SEARCHES & HIRINGS
Attleboro (Mass.) Municipal Contributory Retirement System, with about $37 million in assets, is searching for a real estate manager to invest $2 million in publicly traded REITs, its first investment in real estate, said Leslie Ring, retirement analyst. Money for the new investment will come from existing fixed-income or equities managers, Ms. Ring said. The fund has 55% of its assets in equities and the balance in bonds.
The deadline for RFPs is Feb. 20. Segal Advisors is assisting.
The PBGC, Washington, hired Mellon Equity Associates to manage a $100 million small-cap core equity portfolio.
The PBGC investment portfolio has $12 billion in assets. The funding for the hire came from cash. The firm's contract will end Sept. 30, after which the federal agency can renew the contract up to seven times in the next seven years. Wilshire assisted.
Greyhound Lines Inc., Des Moines, Iowa, hired M&I Global Securities Lending as its first third-party securities lending agent for its defined benefit plan. Paul Owsley, executive administrator, said at least 50% of the $800 million plan will be included in the securities lending program. The number has yet to be finalized. Hartland assisted.
ABT Building Products Corp., Neenah, Wis., hired SEI Asset Management for total benefits outsourcing of its $52 million defined benefit plan. SEI replaced BEA Associates for asset management and Associated Bank for trust and custody, said Thomas Kelly, vice president of human resources.
``I wanted to bundle everything I could,'' giving ABT and its actuaries one place to call for pension-related issues, Mr. Kelly said.
The changes don't affect ABT's $25 million in defined contribution assets, which are managed by American Century, he said.
Florida Trowel Trades Pension Trust Fund, Miami, hired Carl Domino to manage $5 million in a high-yield growth equity portfolio. Funding will come from the termination of Pacific Mutual, a balanced manager that had run $26 million. The termination was not performance related, but part of a move by the $55 million fund to specialty managers, said Frank Dalrymple, administrator.
The remainder of the Pacific Mutual portfolio was moved to existing managers. Investment Performance Services assisted.
Trident Seafoods Corp., Seattle, hired American Century as bundled provider for its $13 million 401(k) plan. American Century will provide record keeping, administration, education and investment services including 11 mutual funds and one non-American Century fund - the Vanguard 500 Index Fund. American Century replaces Kibble & Prentice, which was record keeper and provided several mutual funds.
Longmont (Colo.) Fire Pension Plan with $11 million in assets, and the Longmont Police Pension Plan with $12 million in assets, each hired ICMA Retirement as a bundled service provider, said Jim Golden, director of finance for the city.
The two 401(a) plans previously used Norwest Bank as record keeper; Wells Fargo Bank as custodian; and Fidelity Investments to provide investment options. The city decided to move to a single provider for those services, Mr. Golden said