HIRINGS
Domtar Inc., Montreal, hired Putnam to manage an foreign equity portfolio for its C$700 million (U.S.$486 million) defined benefit plan. Putnam will run about C$59 million (U.S.$41 million) in the portfolio.
Funding will come from existing managers, none of which will be terminated, said Pierre Drolet, pension fund coordinator. Towers Perrin in Montreal assisted.
International Brotherhood of Electrical Workers Local 292, Minneapolis, hired two managers for active large-cap growth equity. Northern Capital and Smith Asset Management will receive $27.5 million each.
The money comes from a $55 million assignment previously managed by Sirach Capital, which was terminated for performance reasons.
Merrill Lynch Consulting assisted the $200 million pension fund in the search. Sirach officials declined to comment.
Minnesota State Board of Investment, St. Paul, committed a total of $300 million to three alternative investment limited partnerships, confirmed Howard Bicker, CEO of the $31 billion fund.
Colony Investors III, a real estate fund; Summit Ventures Fund, a venture capital partnership; and SCF Partners Investment Fund IV, a natural resources fund; each will receive the lesser of $100 million or 20% of the total capital raised by each fund, Mr. Bicker said.
Bristol (Conn.) General Retirement System hired Phoenix, Duff & Phelps and Heitman as its first REIT managers to handle $5 million each.
The funding for the mandate will come from cash, said Barbara Czaplicki, assistant controller for the $250 million fund. Cohen & Steers was also a finalist in the search. Merrill Lynch assisted.
