SEARCHES & HIRINGS
Hawaii Employees' Retirement System, Honolulu, will start a search for its first timberland manager late in the second quarter, said Stanley Sui, administrator for the $8.2 billion fund. A portfolio size has yet to be determined. Callan Associates will assist.
Fund officials also expect to finish a search for its first CIO in May or June. The deadline for applicants is Feb. 2. The CIO will assist Mr. Sui in overseeing the fund.
Memorial Sloan Kettering Cancer Center, New York, made three more commitments to alternative managers and will continue to search for funds for an outstanding $10 million to be committed to LBOs and venture capital funds. Thomas Lee will run $10 million in a leveraged buyout fund; Knight-Bridges, $3 million in a venture capital fund of funds; and Accel Partners, $5 million in a high-tech venture capital fund.
Funding will come from the $1.4 billion fund's cash reserves. Cambridge is assisting.
BankAmerica, San Francisco, hired Delaware Investment Advisors to manage a $100 million EAFE equity mandate for its $3.7 billion pension fund. Elsie Fletcher, vice president and senior manager pension asset management, would not name the manager that was terminated. Frank Russell assisted.
Carolina Power & Light Co., Raleigh, N.C., hired two private equity managers to manage $10 million each for its $800 million pension fund, said Donald F. Ray, project business analyst. PruAsia will invest in Asia and Harvest Partners will invest in the U.S. Funding will come from cash flow. LCG assisted in the international area.
District of Columbia Retirement Board, with $4.9 billion in assets, will temporarily invest $90.4 million in a short-term bond fund from State Street Bank. Of that amount, $57.4 million will come from the board's annual employer contribution; $33 million will come from employee contributions.
The pension fund will park the money with State Street until it conducts an asset allocation study. The study will take place after the bulk of the fund's assets are handed over to the U.S. Treasury under the city's bailout law enacted last year, said Sheila Morgan-Johnson, CIO