SEARCHES & HIRINGS
Maine State Retirement System, Augusta, named finalists in a bond manager search, said Gary Emergy, financial supervisor.
On March 26, the $5.6 billion fund's investment advisory committee will interview Loomis, Sayles; Miller Anderson; and TCW; and is likely to select one or two of them. The size of the allocation has not been determined.
The committee's choice is expected to be ratified at the fund's full board meeting April 9.
Elkem Metals Co., Pittsburgh, outsourced its $165 million defined benefit plan to SEI Asset Management, which will run the assets using a manager-of-managers approach, said Kathryn J. McGrady, Elkem's treasurer. SEI will select and monitor managers and will place the pension fund in 10 global asset classes, using 26 firms.
Before hiring SEI, Elkem used Ark, Columbus Circle, INVESCO and Morgan Stanley, according to the Money Market Directory. Ms. McGrady said she could not immediately confirm them.
JPS Textiles Group, Greenville, S.C., hired Montag & Caldwell as a large-cap growth stock manager for its $100 million defined benefit plan. The firm will run a $20 million portfolio formerly handled by Loomis Sayles, which was terminated for performance reasons, said Ellis Jackson, director of taxes at JPS.
Loomis Sayles officials would not comment. Mercer assisted.
Archdiocese of St. Paul & Minneapolis hired Putnam Investments as a core international equity manager for its endowment fund and pension plans.
Putnam will handle $16 million for the $80 million in combined pension plans and $800,000 in the $8 million endowment fund.
The firm replaces Investment Advisers Inc., which was included in the search. DeMarche assisted.
Philadelphia Housing Authority hired five investment managers in a restructuring of its $130 million pension plan.
Hired were: Columbia Partners for large-cap core equity; Schuylkill Capital for large-cap core equity; Loomis Sayles for non-U.S. equity; Hughes Capital for U.S. bonds; and Zurich for global bonds. The new mandates will come from CIGNA, which had run the entire fund in a GIC product and will continue to manage about $35 million in domestic bonds. The sizes of the other mandates were not available. Fiduciary Investment Solutions assisted