Archdiocese of Twin Cities
ST. PAUL, Minn. -- The Archdiocese of St. Paul & Minneapolis hired Putnam Investments as a core international equity manager for its endowment fund and pension plans.
Putnam will handle $16 million for the $80 million in combined pension plans and $800,000 in the $8 million endowment fund. The firm replaces Investment Advisers Inc. DeMarche assisted.
Art Institute of Chicago
CHICAGO -- The Art Institute of Chicago hired two balanced managers for its $380 million pooled endowment fund.
Holland Capital will manage $5 million and Montag & Caldwell, $13 million. The money comes from the termination of Chicago Trust Co., which managed $30 million in a balanced portfolio. Bob Mars, executive vice president-administrative affairs, said the rest of the portfolio went to existing hedge fund managers.
William T. Kennedy Associates assisted.
BATON ROUGE, La. -- The Baton Rouge & Parish of East Baton Rouge Retirement System hired Trinity Investment Management as a midcap value equity manager to run an $80 million portfolio.
Funding will come from cash reserves and midcap equity manager Investment Advisers Inc., which managed $47 million before it was terminated for performance reasons, said Jeffrey Yates, retirement administrator for the $680 million fund. IAI did not return phone calls by press time.
Summit Strategies assisted.
PASADENA, Calif. -- The California Institute of Technology committed to 13 venture capital funds as part of its plan to reach a 25%allocation to alternatives in five years.
The $1 billion fund committed between $5 million and $10 million each to fund managers: Knightsbridge, Brinson Partners, Accel, Foundation Capital, Sequoia Capital, Sevin Rosen, CHL Medical Partners, Prospect Partners, Whitney Equity Partners, Industrial Growth Partners, Freeman Spogli, Sprout Capital and Thomas Lee.
The money will come from rebalancing the equity portfolio, said Philip Halpern, chief investment officer.
California Public Employees
SACRAMENTO, Calif. -- The $129 billion California Public Employees' Retirement System selected 10 U.S. equity 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 are new managers for the system; Brown, Oak and Oppenheimer are incumbents.
McConnell Clark Foundation
NEW YORK -- The Edna McConnell Clark Foundation hired a small-cap value manager and a venture capital fund.
Strong will manage $15 million in the foundation's first small-cap portfolio. The Investment Fund for Foundations, will manage $5 million in venture capital.
Both mandates will be funded from large-cap and midcap equity portfolios that were overweighted, said Carol Glazer, vice president and chief operating officer of the $670 million foundation. Evaluation Associates assisted.
Connecticut Higher Education
HARTFORD, Conn. -- Connecticut Higher Education Trust hired four managers to run the $1.5 million in assets accrued so far in the new college prepaid savings plan.
Hired managers were: Aeltus, S&P 500 enhanced index; Lazard Freres, small-cap core; Montgomery Asset Management, international core equity; and J.P. Morgan, domestic long- and short-term bonds.
Fund administrator Collegiate Capital assisted in the search.
Elkem Metals Co.
PITTSBURGH -- Elkem Metals Co. outsourced its $165 million defined benefit plan to SEI Asset Management, which will use a manager-of-managers approach, said Kathryn J. McGrady, Elkem's treasurer.
Before hiring SEI, Elkem used Ark Asset Management, Columbus Circle, INVESCO Capital and Morgan Stanley, according to the Money Market Directory. Ms. McGrady said she could not immediately confirm them.
SEI will select and monitor managers and place the pension fund in 10 global asset classes, using 26 money managers.
Elkem had an asset allocation of 30%bonds, 55%U.S. equities and 15%international equities, she said. Information was unavailable on how the allocation will change.
Florida State Board
TALLAHASSEE, Fla. -- The $79 billion Florida State Board of Administration hired Genesis Investment Management as an emerging markets manager. The firm has a $50 million portfolio with a global mandate. The money will come from a restructuring of the fund's international portfolio. No managers will be terminated. Wilshire's Compass database was used in screening firms.
