SEARCHES & HIRINGS
Turner Corp., New York, plan is slated to interview on Nov. 24 three candidates in the first international equity manager search for its $230 million pension plan.
The new portfolio for the defined benefit plan will be around $15 million, said Don Sleeman, senior vice president and CFO.
The three candidates are expected to be chosen next week by the fund's consultant, Ennis Knupp. The manager may be selected next month.
The move to search for an international manager was part of an effort to further diversify the pension fund's investments, Mr. Sleeman said.
Ziff-Davis Inc., New York, hired Scudder Defined Contribution Services as bundled provider for its $120 million 401(k) plan. Scudder will provide record keeping, administration and six investments funds: Scudder Stable Value Fund, Scudder Growth & Income Fund; Scudder International Fund and three lifecycle funds. Three outside funds also will be added: the Dodge & Cox Income Fund; Franklin Small Cap Growth Fund; and the Delafield Portfolio.
The fund had been unbundled with Kwasha Lipton as record keeper and six RogersCasey fund-of-funds investment options.
New York City Deferred Compensation Plan hired PIMCO and Brundage Story and Rose as synthetic GIC managers. Each firm will be awarded $50 million by the end of 1998. The contracts will be ``wrapped'' by Diversified Financial Products to insure book value and market value are equal by the end of each contract.
The funding will come from the $2.5 billion plan's cash reserves. Mercer assisted.
KLM Pension Funds, Amstelveen, the Netherlands, hired Northern Trust as global custodian. Northern Trust replaces the Dutch Central Bank, which is exiting the custody business at year-end. The KLM funds have about 12.5 billion guilders ($6.5 billion) in assets.
Niagara University, Niagara, N.Y., hired Putnam Institutional Management to run a $7 million core growth equity portfolio for its endowment fund. Wellesley Group assisted.
Fund officials would not release the size of the fund or any other information pertaining to the hiring.
TCW/DW Emerging Markets Opportunities Trust, New York, plans to appoint Morgan Stanley Asset Management co-adviser to the $297 million trust. TCW Funds Management, the trust's current adviser, will continue as co-adviser. Implementation is subject to approval by the trust's shareholders; a special meeting to vote on the contracts is expected to be held in January.
The trust is a non-diversified, closed-end investment company. Shareholders of the trust have approved the trust's conversion into an open-end investment company, which is expected to take effect by the end of the trust's fiscal year, in January.
Southern International Asset Management, Pinelands, South Africa, selected AMP Asset Management to run its 243 million rand ($50 million) global bond fund.
AMP replaces Paribas Asset Management, which continues to manage Southern International's global money market fund.
A Paribas spokesman said Paribas had ``mildly underperformed'' its benchmark during the 13 months it had managed the fund because its duration bet was too short.
Southern International used the database of consultant Brockhouse & Cooper.