SEARCHES & HIRINGS
Hawaii Employees' Retirement System, Honolulu, hired Clarion Partners and Invesco Realty as core real estate managers. The $8 billion fund awarded each manager $100 million, which will come from cash.
The system also might invest in alternative investments such as timberland, in the future, said Stanley Siu, administrator. No searches would be expected until next year.
Callan Associates assisted.
Ithaca Industries, Wilksboro, N.C., selected Scudder Defined Contribution Services as bundled provider for its $15 million 401(k) plan. Scudder will provide eight investment options, along with daily valued record keeping and administration.
Two outside funds - Janus Worldwide and Neuberger & Berman Genesis - will be offered. Scudder fund options are four of its Pathway lifestyle funds (growth, balanced, conservative and international), along with value, income, stable value and growth and income funds.
Fresenius Medical Care North America, Lexington, Mass., added five options and dropped four from its $85 million 401(k)/savings plan. Added were: Fidelity Spartan, a U.S. equity index fund; Fidelity U.S. Bond; Neuberger & Berman Genesis, a small-cap fund; American Fund's EuroPacific Growth Fund; and company stock. Dropped were Fidelity Balanced, Fidelity Blue Chip Growth, Fidelity Magellan and Fidelity OTC Portfolio.
The plan now has nine options. Watson Wyatt assisted.
Ashbridge Investment Management, Philadelphia, a boutique consulting firm, selected Radnor Capital Management to manage separate account assignments and a commingled investment trust in small-cap value equities.