Accurate Attorney Services
ATLANTA -- Accurate Attorney Services has hired Sheryl Smith & Associates as its first investment consultant. The firm will perform an asset allocation study to determine how many and what kind of managers are needed to invest and diversify Accurate's $70 million in corporate assets, including a $50 million 401(k) plan.
Craig J. Robinson, chief financial officer, said Citibank administers Accurate's 401(k) plan.
COLUMBIA, S.C. -- AgFirst Farm Credit Bank hired Frank Russell to manage its entire $250 million pension fund.
Frank Russell will manage the assets in fixed income and domestic small-cap growth, large-cap value, international and emerging market equities.
Roughly 70%of the assets will be allocated to equity portfolios and 30%to fixed income.
The fund was managed by a trustee, American Industry Co.
Attleboro Municipal
ATTLEBORO, Mass. -- Attleboro Municipal Contributory Retirement System, with about $42 million in assets, hired INVESCO as its first real estate manager.
INVESCO will manage $2 million in publicly traded REITs, said Kevin Leonard, the Segal Advisors consultant who is assisting.
The other finalists were State Street Global Advisors, Morgan Stanley and Delaware Investment. Funding will come from cash and from reducing exposure to existing managers; no terminations are expected.
First Data Corp.
HACKENSACK, N.J. -- First Data Corp. hired American Express Retirement Services and American Express Trust to provide bundled services to its $600 million Incentive Savings Plan effective Nov. 1. American Express will provide investment services, record keeping, trust services and employee education.
The Incentive Savings Plan will offer a three-tier menu featuring 15 investment options provided by American Express Financial Advisors, American Express Trust and SmartPartners alliance.
Hawaii Masons & Plasterers
HONOLULU -- The Hawaii Masons & Plasterers Annuity Fund hired Sierra Investment Partners to manage a $5 million equity value fund that is a blend of large-cap and midcap stocks, said Tom Sakai, senior vice president of Everen Securities, who is a consultant to the $25 million fund.
The money came from a fixed-income strategy that Sierra had been managing, he said.
Hawaii Masons was 100%invested in fixed income, but the trustees of the fund decided to reallocate the assets and put 20%into equities to improve returns.
Indiana State Teachers
INDIANAPOLIS -- The $4.2 billion Indiana State Teachers' Retirement Fund hired four managers to invest $520 million of indexed and enhanced index equity assets, said Robert Newland, investment officer.
For indexed U.S. equities, Barclays Global Investors will manage $250 million and RhumbLine Advisers will manage $135 million, Mr. Newland said.
For enhanced U.S. equities, J.P. Morgan and PIMCO each will manage $67.5 million, he said. Morgan will invest directly in stocks, while PIMCO will use equity index futures contracts and short-term fixed-income securities. Callan Associates assisted.
A search for small-cap equity managers is ongoing, he said.
Los Angeles City Employees
LOS ANGELES -- The $6.6 billion Los Angeles City Employees' Retirement System's board has decided to invest $5 million in the $145 million Essex Woodlands Health Ventures Fund IV.
The money for Essex -- a venture capital fund focusing on investments in the broadly defined health care industry -- is coming from cash, said Dan Gallagher, chief investment officer. The system's alternative investment consultant is Pathway Capital.
Mercy Health System
CINCINNATI -- Mercy Health System hired Delaware International and Nicholas-Applegate as international money managers, said Tom Steele, director of cash investments. DIA, which replaced Walter Scott & Partners, will manage $58 million in international large-cap value equities. Newcomer Nicholas-Applegate will manage $50 million in international large-cap growth stocks. Mercy has a pension fund of $800 million.
Milwukee Employees
MILWAUKEE -- The $1.5 billion Employees' Retirement System of the County of Milwaukee hired Goldman Sachs Asset Management to manage $100 million in large-capitalization U.S. equities, said Jac Amerell, director. The hiring will be funded with assets from existing active managers and is part of a rebalancing of assets, he said.
New York City Teachers
NEW YORK -- The New York City Teachers' Retirement System hired BEA Associates, Alliance Capital, Huff Asset Management and Loomis, Sayles to manage enhanced high-yield bond portfolios.
Richard F. Halverson, deputy comptroller for the city's pension funds, said each manager received around $300 million, which came primarily from new contributions and the fund's U.S. equity portfolio, as the pension fund rebalances to conform with its target allocations. The pension fund has $23.3 billion in assets.
Ohio State University
COLUMBUS, Ohio -- Ohio State University hired two minority managers to handle passive bond portfolios based on the Lehman Corporate/Government Bond index.
MDL Capital will handle $50 million and Cypress Asset Management will manage $25 million, said Jim Nichols, treasurer. The funding partly comes from a termination earlier in the year of a U.S. bond manager. Mr. Nichols would not identify the firm. The search was done in-house.
Teamsters Local 445
NEWBURGH, N.Y. -- Teamsters Local 445 hired Segal Advisors as the first consultant to its $182 million pension fund. Segal will conduct an asset allocation study.
While the Teamsters are not seeking to hire money managers, Betty Chomicki, fund administrator, said Segal will review the pension fund and make investment recommendations.
