CalPERS narrows list
The $124 billion California Public Employees' Retirement System narrowed its search for U.S. equity managers to 25 strategies from a previous list of 65. The system plans to select about 10 strategies for a total of about $8 billion.
Managers are: Brinson; Denver Investment; Geewax, Terker; RCM; Dimensional Fund; Ark Asset; Rosenberg; State Street; Trinity; Brown Capital; Boston Co.; Oppenheimer; New Amsterdam; Putnam; Oak; Goldman Sachs; RB Haave; U.S. Trust of New York; Cohen Klingenstein; and Fleming Capital.
Some managers were picked for more than one strategy. The list could be further narrowed in February; final selections are expected in March.
CalPERS also retained Dimensional Fund Advisors as manager of a $1.2 billion U.S. passive small-cap equity portfolio, subject to successful fee negotiations. If negotiations aren't successful, State Street Global will get the contract.
Trust to boost equities
The $130 million Yankee Atomic Electric Nuclear Decommissioning Trust plans to nearly double its equity allocation over the next 11/2 years, said Timothy S. Conry, treasury manager.
The fund, now 30%equity and 70%fixed income, plans a 50-50 allocation.
In about a year, it may consider adding more managers, Mr. Conry said.
Chicago Firemen taps 2
The $1 billion Chicago Firemen's Annuity Benefit Fund hired Invista Capital and INVESCO to manage active core international equity portfolios of $25 million each.
They replace J.P. Morgan, said Ken Kaczmarz, executive director.
Mercer assisted.
Alaska hires AEW
Trustees of the $19 billion Alaska Permanent Fund voted to hire AEW Capital Management to manage a $300 million REIT, said spokesman Jim Kelly.
Kaiser taps TT International
The $520 million Henry J. Kaiser Family Foundation hired TT International as an international small-cap to midcap equity manager to run $20 million.
Cambridge Associates assisted.
Pontiac hires for small cap
The $208 million Pontiac (Mich.) Policemen and Firemen Retirement Fund hired PNC Equity Management, Loomis Sayles and STI Capital Management as small-cap managers. PNC will manage $10 million in small-cap growth; Loomis, $10 million in small-cap value; and STI, $5 million in small-cap value. They replace Kennedy Capital Management. Callan assisted.
Managers top index
The median emerging markets equity manager in the InterSec Research universe posted a -3.6% return in the third quarter, compared with -9.3%in the MSCI Emerging Markets Free index.
The median manager outperformed in each of four regional categories: Asia, Europe, Latin America, and the Middle East and Africa.
LACERA promotes ICM
The $22 billion Los Angeles County Employees' Retirement Association selected ICM Asset Management for a $150 million small-cap to midcap domestic equity assignment.
ICM had been managing a $20 million small-cap portfolio for the fund as part of a team of managers under management of Northern Trust Global Advisors. ICM's status change resulted from its good performance. Funding will come from a Russell 2000 index fund with Bankers Trust.
Dudley named CEO
Orie L. Dudley Jr. has been named CEO of Scottish Widows Investment Management, effective Jan. 5. He succeeds David Ritchie, who is retiring. Mr. Dudley now is managing director of Barclays Asset Management, where he has not been replaced.
Putnam picks director
John M. Brown was named a managing director at Putnam Investments, a new position. He will be responsible for Putnam's defined benefit business. Mr. Brown was CEO and managing director at State Street Australia, where he has been replaced on an interim basis by Bob Williams.
Kingfisher hires custodian
The Kingfisher Pension Scheme, London, hired State Street Bank as global custodian for the 800 million pounds ($1.35 billion) fund. State Street replaces Citibank.
Tufts taps Putnam
Tufts Health Plans hired Putnam Institutional Management as a high-yield bond manager for its $200 million general corporate fund. Tufts allocated $10 million to the new asset class. Assets came from reducing allocations to investment-grade bond managers.
Prime Buchholz assisted.
SS&C acquires Mabel
SS&C Technologies Inc., a provider of investment software and services, signed an agreement to acquire Mabel Systems B.V., Amsterdam, a provider of portfolio management systems.
SS&C acquired all of Mabel's outstanding share capital for $850,000 in cash to be paid in four installments, and $750,000 in SS&C stock. SS&C also agreed to pay up to an additional $1.9 million in cash if Mabel Systems achieves certain revenue targets over the next three years.
