be funded from cash flow, said Ms. Ronesi.

    The Teachers' Retirement System of Illinois, Springfield, assigned $925 million to existing equity managers for its $18 billion fund. TRS will give $500 million to Paradigm Asset Management to manage in core U.S. equities; $200 million to Bank of America in core U.S. equities; $175 million to RCM Capital in core international equities; and $150 million to Ark Asset Management for basic U.S. value equities, said John Day, interim executive director.

    New Hampshire State Retirement System, Concord, committed $10 million to Brand Equity Ventures, a venture capital partnership, said J.P. Singh, director of finance for the $3.2 billion fund.

    The commitment will be funded from distributions New Hampshire is receiving from other alternative investments, said Mr. Singh.

    Brand Equity makes investments in undervalued consumer services companies. The fund has so far received commitments to $78 million and has a $100 million target, said Chris Kinchen, general partner.

    Marlin Firearms and The Marlin Co., both in North Haven, Conn., hired Aeltus Investment Management to manage their defined benefit plans, with combined assets of $15 million for the sibling companies.

    Previously, both funds were managed in-house, said Herb Schneider, controller for Marlin Firearms. Other finalists in the search were Frank Russell and Fleet. The balanced portfolio will contain all capitalizations of domestic equity, short-term domestic fixed-income and a small percentage of international equity.The search was completed in-house

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