Pensioenfonds PGGM, the 83 billion guilder ($40.5 billion) pension fund for Dutch health-care workers in Zeist, the Netherlands, is contemplating a major shift in its bond benchmark.
PGGM officials are toying with creating a global bond benchmark, with euro-zone bonds making up 60% of assets and U.S., Canadian, U.K. and Japanese bonds making up the balance, said Marinus Keijzer, chief economist and strategist.
The proposal, which will be considered by PGGM's board in late April, also would move the fund into emerging-market debt.
Astoria Federal Savings and Loan, Lake Success, N.Y., is reviewing its defined benefit plan following the acquisition of the Greater New York Savings Bank.
The banks' newly merged pension plans total $80 million. Officials will probably get rid of one manager, said Steve Schuh, benefits/compensation manager. Fiduciary Trust, Aeltus and Mass Mutual are the managers of the merged plan. The current asset mix is 50% U.S. equities (10% of which is in company stock) and 50% U.S. bonds.
Decisions on changes in asset mix and managers are expected next month. The review is being conducted in-house.
Shelby County Retirement System, Memphis, Tenn., will adjust its portfolio following an asset allocation meeting in April, said David Pontius, manager of pension investments for the $637 million fund.
Mr. Pontius would not speculate on what the asset mix changes would be.
The fund has just finished reviewing its managers. Officials are not certain what manager changes, if any, will be made after the asset allocation review.
The current asset mix is 60% U.S. stocks and 40% U.S. bonds. Consulting Services Group is assisting.
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 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.
