SEARCHES & HIRINGS
Oklahoma City Police Pension & Retirement System will interview two finalists for a $100 million domestic growth equity portfolio placement. Robert Wallace, executive director of the $975 million system, said representatives of Putnam and Montag & Caldwell will appear at the board's May meeting; selection is expected immediately. Funding will be from an internal reallocation of assets.
British United Provident Association, London, restructured its £200 million ($335 million) pension fund. The fund hired Fidelity to invest half the assets in U.K. equities; Capital International to run 35% in international equities; and AMP Asset Management to run 15% in U.K. bonds and index-linked gilts.
Following an asset-liability study by Watson Wyatt Worldwide, the fund abandoned its global balanced approach, which had been managed by Clerical Medical Investment Group.
Northern Trust was named global custodian.
Roofers Local 33, Boston, hired Dahab Associates as a consultant to review and monitor managers for its pension fund.
Dahab replaces The Hannah Group, which was terminated. Trustees of the $22 million fund expect to meet with the new consultant next month. Paul Bickford, trustee, said he did not expect any manager searches or an asset allocation study to take place after Dahab reviews the fund's managers and asset mix.
Carpenters, District Council, South Florida, Hialeah, hired Carl Domino to replace Comerica as a sole balanced manager for its $7 million Health and Welfare Fund.
The union also hired Domino to manage a $4 million balanced portfolio and Simms Capital to manage a $10 million large-cap equity portfolio for its $155 million pension fund. The firms replace STI Capital, which had managed a $14 million balanced portfolio.
Carl Mayes, benefits coordinator, said the changes were recommended by Investment Performance Services.
The Sundt Corp., Tucson, Ariz., selected American Express Retirement Services as bundled provider for its startup 401(k) plan. Sundt has about 1,500 employees and a $50 million payroll. American Express will provide record keeping, administration, investment education and five of the nine investment funds. Other funds are from Neuberger & Berman, INVESCO, Franklin and Janus.