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. Putnam will take over the assignment from Wellington, which was dropped. Mercer assisted.
International Brotherhood of Electrical Workers, Local 701, Lisle, Ill., hired Putnam Institutional Management as a domestic core equity manager for its $150 million defined benefit plan.
Putnam replaces an existing manager in running the $15 million portfolio. Fred Mersman, fund administrator, would not disclose the name of the manager terminated.
Marco Consulting Group 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 pension 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.
Flinn Foundation, Phoenix, committed $2 million to Oaktree Capital Management's distressed securities limited partnership.
The firm is expected to be the last one hired in the alternative investment area for the $160 million fund. The funding will come from cash. Cambridge Associates assisted.
PLAN International, Warwick, R.I., hired MFS Institutional as a fund manager and PaineWebber as record keeper for its $3 million offshore defined contribution plan.
The firms were chosen to replace bundled provider AIG, after an asset performance analysis and a fiduciary compliance review. MFS will provide six investment options, which for the first time will include U.S. stock funds. The plan previously offered a money market option, non-U.S. government bond option, international equity, Southeast Asia equity, and a balanced option. Argus Consulting assisted.
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 plan's previous record keeper.
The plan will have a total of 15 options effective Jan. 1. Merrill will offer five funds; Oppenheimer, State Street Research, Morgan Stanley, Federated, Managers Funds and PIMCO will offer the remaining 10 .
The search was completed in-house
