SEARCHES & HIRINGS
Metropolitan Government of Nashville and Davidson County Benefit Board, Nashville, is searching for a domestic large-cap value equity manager.
The $1.1 billion fund's consultant, PaineWebber, will select two large-cap managers to be interviewed at the board's February meeting. No RFPs will be sent out and the fund will not accept phone calls from managers, said James Luther, executive director.
Separately, Montag & Caldwell was hired to manage $51 million in large-cap growth stocks. Funding came partly from the termination of Lee Danner & Bass, which ran $40 million in large-cap growth, and from the reallocation of assets among existing managers.
The fund also terminated SunTrust as an intermediate bond manager for performance reasons.
``While we have exceeded our target over a 10-year period, we have not over the last two to three years. We therefore understand why they have taken this action,'' a SunTrust spokesman said. The firm ran $25 million for the fund.
St. Luke's Shawnee Mission Health System, Kansas City, Mo., hired Summit Strategies as its first consultant to help oversee the pension, corporate and endowment assets. Summit will review allocation of all of the system's $400 million in combined assets. Officials hope to be finished with the review early next year, said Ron Bremer, CFO.
Comdisco Inc., Rosemont, Ill., hired Putnam as a semibundled provider for its $100 million defined contribution plan. Previously, the plan was handled internally. Putnam and T. Rowe Price will provide nine funds plus a company stock fund, said Jerry Fitzgerald, plan trustee. DiMeo Schneider & Associates assisted.
Knowles Electronics Inc., Itasca, Ill., hired T. Rowe Price as a bundled provider for its defined contribution plan.
The new plan will offer six options plus three lifestyle funds. Plan officials have yet to decide whether some funds offered by other firms also will be offered, said Alan Perry, vice president of human resources. The conversion date for the new plan is April 1.
The $23 million plan now has options provided by T. Rowe Price, Dodge & Cox, Vanguard and American Funds.
DiMeo Schneider assisted.
SunAmerica Asset Management Corp., New York, hired managers to run four new portfolios in its Style Select Series mutual funds.
Hired to run the Large-Cap Growth Portfolio were Janus, L. Roy Papp & Associates and Montag & Caldwell. SunAmerica is managing part of the Large-Cap Blended Portfolio along with Lazard Asset Management and T. Rowe Price. The Large-Cap Value Portfolio is run by David L. Babson, Davis Selected Advisers and Wellington. The Small-Cap Value Portfolio is managed by Berger Associates, Lazard and Glenmede Trust.
Morningstar is providing performance measurement and monitoring and style analysis of the new portfolios to SunAmerica.