HIRINGS
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.
The managers will be measured against customized benchmarks, which, CalPERS officials say, will assist in identifying any performance problems. The aim of the selection process was to pick the best U.S. equity managers without regard to style.
Florida State Board of Administration, Tallahassee, hired Genesis Investment Management as an emerging markets manager. The firm has a $50 million portfolio. The money 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.
Little Rock (Ark.) City Police Pension and Relief Fund hired Sector Capital Management, said Harold Boldt, treasurer and director-finance and trustee. The $48 million pension fund allocated $10 million to Sector to run a manager-of-manager's equity fund. Funding came from a reallocation.
Edna McConnell Clark Foundation, New York, selected Strong to manage $15 million in what is the foundation's first small-cap portfolio and The Investment Fund for Foundations to manage $5 million in venture capital. Both mandates will be funded from existing large-cap and midcap equity portfolios that were overweighted, said Carol Glazer, vice president and COO of the $670 million foundation.
Evaluation Associates assisted.
Sharp HealthCare, San Diego, Calif., hired Frank Russell to provide investment management services for its $35 million 403(b) plan and $65 million defined benefit plan. Sharp will use six of Russell's multimanager funds in a diversified range of investment options and asset classes. Sharp officials would not elaborate on the previous investment providers for the two funds.
