SEARCHES & HIRINGS
Illinois Municipal Retirement Fund, Oak Brook, hired Morgan Stanley to manage $170 million in global equity. The hiring was part of the $11.7 billion fund's plan to increase its global equity allocation from 1% of total assets to 3%.
State Teachers Retirement System of Ohio, Columbus, with assets of $44 billion, committed $20 million to Baker Communications Fund and $30 million to Fox Paine Capital Fund, said Executive Director Herb Dyer. The Baker fund will invest in communications-related companies Fox Paine makes controlling investments in middle market companies.
Sony Music Entertainment, New York, added four investment options to its $329 million 401(k) plan: PIMCO Total Return Institutional Fund, Dodge & Cox Stock Fund, T. Rowe Price Small-Cap Fund and Bankers Trust Investors International Equity Fund.
The funds were added to fill gaps in the plan's offerings, said Mary Moriarty, director of retirement plans. The plan now has nine options. Frank Russell assisted.
Huffy Corp., Dayton, Ohio, hired MFS Retirement Services as bundled provider for its $44 million 401(k) plan and will invest $36 million in four MFS mutual fund options - MFS Fixed Fund, MFS Bond Fund, Massachusetts Investors Trust and MFS Emerging Growth Fund. The rest of the assets will go to the Vanguard Index 500 Fund, American Funds Balanced Fund and Franklin Templeton Small Cap Fund, offered through MFS.
The plan had previously been bundled with Putnam Investments.
Electric Power Board of Nashville, Tenn., hired Great West Life as its vendor for its $17 million 457 plan. Great West replaces Aetna, which was included in the search. Great West will offer up to 18 mutual funds and a self-directed brokerage option.
The number of options has increased from the 11 provided by Aetna, said Donald Kohansky, senior vice president and CFO. The search was done in-house