Long Island Lighting Co., Hicksville, N.Y., hired Smith Barney to conduct an asset allocation review of its $840 million defined benefit plan and $100 million VEBA trust. The studies are expected to be finished within the next couple of months. Smith Barney replaces SEI, which was a finalist in the search.
Mike Senicola, capital markets supervisor, said the plan's fixed-income manager, Columbus Circle, which managed $50 million, disbanded its bond management unit.
Building Laborers Local 310, Cleveland, hired Segal Advisors as a retainer consultant. Segal will be looking at the asset allocation and investment structure and 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, business manager for the union.
Rhode Island State Investment Commission, Providence, committed $30 million more to alternative investments.
The $5.4 billion fund will commit $15 million each to THL Equity Fund IV and Triumph Partners III, both domestic private equity funds. The money will come from cash and bring the fund closer to meeting its 7.5% target allocation. Including the new commitments, 2.86% of total assets has been committed. Pacific Corporate Group assisted.
Stichting Pensioenfonds ABP, Heerlen, The Netherlands, hired Chase Manhattan Bank as custodian for a Dutch equity portfolio. Chase replaces the Dutch central bank, which has withdrawn from the custody business. The 250 billion guilder (U.S.$124 billion) civil servant pension fund also picked Chase Asset Management to run a cash portfolio. The mandates' sizes were not disclosed.
Community Foundation of Boone County, Zionsville, Ind., hired Conseco as its first domestic fixed-income manager to handle $1 million. The $4 million fund had used its custodian, National City, to manage its bonds, said Beth Casselman, executive director. Oxford assisted