Albany International Corp.
ALBANY, N.Y. -- Albany International Corp. hired Vanguard Group as record keeper for its $170 million 401(k) plan, said John Treanor, treasurer.
Vanguard Group replaces Mercer. The plan made the change to facilitate servicing. Vanguard continues to provide most of the investment options for the plan.
Automatic Data Processing
ROSELAND, N.J. -- Automatic Data Processing hired Janus Capital to manage a new $17.1 million international equity portfolio for its $307 million defined benefit plan. Also, Mitchell Hutchins' $35 million S&P 500 index fund was increased to $90 million after assuming Bank of New York's S&P index fund allocation.
Annaliese Rush, manager of investments for ADP, said Bank of New York was not terminated for performance reasons, but rather because of fees.
BELMONT, Mass. -- The Belmont Contributory Retirement System hired Standish Ayer & Wood as a bond manager and Atlanta Capital as an all-cap growth equity manager for the $42 million fund.
Standish will manage $12 million in a U.S. core bond portfolio and replaces Oppenheimer, a finalist in the search. Atlanta will handle $5 million in a new equity portfolio. Funding will come from a rebalancing of assets.
New England Pension Consultants assisted.
Contra Costa County
CONCORD, Calif. -- Contra Costa County Employees' Retirement Association hired Pathway Ventures to invest $30 million for the pension fund in 30 or 40 different private equity funds during the next year or two.
Pathway will invest in a range of funds for Contra Costa, from venture capital investments to mezzanine financing. Pathway has discretion for fund selection. Contra Costa has 1%of its $2.5 billion fund assets invested in private equity and a 5%target for the asset class.
In an existing relationship with the pension fund, Brinson Partners is making similar private equity investments for Contra Costa. The pension fund's consultant, Dorn Helliesen & Cottle, assisted in the selection of Pathway.
DULUTH, Minn. -- The Duluth Teachers' Retirement Fund Association hired Metropolitan West Asset Management to manage $43 million in enhanced equity index assets, said Jay Stoffel, executive secretary.
Metropolitan West will manage $32 million for its $225 million defined benefit plan and $11 million for its 403(b) plan, Mr. Stoffel said. The money will come from the elimination of a passive portfolio managed by State Street Global Advisors.
Metropolitan West will combine long S&P 500 index futures contracts with low duration cash management for the assignment, Mr. Stoffel said.
Jeffrey Slocum assisted.
NORTHAMPTON, Mass. -- The Hampshire County Retirement System picked Phoenix Investment Partners as an open-end real estate manager to run a $2 million portfolio, said Mary B. Hannum, retirement administrator. Money for the new manager is coming from other asset classes as part of a rebalancing of the $100 million system, she said. Dahab Associates assisted.
Haverhill Retirement System
HAVERHILL, Mass. -- The $110 million Haverhill Retirement System picked Morgan Grenfell to run 7.4%of the fund in domestic small-cap growth equities and Zak Capital to run 7.6%of the fund in domestic midcap growth equities, said Dick Zaccaro, the H.C. Wainwright consultant who is assisting.
Funding will come from reducing the portfolio of Alliance Capital, the system's only growth manager, which runs about $23 million.
Haverhill probably will repeat its search for a domestic large-cap manager because of a poor response the first time around, he said. RFPs probably will be issued next month.
In the meantime, the system is expected to park the money in a large-cap growth index fund or a market neutral fund, Mr. Zaccaro said.
ICI Pension Fund
LONDON -- The ICI Pension Fund hired Chase Manhattan Bank as global custodian for its L6.5 billion ($10.7 billion) fund, replacing Midland Securities Services, said Graham Allen, managing director of ICI Investment Management Ltd., London.
The hire, which stemmed from a regularly scheduled review, was effective Aug. 1. Thomas Murray Ltd. was the consultant.
State of New Hampshire
CONCORD, New Hampshire -- The State of New Hampshire hired Fidelity Investments to provide bundled services for its new prepaid college savings program, the UNIQUE College Investing Plan.
Fidelity will provide administration and money management for the plan, which has seven age-weighted investment portfolios.
Assets invested for preschool-aged children will have a higher equity exposure, for example, than portfolios that become more conservative as the child nears college age.
Fidelity will allocate funds within a UNIQUE account to the appropriate portfolio and automatically move the account through the age-weighted series of portfolios.
