San Jose (Calif.) Retirement Systems hired PMRealty to manage core real estate for the $1.3 billion Police & Fire Department Retirement Plan. The new portfolio will total $65 million or half of the $130 million allocation to real estate. The funding will come from cash.
Crabbe Huson and Provident Investment Counsel also were hired as small-cap value and small-cap growth managers, respectively. Each will manage $30 million for the police and fire fund. Funding will come from terminating small-cap growth managers Apodaca-Johnston Capital and Investment Advisers Inc. Mercer assisted.
Evangelical Lutheran Church in Canada, Winnipeg, Manitoba, hired Knight Bain Seath & Holbrook Capital Management for its C$130 million (US$92.2 million) pension fund, said Carole Cockrell, executive director. Knight Bain was assigned 50% of the fund to manage in a balanced portfolio.
Funding came from Indago Capital Management, which had been the fund's sole manager and which will retain 50% of the assets, also in a balanced portfolio. Aon Consulting assisted in the change.
Battle Creek (Mich.) Police & Fire Retirement System hired Comerica to replace Old Kent Bank as custodian effective Jan. 1, said Stan Schubinski, treasurer of the $83 million fund. McDonald & Co. assisted.