SEARCHES & HIRINGS
National Australia Group Pensions Common Investment Fund, Leeds, England, hired Northern Trust as global custodian for its £1.4 billion ($2.3 billion) in assets. The appointment stems from an investment review that is leading to a switch to specialist managers from balanced managers, said Neil Barrell, manager, group pensions for National Australia Group Europe, Leeds.
The fund comprises assets of the Clydesdale Bank Pension Scheme, Northern Bank Pension Scheme, Yorkshire Bank Pension Fund and National Australia Bank UK Retirement Benefits Plan.
Previously, three of the fund's four balanced managers - Morgan Grenfell, Gartmore and PDFM - provided custody internally. The fourth manager, Baillie Gifford, outsourced custody to Clydesdale Bank.
The fund's new specialist manager lineup will be unveiled next week. Watson Wyatt Worldwide was the consultant.
Washington State Investment Board, Olympia, allocated $100 million to Harbourvest International Fund III, a private equity fund; $35 million to Mezzanine Capital Property Investors, an opportunistic real estate partnership; and $55 million to HomeTown America, an opportunistic real estate partnership specializing in manufactured homes.
Funding will come from U.S. equity and U.S. bond portfolios, said Christopher Ailman, CIO of the $43 billion fund.
Pension Consulting Alliance assisted.
Canadian Red Cross Society, Ottawa, Ontario, hired Putnam Institutional Management as an international core equity manager for its defined benefit and defined contribution plans, which have a total of $210 million in assets.
The firm will manage a total of $15 million for the plans. Pension Analyst Sandy George would not reveal the source of funding.
Towers Perrin assisted.
Anglian Water Pension Schemes, Huntingdon, England, hired Northern Trust as global custodian, replacing Bank of Scotland, said Ian Barrett, secretary to the trustees.
The £375 million ($611 million) fund was overdue for reviewing its custody arrangements, he said.
After the trustees' decision last year to seek a bank more committed to the global custody business, Bank of Scotland announced it was withdrawing from the area. Bacon & Woodrow assisted.
Northstar Investment Management hired Brandes Investment Partners to manage its new Emerging Markets Value Fund under a subadvisory agreement.
The addition of the emerging markets fund brings Northstar's mutual fund family to 12.
