SEARCHES & HIRINGS
Curtiss Wright Corp., Lyndhurst, N.J., hired MFS Institutional as a large-cap value equity manager for its $230 million defined benefit plan. MFS replaces another manager in handling the $23 million portfolio. Treasurer Gary Benschip would not disclose the name of the terminated manager. Evaluation Associates assisted.
East Bay Municipal Utility District Employees' Retirement System, Oakland, Calif., hired Putnam for its $420 million pension fund, said Lloyd J. Sawchuk, treasury manager. It will be assigned $25 million for a core MSCI EAFE portfolio. It will take over the assignment from Wellington, which was dropped.Mercer assisted.
International Brotherhood of Electrical Workers, Local 701, Lisle, Ill., hired Putnam as a U.S. core equity manager for its $150 million defined benefit plan. Putnam replaces an existing manager for the $15 million portfolio. Fred Mersman, fund administrator, would not name the firm terminated. Marco Consulting assisted.
Arlington County Supplemental Retirement System, Arlington, Va., yesterday picked a Bank of New York-First Union partnership as its new custodian, said Bruce O. Kallos, administrator. The $900 million fund began searching for a new custodian after its existing custodian, Signet Bank, was acquired by First Union. ``In essence, the Bank of New York will do the custody,'' he said.
Black Hills Corp., Rapid City, S.D., hired Merrill Lynch as semi-bundled service provider for its $17 million defined contribution plan. Merrill replaces an existing record keeper and the American Funds as fund manager.
The administration had been done internally. Garner Anderson, risk manager, would not name the previous record keeper.
The plan will have 15 options effective Jan. 1. Merrill will offer five funds; Oppenheimer, State Street Research, Morgan Stanley, Federated, Managers Funds and PIMCO will offer the other 10. The search was done in-house.