Boone County Foundation
ZIONSVILLE, Ind. -- The Community Foundation of Boone County hired Conseco Capital Management 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 previously, said Beth Casselman, executive director. Oxford assisted.
Building Laborers Local 310
CLEVELAND -- Building Laborers Local 310 hired Segal Advisors as a full retainer consultant. Segal will be looking at the asset allocation, investment structure and investment policy of the $200 million pension, $30 million health and welfare, and $7 million supplemental funds.
Segal replaces Newport Evaluation Services, which resigned, said Jimmy Deane, business manager for the union.
CHS Insurance Inc.
HARTFORD, Conn. -- CHS Insurance Inc. hired Aeltus Investment as a balanced manager to run $20 million for its $80 million defined benefit plan. Aeltus replaces Bank of Bermuda, which had managed the portfolio strictly in fixed-income. Ennis Knupp assisted.
State of Connecticut
HARTFORD, Conn. -- The State of Connecticut Trust Funds committed a total of $320 million to three alternative investment limited partnerships and $2.2 billion to core fixed-income managers.
In alternatives, the fund committed $145 million to Triumph Capital Partners III, $100 million to the IAI World Fund and $75 million to SCP Private Equity.
For bonds, the fund also committed $300 million apiece to J.P. Morgan and BlackRock, which already managed $300 million each for Connecticut; $600 million each to new managers Western Asset and Wellington; and $200 million apiece to Phoenix Duff & Phelps and Mitchell Hutchins, also new managers.
Diocese of Orlando
ORLANDO, Fla. -- The Catholic Diocese of Orlando pension fund hired STI Capital Management to manage $5 million in its small-cap value strategy, said Ruth Cannady, pension benefits coordinator. The $34 million fund, which had no money in small-cap stocks before, pared investments with large-cap managers Bessemer Trust and DePrince, Rade & Zollo to fund STI, she said.
SAN FRANCISCO -- Fremont Investment Advisors hired Kensington Investment Group to manage a mutual fund it plans to introduce Jan. 1. The fund, in registration with the SEC, will invest in real estate securities using the more conservative of Kensingston's two REIT investment strategies.
Investors in Kensington's more conservative, income-oriented separate account strategy will be moved into the Fremont mutual fund. The firm's more aggressive style will still be available in separate account form.
WARRINGTON, England -- Greenalls Group P.L.C. Pension & Life Assurance Scheme picked Schroder Investment Management to manage a L70 million ($114 million) global balanced portfolio, said David Jack, group pensions manager.
The portfolio had been managed by Gartmore Investment Management, which was dropped because of performance concerns. A spokeswoman for Gartmore confirmed the underperformance. Watson Wyatt Worldwide assisted.
NEW YORK -- Guardian Insurance & Annuity Co. hired outside managers for a new variable annuity, the Guardian Investor Retirement Asset Manager. Hired to manage some of the program's 11 options were: Gabelli & Co. for a domestic equity fund; Value Line for an equity and an asset allocation fund; Massachusetts Financial Services for a domestic equity fund; and Baillie Gifford for a core international equity fund and an emerging markets equity fund. The Guardian is managing five of the options -- a domestic small-cap equity, a core domestic equity, a domestic bond and a cash management fund, as well as a fixed-rate option.
Idaho Power Co.
BOISE, Idaho -- Idaho Power Co. 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.
Institute of Practitioners
LONDON -- The Institute of Practitioners in Advertising Portable Pension Plan hired Legal & General as its primary money manager.
Murray Johnstone Ltd., which provided four investment options for the L41.5 million (U.S.$68 million) defined contribution plan, retained only a L110,000 international equity portfolio. Officials there declined to comment.
Nearly 90%of plan assets had been invested in the default option, an actively managed balanced portfolio, but trustees thought performance was mediocre, said Roger Newnes-Smith, secretary to the IPA trustee board.
