Raytheon Co.'s retirement plan assets are expected to double in size by the end of the day after Raytheon's acquisition of Hughes Electronics closes. Raytheon executives would not release specific information about combination of the plans at this time.
Lexington, Mass.-based Raytheon's total retirement plan assets are estimated to be more than $8 billion.
Strathclyde Pension Fund, Glasgow, Scotland, will review its index-linked bond and property portfolio in 1998, said Geoff Singleton, Strathclyde Regional Council's deputy director of finance for the £4.9 billion (U.S.$8 billion) fund.
The combined £500 million portfolio, which swings between bonds and real estate, originally was managed by Scottish Amicable Investment Managers. But in late 1996 the insurer sold its property team to Robeco, which renamed it Argyll Property Asset Managers. Prudential Corp. later acquired the rest of Scottish Amicable, selling off its institutional money management arm to Britannia Investment Managers.
As a result, Argyll manages the £309 million property portion, while Britannia oversees asset allocation and the remaining bond portion. Continuity of the team has been maintained, but there may be too many components involved, Mr. Singleton said.
California Public Employees' Retirement System, Sacramento, renewed for one year the contracts of its currency overlay managers, Pareto Partners, BEA Associates and State Street Global Advisors. The approvals followed a recommendation for renewals by the fund's staff. As of Sept. 30, Pareto overlaid for CalPERS $3.6 billion; BEA $1.6 billion and SSgA $648 million. CalPERS has total assets of $124 billion.
Pfizer Inc. New York, is planning to add more venture capital managers next year, said Kevin Keating, assistant treasurer.
The company has already hired five managers this year. Mr. Keating would not release the new managers' names or portfolio sizes. Pfizer's defined benefit plan totals $1.4 billion in assets, according to the Money Market Directory.
State Universities Retirement System of Illinois, Champaign, will increase the emerging markets assignment of Martin Currie, an existing manager, by $50 million, said John R. Krimmel, associate investment officer for the $8.8 billion pension fund. The move will boost the manager's total to $326 million. Ennis Knupp assisted.
Alexian Brothers Health System, Inc., Elk Grove Village, Ill., is undergoing an asset allocation study for its $50 million pension plan, said Treasurer Christine Ostermeier. The asset allocation currently stands at 60% fixed income and 40% equities. Yanni-Bilkey Investment Consulting is serving as consultant. Ms. Ostermeier said the plan currently uses only value and small-cap managers. A growth manager may be added to the portfolio. The recommendations of the allocation study are to be implemented by the end of the second quarter of 1998.
