SEARCHES & HIRINGS
Bull HN Information Systems Inc., Billerica, Mass., is searching for managers to add three funds to its $315 million 401(k) plan. The 401(k) committee hopes to make a decision by the end of the year.
The plan is looking at outside managers as well as Fidelity, which provides eight of its nine current investment choices. Putnam provides the other choice. The company can go outside Fidelity and its network for managers.
The committee is still considering which type of new funds to add.
Alaska State Pension Investment Board, Juneau, hired Allegis Realty Investors, PMRealty Advisors and Lowe Enterprises as real estate equity managers to handle $100 million each. Allegis and PMRealty both will manage core real estate equity, and Lowe will handle value-added investments. The funding source for the portfolios has yet to be decided.
The hires bring the $10 billion fund to a total of $540 million committed to real estate with a target allocation of $800 million. Matt Holbert, real estate investment officer, said it is possible the remaining part of the target allocation will be placed with existing real estate managers in 1998. Eileen Bryne assisted.
H.F. Ahmanson & Co., Irwindale, Calif., hired Northern Trust to provide record-keeping and trustee services for its $220 million 401(k) plan. Northern replaces Towers Perrin as record keeper and Bankers Trust as trustee in a move to daily valuation. Ahmanson officials thought the use of a single firm to provide both services would be more efficient, said Mark Bennett, vice president and retirement plan administrator.
The search was completed in-house.
Denison University, Granville, Ohio, will commit $5 million to the Lone Cedar Limited Hedge Fund, said Michael Horst, manager of financial services. The off-shore hedge fund is managed by Lone Pine Capital. The board of the $258 million fund still has to determine a source of the funding. The fund doesn't actually open until Jan. 1, Mr. Horst added.
Fund Evaluation Group assisted. Security Benefit Group of Cos. hired Strong Capital Management to manage a new mutual fund, the Security Small Cap Fund for retail investors, as well as a commingled fund version for use in its variable annuity programs.
CORRECTION: Teachers' Retirement System of Illinois, Springfield, assigned an additional $50 million to Paradigm Asset Management. The amount was stated incorrectly in the Oct. 31 issue.