Chubb Corp., Warren, N.J., is considering changes to its $500 million pension plan.
Officials will look at the performance of the fund's two balanced managers and decide whether to do an asset allocation review later in the year, said Janet Butter, manager-investment benefits services.
Columbia Management and Miller Anderson & Sherrerd currently split the plan's assets equally. Trustees have not decided whether to use an outside consultant for the review. Merrill Lynch, the performance monitor for the fund, may be used in the review.
Cherokee Eastern Band, Cherokee, N.C., likely will search for a small-cap equity and an international equity manager later this year, said investment committee member Tiani Osborn. The tribe has yet to approve a new asset allocation mix that includes the asset classes, but is expected to meet again shortly. Searches for the $18.5 million minors fund and $35 million endowment fund are likely to follow in the next few months.
Kalson & Associates is assisting.
New Jersey Manufacturers Insurance, West Trenton, N.J., is reviewing the investment options in its defined contribution plan. The $130 million plan has two options: equity and a GIC. Managers are MetLife, Mutual Life Insurance Co., New York Life, Prudential and Travelers. The in-house review should be finished up by May 1, said Stanford Stevenson, treasurer. It is not yet known whether changes will result from the review.
Hermes Pensions Management and Lens Investment Management announced a joint venture to create the U.K.'s first institutional fund manager geared toward increasing shareholder returns on companies with hidden underlying value. The firm, Hermes Lens Asset Management, will be 75% owned by Hermes and Lens will own 25%.
The new firm's first fund, Hermes UK Focus Fund, will be launched in the summer and be marketed to institutions in England and the U.S. The fund already has commitments in excess of £100 million.
Asset Alliance Corp. bought a 50% equity and revenue sharing interest in hedge fund manager Bricoleur Capital Management, which offers a long short value equity style, said Arnold L. Mintz, executive vice president of Asset Alliance. Asset Alliance is an umbrella firm focused on alternative-style managers.