SEARCHES & HIRINGS
Vermont Municipal Employees Retirement System, Montpelier, with about $113 million in assets, will search for an investment manager to replace Loomis Sayles, which is resigning as a domestic fixed-income manager effective March 31, said James Douglas, state treasurer. Loomis manages about $25 million for the system.
In the letter of resignation to Mr. Douglas, Anthony J. Wilkins, vice president and associate managing partner, acknowledged Loomis had ``inadvertently'' broken the fund's investment guideline pertaining to Yankee bonds on one occasion, but since trustees alleged other violations as well, the firm felt it best to resign.
Building Laborers Local 310, Cleveland, hired Segal Advisors as a full retainer consultant.
Rich Ranallo of Segal will be looking at the asset allocation, investment structure and investment policy of the $200 million pension fund, $30 million health and welfare fund and $7 million supplemental fund. Segal replaces Newport Evaluation Services, which resigned, said Jimmy Deane, union business manager.
Pennsylvania State Employes' Retirement System, Harrisburg, has renewed a contract with Cambridge Associates as venture capital and alternative investments consultant for the $21 billion fund.
The board also voted to allocate up to $235 million to four private equity managers and one real estate manager. Allocations on which Cambridge assisted include: up to $100 million to Thomas H. Lee Equity Fund IV and up to $50 million each to Oaktree Capital Management Opportunities Fund II and Summit Ventures V.
The fund approved a venture capital allocation of $10 million for Fairview Capital II; specialty consultant Hamilton Lee assisted.
In real estate, the board allocated $25 million to Berwind Property Group Fund IV; the Townsend Group assisted
