SEARCHES & HIRINGS
Public School Teachers' Pension & Retirement Fund of Chicago hired two emerging managers to invest $20 million each.
Hired were Woodford Gayed as a large-cap growth manager and MDL Capital as a U.S. bond manager, subject to contract and fee negotiations. The money is coming from cash.
The $8.5 billion fund interviewed 10 firms. It might hire more emerging managers after reviewing two or three quarters of the new managers' performance, said Mike Nehf, executive director. Mercer assisted.
Charlotte (N.C.) Firefighters Retirement System hired Boston Partners as midcap value equity manager for an $18.8 million portfolio after recently selected WEDGE Capital withdrew from contract negotiations. Barbara Avard, administrator of $196 million fund, would not say why the firm withdrew.
Boston Partners will run a third of the $56 million portfolio formerly run by First Union in large-cap and midcap stocks. First Union continues to run the rest of the portfolio in large-cap value stocks. Callan assisted.
WEDGE officials did not return calls.
Pacific Alliance Capital Management, San Francisco, hired AXA Investment as subadviser of Pacific's HighMark International Equity Fund, a $100 million mutual fund. AXA replaces Tokyo Mitsubishi Asset Management U.K. Pacific Alliance is a subsidiary of Union Bank of California, which is owned by Bank of Tokyo Mitsubishi.