SEARCHES & HIRINGS
Meriden (Conn.) Municipal Employee Pension Board hired Caywood-Scholl Capital, Paine Anderson and Rorer Asset Management. Caywood will run $16.1 million in a corporate bond portfolio; Paine Anderson will manage $20.3 million in a balanced portfolio with a growth tilt; and Rorer, $16.2 million in a balanced portfolio with a value tilt.
Funding comes from the termination earlier this year of Princeton Investment and Anchor Capital. A.G. Edwards Asset Performance Monitor assisted the $170 million fund.
Minnesota State Board of Investment, St. Paul, committed the lesser of $30 million or 20% of the total capital raised to the Westmark Commercial Mortgage Fund IV, confirmed Howard Bicker, executive director of the $32 billion fund. Commercial Mortgage Fund IV will invest in high-quality mortgages. The commitment will be funded from cash.
Zeneca Group P.L.C., Wilmington, Del., added six options to its 401(k) plan, said David W. Agee, manager of compensation and savings. Added were: State Street Global Advisors S&P 500 Index Fund; State Street Global Advisors EAFE Index Fund; Glenmede International Equity Fund; T. Rowe Price Small-Cap Value Fund; Parkstone Small Capitalization Fund, a small-cap growth fund; and Merrill Lynch Basic Value Fund, a domestic equity growth fund. The $698 million plan now has 13 options. Ashford Capital assisted.