Workers' Compensation Reinsurance Association, St. Paul, Minn., hired Seligman Henderson and Investment Advisers Inc. to each manage $50 million as its first international managers.
Seligman will run core growth equity and IAI will run core value equity. The funding will come from rebalancing U.S. equity investments and the fixed-income portfolio. Some bond managers were terminated, but Director of Investments Jeff Fischer would not name the firms dropped. The search was handled in-house.
The $1 billion fund is reviewing its $500 million domestic equity portfolio. Mr. Fischer expects the portfolio to be repositioned by mid-1998.
He would not comment on specific investment styles that may be added.
Idaho Power Co., Boise, hired Silchester International Investors to manage $15 million in international core equity for its $255 million defined benefit plan.
The funding for the new portfolio will come from existing international core equity manager Walter Scott & Partners and cash. Walter Scott will continue to manage $16 million for the fund. The hire was made to help diversify the international portfolio.
The managers' styles and historical performance complement each other, said Ron Meyers, administrator.
Bidart & Ross assisted.