HIRINGS
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.
Elkem had an asset allocation of 30% bonds, 55% U.S. equities and 15% international equities, she said. Information was unavailable on how the allocation will change.
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
