El Paso (Texas) City Employees' Pension Fund is doing a liability and asset allocation study, said Robert B. Ash, pension administrator. William M. Mercer Investment Cosulting is assisting in the study for the $330 million fund, designed in part to see if the fund's assets can meet projected liabilities. Its allocation now is 65% stocks and 35% bonds.
Fund officials will meet soon to decide whether to take action.
Roofers Local 33, Boston, inteviewed three firms to replace The Hannah Consulting Group, which was terminated because of personnel changes after the firm's purchase by Advest, said Paul Bickford, trustee.
Dahab, Prime and Segal are finalists in the $22 million fund's search. The board is expected to make a final decision this week. The new consultant will likely conduct an asset allocation study, Mr. Bickford added.
The union also moved to the self-directed approach for its $6 million annuity plan, which now has five mutual fund options managed by Janus, Rosenburg, SEI and Federated. Peat Marwick also was hired to provide education. The plan had been handled in-house.
Berkshire County Retirement System, Pittsfield, Mass., will be managed by the Massachusetts Pensions Reserve Invest-ment Management Board effective April 1.
PRIM will manage the system's $53 million in assets for at least five years, said Peter G. Arlos, county treasurer. The fund now uses Freedom Capital as a balanced manager.
Alameda-Contra Costa Transit District, Oakland, Calif., hired Autranet as a commission recapture firm to handle 25% of the trades of the $38 million large-cap equity portfolio managed by RCM Capital.
About two-thirds of the commission proceeds are expected to be refunded to the $200 million fund, said Hugo Wildmann, administrator. Another commission recapture firm is expected to be chosen shortly, he added. The search was done in-house.
Bank of New York will begin offering a real-time market-value-weighted index to track the performance of all American and global depository receipts trading on U.S. stock exchanges. The new Bank of New York ADR index consists of 431 companies from 36 countries, with a total market capitalization of more than $3.1 trillion.
The index contains a composite index and four regional indexes: the Europe ADR index, Asia ADR index, Latin America ADR index and Emerging Market ADR index. Selected country indexes also are available.
Bank of New York also will soon provide industry sector sub-indexes. Eventually, it will create separate indexes to track global depository receipts listed on European stock exchanges.
Currency managers had their second consecutive month of negative performance, as illustrated by the Parker FX index, which fell 2.51% in February. Of the 54 programs in the index, only 14 had positive results. The top performer for February was Dynex, which posted a 5.48% return. In second place was First Quadrant Tactical Curency, which gained 5.27%; Potomac Babson finished third, with a 2.55% gain.