HIRINGS
British United Provident Association, London, restructured its £200 million ($335 million) pension fund, hiring three specialist managers and a global custodian. 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.
Tufts University, Somerville, Mass., committed to three commingled emerging market funds for its investment pool.
TCW Worldwide Opportunities Fund was awarded $10 million; Globalvest Value Fund, $5 million; and Trace Global Opportunities Fund, $5 million. Money will come from cash and The Common Fund's emerging markets fund, which had about $13 million of the $430 million pool. Evaluation Associates assisted.
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.