New York College Choice
ALBANY, N.Y. -- New York State's College Choice Tuition Savings Program hired TIAA-CREF to manage the new prepaid college tuition program.
State Comptroller H. Carl McCall and the New York State Higher Education Services Corp. will administer the plan, which is expected to bring in 50,000 accounts with $135 million in investible assets during the first year.
The program could reach $1.5 billion in assets eventually, said Robert J. Maurer, president of the New York State Higher Education Services.
The program will invest in a mix of equities, bonds and money market instruments. Allocations will be weighted based on beneficiaries' ages.
NEW YORK -- Novartis Corp. restructured the international equity managers for its $2 billion pension fund, said Peter Yuen, manager-trust investments.
The firm hired Bankers Trust and Putnam to run $150 million each in active, developed countries portfolios. It hired Scudder to run $20 million in emerging markets.
Funding came from dropping its five existing international equity managers: City of London, Templeton, Brinson Partners, Babson-Stewart Ivory and Schroder.
The fund restructured to consolidate managers as part of combining the pension funds of Ciba-Geigy and Sandoz, the companies that merged to form Novartis.
The fund did the search in-house, using BARRA to help gather data on managers.
Ohio Bureau of Workers'
COLUMBUS, Ohio -- The Ohio Bureau of Workers' Compensation hired the remaining 21 managers to complete an emerging managers program at the $19.5 billion fund.
Danson & Neuhar and Llama Asset Management will manage a respective $20 million and $10 million in core bonds.
Intermediate bond managers will be: Cypress Asset Management, $15 million; and Smith Whiley and Trias Capital, $20 million each.
Large-cap value: Charter Financial Group, $10 million.
Midcap/large-cap value: AFA Financial, $15 million; and Rupay-Barrington Financial, $20 million.
Midcap/large-cap growth: Carnegie Capital and Gries Financial, $20 million each.
Small-cap to midcap value: Bank Stock Financial, $25 million; Dean Investment, James Investment and R. Meeder, $20 million each.
Small-cap growth: GW Capital, $15 million.
Mortgage securities: Schroder Mortgage Associates, $35 million.
Precious metals: Vintage Coins & Cards, $25 million.
The program totals $385 million in assets. The search was completed by the fund's staff.
Pennsylvania State Employes'
HARRISBURG, Pa. -- The Pennsylvania State Employes' Retirement System approved $125 million in allocations, said spokesman Geoffrey S. Yuda. In venture capital, the $23 billion fund committed up to $50 million to Weston Presidio Fund and up to $25 million to Grotech V. The real estate allocations were up to $25 million to Lubert-Adler Real Estate Fund II and up to $25 million, plus one property, to Legg Mason Real Estate's eastern retail holdings.
All of the money comes from cash. Cambridge Associates assisted with the venture capital assignments.
The Townsend Group assisted on real estate.
Salem Retirement System
SALEM, Mass. -- The $55 million Salem Retirement System hired Fidelity Investments and INVESCO to manage $2 million each in commingled real estate portfolios, said Kevin Leonard, the Segal Advisors consultant who is assisting. INVESCO will run the money in a publicly traded REIT, he said. Funding will come from the proceeds of the portfolio of 1838 Investment Advisors, terminated last year.
The system continues to search for a small-cap stock manager.
San Jose Police & Fire
SAN JOSE, Calif. -- San Jose Police & Fire Retirement Board hired Alliance Capital Management and GLOBALT to replace the former Chancellor LGT Asset Management as manager of a $64 million large-cap growth portfolio. Alliance will manage $51 million and GLOBALT will manage $13 million.
Ina Lancaster, analyst for San Jose, said the manager change came after Chancellor, now called INVESCO (NY), was acquired by AMVESCAP PLC.
William M. Mercer is the consultant to the $1.4 billion defined benefit pension fund.
United Auto Workers
FORT LEE, N.J. -- United Auto Workers, Local 259, hired Segal Advisors as the first retainer consultant for its $35 million defined benefit plan.
Segal will perform an asset allocation study beginning in September. No time frame was given on when the study will be complete.
Venture County Employees
VENTURA, Calif. -- The Ventura County Employees' Retirement Association hired LSV Asset Management to manage a new $55 million small-cap value portfolio. The assets will come from the fund's $300 million tactical asset allocation portfolio.
Van Perris, retirement manager of the $1.4 billion plan, said LSV will begin managing the portfolio Sept. 1.
Asset Strategy Consulting assisted