SEARCHES & HIRINGS
IBEW Local #99, Cranston, R.I., will hire a domestic bond manager for its $60 million trustee-directed defined contribution plan later this year.
A specific timetable for the search has not been established. The search is a result of a recent asset allocation study, said Tom Lynch, business manager and trustee. Portfolio size has yet to be determined, but will be funded from existing managers' portfolios. No managers will be terminated, he added. Advest is assisting.
Falmouth (Mass.) Town Retirement System is in the preliminary stages of conducting a search for a consultant, said Margaret Corellis, administrator.
The fund currently has Advest as a consultant and won't be including the firm in the search. A timetable for the $43 million fund's in-house search has not been established.
City of El Paso (Texas) Police and Fire Pension Fund hired Northern Trust Quantitative Advisors to manage a $100 million bond index fund. Northern Trust replaces two fixed-income managers. Janel Lopez, fund administrator, declined to name the terminated managers. William M. Mercer assisted the $415 million fund.
West Palm Beach (Fla.) General Employees Retirement System hired AIG Insurance to provide annuities for its pension fund as a result of the termination of the city's defined benefit plan. The system dropped balanced manager INVESCO and U.S. equity manager Putnam Investments.
The change was made as a result of an ordinance that called for the termination of the current $110 million defined benefit plan structure and the purchase of annuities, said Alfredo Lay, pension administrator.
Curtis Instruments, Mt. Kisco, N.Y., hired the Stanwich Benefits Division of The Bank of New York to provide trustee, record-keeping and investment management services for its $20 million defined contribution plan. No other information was available.
Bloomington (Ill.) Firemen's Pension Fund hired Merrill Lynch as a core domestic equity manager and invested in the Fidelity Growth & Income Fund.
The $20 million fund allocated $1 million each to Merrill and the Fidelity fund. The pension fund allocated another $1 million to existing core domestic equity manager A.G. Edwards, bringing its total to about $3 million.
The searches were conducted internally.