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.
Memorial Sloan Kettering Cancer Center, New York, made three more commitments to alternative managers. 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 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. They will invest in a broad array of companies. 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 and $33 million will come from employee contributions.
The fund will park the money with State Street until it conducts an asset allocation study, said Sheila Morgan-Johnson, CIO.