SEARCHES & HIRINGS
Vlaamse Radio en Televisie, Brussels, is seeking managers for euro and non-euro equity and bond portfolios for its pension fund, said Hugo de Vreese, chief executive.
The 7.8 billion franc ($208 million) fund will have access to 6 billion francs in insurance reserves, plus 1.8 billion francs from a lump-sum state contribution to invest in four external mandates by July 1. In the future, the state will make annual payments of 632 million francs.
An asset-liability study by Watson Wyatt resulted in a strategic asset mix of 49% bonds, 41% stocks and 10% real estate securities.
VRT officials are seeking one active manager to run the bond portfolio, whose target allocation will be 86% euro zone bonds and 14% outside of EMU.
One quarter of plan assets will be split evenly between two active euro zone equity mandates. Up to 40% of each portfolio (5% of total assets) will be invested in real estate securities. A non-euro zone equity mandate, equalling 16% of assets, will require active country allocation and passive stock selection. The deadline for expressing interest is April 12.
California Public Employees' Retirement System, Sacramento, selected 10 U.S. equity money managers, splitting about $8.5 billion among them.
Selected were: Brinson Partners, for $1.2 billion; Brown Capital, $700 million; Dresdner RCM, $500 million; Geewax, Terker, $700 million; Goldman Sachs, $1.2 billion; Oak Associates, $1 billion; Oppenheimer, $1 billion; Putnam Investments, $1 billion; The Boston Co., $250 million; and U.S. Trust of New York-Campbell, Cowperthwait, $1 billion.
Seven of the 10 are new managers for the $128 billion system; Brown, Oak and Oppenheimer are incumbents.
Florida State Board of Administration, Tallahassee, hired Genesis Investment Management as an emerging markets manager to manage $50 million. Funding will come from a restructuring of the fund's international portfolio. No managers will be terminated.
The $79 billion fund used the Wilshire Compass database in screening firms.