University system boosts bonds
CHAMPAIGN, Ill. -- The $9 billion State Universities Retirement System of Illinois increased the core bond portfolio assignments of two managers.
Pacific Investment Management got an additional $200 million, for a total of $1.2 billion, and Chicago Trust received another $65 million, increasing its portfolio to $100 million, said Kenneth E. Codlin, the fund's chief investment officer.
The system also raised the mortgage-backed securities portfolio assignment of BlackRock by $75 million, to $325 million. That move changes the system's mortgage-backed securities investments to active management. As a result, the system eliminated the mortgage-backed component from its bond index fund managed by Barclays Global Investors, reducing that portfolio to about $600 million.
The system also dropped Scudder Kemper, which ran a $65 million core bond portfolio.
Ennis Knupp assisted.
Interpublic's plan freeze may lead to more changes
NEW YORK -- Interpublic Group of Companies plans to freeze its $115 million defined benefit plan March 31, which might prompt changes to its $300 million defined contribution plan, said Alan Forster, vice president and treasurer.
The plan has seven options and may add a self-directed brokerage option this summer. The company is negotiating with a firm Mr. Forster would not name. Four options were added last year.
Santa Clara fund releases new asset allocation
SAN JOSE, Calif. -- The Santa Clara County Transit District has a recommended asset allocation from consultant William M. Mercer, said Manny Bagnas, investment program manager.
The new mix is 30% large-cap value stocks; 10% small-cap value stocks; 10% international large-cap stocks; and 50% domestic fixed-income. The suggested asset allocation has yet to be approved by the $150 million pension fund's board. The fund has 4% domestic equity, 93% U.S. bonds and 3% cash. Final approval is expected sometime in April.
InterSec managing director joins Watson Wyatt
LONDON -- Managing Director Stephen Oxley is leaving InterSec Research Corp.'s London office to join Watson Wyatt Worldwide, Reigate, as a partner and consultant. Chris Nowakowski, InterSec president, said it has not been decided whether Mr. Oxley will be replaced in London. David Booher, head of the London office, will split his time between London and Milan, where InterSec is developing a performance-measurement system for the Italian Mutual Fund Association.