Australian pension funds expect to increase their international allocation over the next five years, a survey by the Centre for Investor Education found.
The funds now average a 35% international allocation. The increase could amount to 10 percentage points or more, according to the survey, which represents the views of 14 of Australia's largest corporate, public and industry pension funds, with a total of A$33 billion (U.S$20.5 billion) in assets.
American Color Graphics Inc., Brentwood, Tenn., restructured its $39 million defined benefit plan, hiring five managers and a trustee, said Floyd Childress, assistant treasurer.
Managers hired were: Putnam Investments, $10.8 million in core growth equities; Fidelity, $3.9 million in small-cap equities; State Street Global and Templeton, both for $2.9 million of international equities; and Miller Anderson & Sherrerd, $4.8 million in core bonds. Wachovia Bank was selected as the plan's first outside trustee.
Alliance Capital, which previously managed the whole fund, will continue to run $10.8 million in S&P 500 indexed assets. BARRA RogersCasey assisted.