Now, L36.6 million in the default option has been transferred to a passively managed fund run by Legal & General. Legal & General, which already had managed a L2 million cash option for the fund, also has been awarded an actively managed U.K. equity fund and a long-term bond fund and now manages nearly L40 million of the fund. Equitable Life continues to manage a L1.6 million with-profits insurance fund. Aon Consulting assisted.
BEAVERTON, Ore. -- Integrated Management Systems Inc. will add funds to its 401(k) plan effective Jan. 1.
Three lifecycle funds and an S&P 500 index fund from Vanguard and the Warburg Pincus Emerging Growth Fund will bring the number of options for the $5 million plan to nine. Officials also decided to drop the Janus Fund and the Columbia Special Fund. Arnerich, Massena & Associates assisted.
KLH Industries Inc.
CLINTON, Miss. -- KLH Industries Inc. selected Principal Financial Group as administrator and investment manager for its new 401(k) plan. Principal will provide nine investment choices: a money market fund, guaranteed fund, two balanced funds, four domestic equity funds and an international equity fund.
Long Island Lighting
HICKSVILLE, N.Y. -- Long Island Lighting Co. hired Smith Barney Consulting 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 company will need to consider where to place $50 million of the VEBA because the plan's current fixed-income manager, Columbus Circle, has disbanded its bond management unit. Officials are speaking informally with managers concerning the portfolio. A decision on a new manager is expected early next year.
Oregon State University
CORVALLIS, Ore. -- The Oregon State University Foundation hired Miller Anderson & Sherrerd as its first domestic core fixed-income manager.
The firm will run a $55 million portfolio that will come from Columbia Management and Fayez Sarofim, which were balanced managers. Both firms now will run large-cap stocks. Trustees wanted more specialized managers, said Ronald Theberge, chief financial officer for the $275 million foundation.
Next on the horizon is the addition of a small-cap to midcap equity manager. The size of the portfolio and date for a search will be decided sometime in 1998. R. V. Kuhns & Associates will assist.
Pennsylvania State Employes'
HARRISBURG, Pa. -- Trustees of the $21 billion Pennsylvania State Employes' Retirement System have renewed a contract with Cambridge Associates as venture capital and alternative investments consultant for the 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 are: 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 also 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; Townsend assisted.
The allocations are subject to contract negotiations and will be funded from cash.
Rhode Island State
PROVIDENCE, R.I. -- The $5.4 billion Rhode Island State Investment Commission committed $30 million more to alternative investments.
The fund will commit $15 million each to THL Equity Fund IV and Triumph Partners III, both domestic private equity funds. The funding will come from cash.
Including the new commitments, the fund has 2.86%of total assets committed to alternatives; its target is 7.5% Pacific Corporate Group assisted.
City of San Jose
SAN JOSE, Calif. -- The City of San Jose decided to retain ICMA and Aetna as service providers for its $230 million deferred compensation plan. Both firms will manage investment options and provide record keeping and administration.
The fund now offers 30 options. Officials are now comparing the plan's current options and some new funds under consideration to established performance standards. A final decision on how many options and what type will be made by the end of January.
Sony Music Entertainment
NEW YORK -- Sony Music Entertainment hired Northern Trust as a record keeper for its $227 million 401(k) plan. Northern replaces Dreyfus, which was a finalist in the in-house search. The company hadn't done a record keeper search for several years and wanted to move to daily valuation, said Mary Moriarty, director of retirement plans.
St. Vincent's Hospital
INDIANAPOLIS -- The $70 million St. Vincent's Hospital Foundation hired Conseco Capital as a core domestic equity manager to handle $2 million. The funding will come from cash, rebalancing and the termination of an unidentified local money manager.
Stichting Pensioenfonds ABP
HEERLEN, The Netherlands -- Stichting Pensioenfonds ABP 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) Dutch civil servant pension fund also picked Chase Asset Management to run a cash portfolio. The size of the mandates were not disclosed.
TREVOSE, Pa. -- The Upholsterers International Union Pension Trust hired MacKay Shields Financial and Janus as large-cap growth managers. Each firm will handle $20 million, which is coming from a rebalancing among existing equity managers.