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November 14, 1997 12:00 AM

Flowserve Corp., Dallas, a new company formed from the merger of Durco...

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    Flowserve Corp., Dallas, a new company formed from the merger of Durco International Inc. and BW/IP Inc., is evaluating the retirement program ``top to bottom,'' said Kevin Collins, benefits manager.

    BW/IP has $100 million in defined benefit assets and $80 million in defined contribution assets, according to Nelson's Directory of Plan Sponsors. Durco International has $99 million in pension assets and $44.5 million in defined contribution assets, according to Money Market Directory. A decision about what will be done with the merged plans is expected by the middle of next year, with a new program in place by early 1999.

    Hill Samuel Asset Management Ltd. is merging its U.K. and continental European equity teams in the prelude to a single European currency.The move is ``more sort of a cultural change than a detail and practical change,'' said Rob Page, marketing director for the London-based manager.

    U.K. and continental European equity mandates still will be managed separately, for regulatory and other reasons, he said.

    California State Teachers' Retirement System, Sacramento, is expected to give new contracts to its current line-up of real estate managers, but the contracts hinge on fee negotiations to be concluded in December, said Pat Mitchell, CIO of the $77.4 billion pension fund.

    The managers are: AMB Institutional; ERE/Yarmouth; MIG Realty; O'Connor Group; SSR Realty; and TCW Realty. The fund has about 2.49% of its assets in equity real estate.

    CalSTRS also might revamp its corporate governance guidelines to focus more on policies and procedures. Staff will survey other pension systems to develop alternative plans and present its findings to the CalSTRS board next summer. The current guidelines focus on principles and responsibilities.

    Caisse des Depots et Consignations hired Frank Russell to provide performance measurement for its custody clients. The Paris-based institution has more than 3 trillion francs ($520 billion) in assets under custody. It claims it is the first French-based custodian to provide this level of performance attribution.

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