SEARCHES & HIRINGS
New York State Common Retirement Fund, Albany, committed a total of $150 million to two alternative investment partnerships, said State Comptroller H. Carl McCall, sole trustee of the $100 billion fund.
The fund committed $100 million to Beacon Energy Investment Fund and $50 million to Lexington Capital Partners II, he said. The commitments will be funded from cash.
William Penn Foundation, Philadelphia, hired its first emerging markets manager and small-cap value stock manager.
Templeton will manage $40 million in emerging markets stocks and Crabbe Huson will handle $50 million in a small-cap value portfolio for the $1 billion foundation. Funding came from a consolidation of u.s. equity managers late last year that resulted in the terminations of large-cap value managers Brandywine and Sturdivant, said Louis J. Mayer, vice president for finance and administration.
Brandywine managed $60 million; and Sturdivant, $45 million. Callan assisted.
Pontiac (Mich.) Police & Firemen's Retirement System hired Wellington as its first international bond manager.
The firm will handle 6% of the $214 million fund. The funding will come from rebalancing. Callan assisted.
Polsinelli White Vardeman & Shalton selected J.P. Morgan/American Century Retirement Plan Services as bundled provider for its $14 million 401(k) plan. The firm replaces previous record keeper George K. Baum.
The plan will offer 10 investment choices, including three lifecycle funds and a self-directed brokerage account. The plan previously offered three investment choices that a spokesman declined to identify.
Gaylord Container Corp., Deerfield, Ill., added the Vanguard PRIMECAP Fund and Vanguard Windsor II Fund to its 401(k) plan. The $70 million plan now has 10 investment options provided through alliances with Principal Mutual. Hewitt assisted in the selection of funds, said Catherine Curran, assistant treasurer.