SEARCHES & HIRINGS
New York State Common Retirement Fund, Albany, allocated $200 million each to the Bank of Ireland, Delaware International and Templeton Investment Counsel to manage core EAFE portfolios, confirmed New York State Comptroller H. Carl McCall.
The fund also gave additional money to three emerging markets equity managers: Acadian Asset Management, received $60 million, boosting its total to $145 million; Templeton received $75 million and now runs $323 million; and Capital Guardian Trust received $150 million, bringing its total to $607 million. Funding came from cash flow.
Morgan Grenfell Asset had its contract as an emerging markets manager terminated because of relative underperformance and reorganization of the emerging markets team. The $60 million it managed was transferred to Templeton. A Morgan Grenfell spokesman had no comment.
The fund also committed $200 million to the Hudson River Fund, which will invest in small leveraged buyouts and special situation partnerships recommended by Hamilton Lane Advisors; and $100 million to the Mohawk River Fund, which will invest in venture capital partnerships recommended by HarbourVest Partners. HarbourVest also will receive $200 million to invest in its International Private Equity Partners III, an international venture capital fund of funds.
Toyota Motor Sales USA Inc., Torrance, Calif., hired Boston Partners for its $300 million pension fund, said Lloyd Mistele, vice president-finance. The firm will manage a value equity portfolio. Funding will come from a reallocation. No consultant was used.
Virginia Retirement System, Richmond, with $28.8 billion in assets, will invest $25 million in the European Acquisition Capital Fund II, a private equity fund that acquires interests in undervalued medium-sized private companies in Britain and Europe; and $50 million in LF Strategic Investors II, a closed-end real estate partnership. Funding came from cash, said Bill Sullivan, a spokesman.
AAI Corp., Hunt Valley, Md., hired three managers to add four funds to its $73 million 401(k) plan. Fidelity will manage a money market and equity fund; INVESCO, a balanced fund; and Templeton, an international equity fund. The plan now has 11 investment options.