SACRAMENTO, Calif. -- The $143 billion California Public Employees' Retirement System approved a $100 million commitment to Alta California Partners II, an alternative investment fund that primarily will make early stage investments in life sciences and information technology companies.
BETHEL, Conn. -- Cannondale Corp. hired Scudder Kemper to provide bundled services for its $5 million 401(k) plan, according to Jean Benson, director of human resources. MetLife had provided the investment options.
Cannondale also increased the number of investment options to 10 from six. New options are Scudder's stable value, income, growth and income, value, small-company value, global and stock index funds, as well as three Pathway asset allocation funds.
Johnson & Higgins assisted.
Cherokee Eastern Band
CHEROKEE, N.C. -- The Cherokee Eastern Band hired its first international equity and small-cap equity managers for its $45 million endowment and $25 million minors' fund.
High Rock Capital will manage $10 million in small-cap equity for both funds. For core international equity, Bankers Trust will manage $10 million for the endowment and Glenmede Trust, $6 million for the minors' fund.
The changes follow an asset allocation study conducted by Kalson & Associates. The new allocation is 60% equities, 40% bonds; the old was a 50/50 split.
Indiana State Police
INDIANAPOLIS -- The $252 million Indiana State Police Pension Fund, investing in equities for the first time, hired six managers for a total of $68.8 million, said Mike Fritt, portfolio manager.
They are: Euro Pacific, $5.8 million, international equity; Denver Investment, $15.9 million, small-cap value; State Street Research & Management, $11 million, S&P 500 index; Cadence Capital Management, $21 million, core domestic; BlackRock Financial Management, $5.8 million, small-cap growth; and PIMCO, $10 million enhanced index.
Funding came from its $146 million fixed-income portfolio, which is managed in-house.
Oxford Financial assisted.
Long Distance International
FORT LAUDERDALE, Fla. -- Long Distance International hired Northern Trust Global Investments to manage $126 million in corporate cash, said Elizabeth Tuttle, chief financial officer. The cash represents the proceeds of a recent high-yield debt issue by the corporation. The money will be invested in liquid cash instruments and drawn down for use in corporate expansion, she said.
Product Development Corp.
MONTEREY, Calif. -- Product Development Corp. hired Scudder Kemper as bundled service provider for its $13 million in 401(k) plan assets, according to Judy Carrillo, employee benefits administrator. Scudder will supply 11 of the 13 investment options.
The new options are Scudder Stable Value Fund, Scudder Income Fund, Scudder Emerging Markets Income Fund, Scudder Growth & Income Fund, Scudder Stock Index Fund, Scudder Value Fund, Scudder International Fund, AARP GNMA & US Treasury Fund, Scudder Pathway Balanced Fund, Scudder Pathway Conservative Fund, Scudder Pathway Growth Fund, Baron Assets and Neuberger Berman Partners Trust. Formerly, investment options were provided by Bank of America, Ms. Carrillo said.
Product Development's plan was unbundled; the third-party administrator was Coopers & Lybrand, which pulled out of the business, Ms. Carrillo said.
Rhode Island Higher Education
WARWICK, R.I. -- Rhode Island Higher Education Savings Trust hired Collegiate Capital as administrator and contract manager and State Street Bank & Trust as record keeper. Collegiate will assist in manager selection.
The trust also hired four managers to handle five age-weighted portfolios. Fleet Investment Advisors was hired for small-cap equity; Montgomery Asset Management, international equity; Brown Brothers Harriman, domestic bonds; and J.P. Morgan, large-cap equity.
Rhode Island State
PROVIDENCE, R.I. -- Rhode Island State Investment Commission committed $15 million to Fenway Partners Capital Fund II, a middle-market buyout fund.
Funding comes from cash flow. Pacific Corporate Group assisted the $6 billion state pension fund.
Sidley & Austin
CHICAGO -- Sidley & Austin committed an additional $3 million to its "alternative equity" allocation, which makes up about 23% of its $79 million defined benefit plan.
Officials allocated $1 million to the Spinnaker Offshore Founders Cayman Fund, a small-cap technology hedge fund; and $2 million to Welsh, Carson Anderson & Stowe VIII Fund, an equity buyout fund. Funding for the new allocations came from cash flow.
Cambridge Associates assisted.
LAKE SUCCESS, N.Y. -- Transervice Lease Corp. has hired Scudder Kemper to provide bundled services for its $9 million 401(k) plan, according to Eric Sklar, Transervice's chief financial officer.
All 10 of the plan's new investment options will be managed by Scudder. The options are: Scudder Stable Value Fund, Scudder Balanced Fund, Scudder Growth & Income Fund, Scudder Value Fund, Scudder Large Company Growth Fund, Scudder Small Company Value Fund, Scudder Standard & Poor's 500 Fund, Scudder Greater Europe Growth Fund, Scudder Global Discovery Fund and Scudder Income Fund.
Mr. Sklar declined to name the record keeper or the firm that provided the investment options for its previously unbundled plan.
TUCSON, Ariz. -- The $800 million Tucson Supplemental Retirement System hired Miller Anderson & Sherrerd to manage a $35 million fixed-income portfolio previously managed in-house, and Fidelity Management Trust to manage a $40 million active small-cap equity portfolio.
Michael Parisi, treasury administrator, said Fidelity succeeds Alliance Capital, which had been a passive small-cap manager for the fund. Hewitt Associates assisted.
SIMI VALLEY, Calif. -- Whittaker Corp. hired Scudder Kemper as bundled provider for its $30 million 401(k) and profit-sharing plan, said Richard Drake, director of human resources. Scudder will supply five of the plan's six options; the other is company stock.
Whittaker's plan previously was unbundled. The record keeper was KPMG Peat Marwick and Merrill Lynch was investment adviser.
The new options are Scudder Stable Value Fund, Scudder Income Fund, Scudder Growth & Income Fund, Scudder Value Fund, AARP Balanced Stock and Bond Fund, Templeton Foreign One Fund and a company stock option.