Fort Lauderdale Employees
FORT LAUDERDALE, Fla. -- The $230 million Fort Lauderdale General Employees Retirement System hired Bank of New York as custodian. It replaces Chase Manhattan, which was allowed to bid for the contract.
JPS Textiles Group
GREENVILLE, S.C. -- JPS Textiles Group hired Montag & Caldwell as a large-cap growth manager for its $100 million defined benefit plan.
The firm will manage a $20 million portfolio that was handled by Loomis Sayles, which was terminated for performance reasons, said Ellis Jackson, director of taxes at JPS. Loomis Sayles would not comment. Mercer assisted.
Laclede Gas Co.
ST. LOUIS -- Laclede Gas Co. hired Mercantile Bank as custodian for its $300 million defined benefit plan and American Express as bundled provider for its $100 million 401(k) plan.
Both firms replace Boatmen's Bank, which left the business. The defined contribution plan, which was bundled with Boatmen's, will have the same types of choices plus a new small-cap option that brings the choices to five.
Little Rock City Police
LITTLE ROCK, Ark. -- The Little Rock City Police Pension and Relief Fund hired Sector Capital Management, said Harold Boldt, treasurer and director-finance and trustee. The $48 million fund allocated $10 million to Sector to run a manager-of-managers equity fund. Funding came from a reallocation.
Los Angeles County Employees
PASADENA, Calif. -- The Los Angeles County Employees Retirement Association selected Watson Wyatt as its actuarial firm to replace Towers Perrin.
Marsha Richter, chief executive of the $22 billion pension fund, said she intends to recommend actuarial audits every five years. A recent audit turned up a $1.2 billion error in the size of LACERA's liability. Pending final negotiations, Watson Wyatt is expected to sign a three-year contract.
MDU Resources Group
BISMARCK, N.D. -- MDU Resources Group Inc. hired New York Life Benefit Services as record keeper and New York Life Trust as trustee for its $165 million 401(k) fund. They replace Norwest Bank, which had provided both services.
MDU also added three New York Life funds -- the MainStay Institutional Index Equity Fund, MainStay Institutional Index Bond Fund, and New York Life Anchor Account Stable-Value Fund -- and the Templeton Foreign Fund Class I.
MDU dropped two Vanguard funds, an S&P 500 index and total bond market index. It also dropped Capital Guardian's American Funds' EuroPacific Group Fund and a Norwest short-term fund. It retained a Dodge & Cox balanced fund and a Baron Asset Management small-cap fund.
Consulting Group assisted.
Miami Firefighters & Police
MIAMI -- The City of Miami Firefighters' & Police Officers' Retirement System hired a midcap value manager and its first real estate investment trust manager.
Boston Partners will manage $40 million in midcap value equity; John McStay will handle $25 million in REITs. The funding will come from existing managers. Capital Guardian, which ran $25 million in large-cap indexed equities, was terminated in the reallocation, said Robert Nagle, administrator for the $1 billion fund. The termination was not related to performance. Dorn, Helliesen & Cottle assisted.
Miami Beach Retirement
MIAMI BEACH, Fla. -- Miami Beach General Employees Retirement System hired Mellon Trust as custodian, pending finalization of the contract, said Margaret Arculeo, pension administrator.
Mellon will be custodian for the $232.5 million fund's portfolios, except for a $60 million RhumbLine Index Fund portfolio for which State Street is custodian. Mellon replaces Fiduciary Trust. Dorn, Helliesen & Cottle assisted.
Newport News Employees
NEWPORT NEWS, Va. -- The $496 million Newport News Employees Retirement Plan hired Denver Investment Advisors and Providence Capital as small-cap value managers to manage $10 million each.
The funding will come from existing small-cap growth manager Putnam, which will continue to manage $30 million. The move was made to diversify the portfolio, said Laverne Lovett, financial services manager.
Dahab Associates assisted.
