Firemen's Annuity & Benefit Fund of Chicago hired Cutler & Co., The Boston Co. and Lunn Partners to each manage about $27 million, and gave an additional $10 million to Institutional Capital.
The hirings, all in large-cap equities, were funded from the termination of Chicago Asset Management, which ran about $91 million for the $1 billion fund, according to fund minutes.
Chicago Asset executives declined comment.
Retention of the firms will be predicated on a negotiated fee schedule that would never exceed 50 basis points. Mercer assisted.
Pension Reserves Investment Management Board, Boston, selected three alternative investment funds: Willis, Stein & Partners II; First Reserve Fund VIII; and Kelso Investment Associates VI. PRIM Executive Director Scott Henderson would not say how much was given to each fund because contracts have not been signed.
PRIM's long-term allocation to alternatives is about 8% of the $22.6 billion fund. The 1998 commitment target is $400 million.
PRIM also has hired Rosenberg Institutional Equity to run $200 million in active small-cap equity.
Bates Worldwide, New York, hired The Bank of New York as master trustee for its $18 million defined benefit plan, said Peter Jayes, treasury management director of Bates USA, the U.S. advertising agency of Bates Worldwide. The search was done in-house.
Curtis Instruments, Mt. Kisco, N.Y., hired the Stanwich Benefits Division of Bank of New York to provide trustee, record-keeping and investment management services for its $20 million defined contribution plan