SEARCHES & HIRINGS
TRW Investment Management, Cleveland, hired Putnam Investments as a large-cap growth manager for its $3.2 billion defined benefit plan.
The firm will run $80 million, which will come from existing managers; none will be terminated, said Bob Hamje, president. The hiring was made to gain more exposure to large-cap growth equities, he added. Putnam also is an investment manager for the company's defined contribution plan, which is partly why the company chose to use them.
El Pomar Foundation, Colorado Springs, Colo., hired GEM Capital to run $10 million in a U.S. convertible bond portfolio.
The funding is coming from cash. The portfolio was added to enhance the $414 million foundation's bond portfolio, said R. Thayer Tutt Jr., executive director and CIO.
Great American Reserve Insurance, a Conseco subsidiary, selected Lord, Abbett to manage a growth and income stock option in its new Conseco Advantage Variable Annuity.
The variable annuity portfolio now totals $560 million and is managed by W. Thomas Hudson Jr.. He also manages Lord Abbett's $8 billion Affiliated mutual fund, which uses the same growth and income strategy.
First Financial Insurance Co. and Burlington Insurance Co., subsidiaries of IFG Cos., New York, hired Hartford Investment to manage up to $200 million in insurance assets in diversified, fixed-income portfolios.
No further details were available.
Freedom Capital Management, Boston, hired Polaris Capital Management as a subadviser for an institutional international equity mutual fund now in SEC registration.
Bernard R. Horn Jr. will manage the fund using a pure value strategy, investing in companies with the most undervalued cash flow or assets, regardless of industry or location.
CypressTree Investments, Boston, hired Warburg Pincus as manager of CypressTree's new Emerging Growth Fund, the 16th fund in its North American Funds family.