New York Common
ALBANY, N.Y. -- The New York State Common Retirement Fund committed to two private equity limited partnerships, said State Comptroller H. Carl McCall, sole trustee of the $96 billion fund.
Sprout Capital VIII, a venture capital fund sponsored by Donaldson, Lufkin & Jenrette, received a $50 million commitment; Kelso Investment Associates VI, a buyout fund, received a $175 million commitment.
Schroders, an existing emerging markets equity manager, received an additional $50 million; it managed a $243.6 million portfolio previously.
The commitments and allocations are funded from cash.
Ohio Workers Compensation
COLUMBUS -- The Ohio Bureau of Workers Compensation hired new 12 domestic equity managers: large-cap growth managers IDS for $830 million, Montag & Caldwell for $400 million and Oak Associates, $430 million; large-cap value manager Mitchell Hutchins, $430 million; midcap growth managers Investment Advisers Inc. and Lynch & Mayer, $105 million each; midcap value managers Gradison-McDonald Asset Management and Society Asset Management, $105 million each; small-cap growth managers Munder Capital and Provident Investment Counsel, $70 million each; small-cap value managers Denver Investment Advisors and Gelfand/Maxus, $70 million each. The plan renewed contracts with large-cap growth manager Aeltus, $830 million; and Smith Barney, $830 million large-cap value portfolio.
The $18 billion fund let the contracts of large-cap growth manager Scudder and large-cap value manager INVESCO expire. Each firm managed between $750 million and $1 billion for the fund and was included in the search.
Callan Associates assisted.
Opthalmic Mutual Insurance
SAN FRANCISCO -- Opthalmic Mutual Insurance Co. hired Prime Advisors to manage its $45 million general account assets in a fixed-income portfolio with an average maturity of 5-15 years. OMIC officials declined to name the asset manager that previously was used, but said the investment staff at the existing manager had changed.
HARRISBURG, Pa. -- The Pennsylvania Automotive Association selected Prudential Investments as bundled provider for a new 401(k) program for its 1,400 member dealers. The plan will offer dealers the opportunity to select from among 300 mutual funds offered in the PruArray program, which includes Prudential's proprietary funds as well as funds from 11 other fund companies.
Pennsylvania Public Schools
HARRISBURG, Pa. -- Trustees of the $41 billion Pennsylvania Public School Employees' Retirement System committed $125 million to Security Capital Preferred Growth Inc., said John Lane, chief investment officer. Security Capital invests in private and public real estate operating companies.
The board also committed the lesser of $75 million or 25%of the committed capital to U.S. Equity Partners, a private equity fund, Mr. Lane said. Both commitments will be funded from cash.
Philadelphia Housing Authority
PHILADELPHIA -- The Philadelphia Housing Authority hired five investment managers in a restructuring of its $130 million pension plan: Columbia Partners for large-cap core equity; Schuylkill Capital, large-cap core equity; Loomis Sayles, non-U.S. equity; Hughes Capital, U.S. bonds; and Zurich, global bonds.
The new mandates will come from CIGNA, which had run the entire fund in a GIC product.
CIGNA will continue to manage about $35 million in domestic bonds. Fiduciary Investment Solutions assisted.
CINCINNATI -- Richard Equipment hired Fifth Third Bank as a bundled provider for its 401(k) plan. The firm replaces Ohio National Insurance, which had offered annuities to participants in the $1 million plan. Fifth Third will offer its Fountain Square Fund family of stock, bond and money market funds.
SAN DIEGO -- Sharp HealthCare 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 previous investment management providers.
World Color Press
GREENWICH, Conn. -- World Color Press Inc. hired Putnam Investments as bundled provider for its $160 million 401(k) plan. Putnam will provide record-keeping and administration services and seven of the nine investment funds. Non-Putnam funds will be provided by Neuberger & Berman and Fidelity.
A World Color spokesman said the action represents a consolidation from several service providers he declined to name.