Southbridge issues RFPs due Dec. 1
SOUTHBRIDGE, Mass. - The $13 million Town of Southbridge (Mass.) Contributory Retirement System is issuing RFPs for a domestic small-cap equity manager and a manager of publicly traded REITs.
The system plans on portfolios of $650,000 in each asset class, said Rafik Ghazarian, financial analyst with Segal Advisors, which is assisting in the search. RFPs are due back to Mr. Ghazarian by Dec. 1.
Bull HN Information Systems
BILLERICA, Mass. - Bull HN Information Systems Inc. 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 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 funds to add.
Archdiocese of Los Angeles
LOS ANGELES - The Archdiocese of Los Angeles is beginning a major asset allocation study of its $500 million in trust funds, said Jose Debase, chief financial officer.
It is the first such study in about three years.
The archdiocese hopes to have recommendations for changes by the end of the year. Asset Strategies is assisting in the study.
The current allocation of the funds, which include pension and endowment funds run similarly, is roughly 60% equities and 40% fixed income.
Chicago Municipal Employees'
CHICAGO - The $4.7 billion Chicago Municipal Employees' Annuity & Benefit Fund will conduct a manager structure analysis in the upcoming weeks in preparation for an asset allocation study next year.
Fund officials want to "see who our managers are and where the holes are," said Ed Burke of Becker, Burke Associates, consultant. The fund's asset mix is 55% U.S. equity, 35% to 40% U.S. bonds, and a total of 10% in venture capital, real estate and international equity.
EASTON, Pa. - Trustees of the $155 million Northampton County Employees' Retirement System next month will hear a presentation from consultant Peirce Park Group on possible changes to the fund's investment policy. Peirce Park's presentation will analyze the current policy and help trustees to understand the need to diversify, said Barbara Bigelow, director of fiscal affairs in the county.
The fund now uses C.S. McKee & Co. as its sole manager and has an asset mix of 60% equities, including some in international stocks, and 40% fixed-income.
Denver Public School
DENVER - The $2 billion Denver Public School Employees' Pension & Benefit Association hired Callan Associates to conduct an asset allocation study.
The review is expected to be finished by the end of the year with approval of a new asset mix being made early in 1998, said Darrell Allen, investment officer. The current mix is 30% domestic equity, 30% corporate bonds, 15% mortgages, 10% international stocks, 10% real estate equity and 5% private equity.
American Red Cross
FALLS CHURCH, Va. - The American National Red Cross might invest in an inflation or deflation hedge for its $800 million pension fund, said Kathleen Kavanagh, senior investment associate-treasury. The fund is studying the use of such a hedge, and could decide in December on a course of action and begin a search afterward for managers. It could invest $4 million to $20 million.
The scope of the study includes considering what asset classes would be best to use for such a hedge.
Bay Area Painters
SAN FRANCISCO - The $300 million Bay Area Painters & Tapers Pension Fund Trust is conducting an asset allocation study.
Alex Lawrence, chief financial officer, wasn't sure what changes might be implemented as a result of the study. The in-house review is expected to be finished by January. According to Nelson's Directory of Plan Sponsors, the fund invests 52% in U.S. equity, 33% U.S. bonds, 10% real estate equity and 5% in cash.
San Bernardino County
SAN BERNARDINO, Calif. - The $2.6 billion San Bernardino County Employees' Retirement System selected American Realty Advisors, Allegis Realty Investors, PMRealty Advisors and ERE Yarmouth as finalists for a $62 million allocation to core realty. One is likely to be chosen at a Nov. 10 meeting. Townsend Group is assisting. The money will come from money spread out among the fund's equity advisers.
Battle Creek Police & Fire
BATTLE CREEK, Mich. - The $83 million Battle Creek Police & Fire Retirement System will interview three banks in its search for a custodian: Old Kent Bank, Comerica and Michigan National Bank.
The fund now uses Old Kent, which also was the sole investment manager until earlier this year, when officials hired five money managers to manage the plan's investments.
A decision may be made at the fund's Nov. 17 board meeting, said Stan Chubinski, city treasurer. McDonald & Co. is assisting.
NEW YORK - The $230 million Turner Corp. plan is slated to interview on Nov. 24 three candidates in its first international equity manager search.
The new portfolio for the defined benefit plan will be around $15 million, said Don Sleeman, senior vice president and chief financial officer. The three candidates are expected to be chosen the week of Nov. 10 by consultant Ennis Knupp. The manager may be hired sometime 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.