Arlington County Supplemental
ARLINGTON, Va. -- The Arlington County Supplemental Retirement System hired Global Asset Management to run $50 million in international equities in an EAFE portfolio, said Bruce O. Kallos, administrator for the $900 million fund.
Money for the new manager will come from a portfolio run by Investment Advisers Inc., which was terminated for performance.
IAI officials did not return phone calls by press time.
Baltimore County Employees
TOWSON, Md. -- The $1.6 billion Baltimore County Employees Retirement System has moved to full active management of its domestic fixed-income portfolio, said Robert Burros, investment administrator.
Previously, Barclays Global Investors ran a passively managed index fund, comprising one-third of Baltimore's U.S. fixed-income portfolio, or $210 million, which has been shifted to three existing active managers.
The $1.6 billion fund split up the money, giving $70 million each to Standish, Ayer & Wood, Pacific Investment Management and Morgan Grenfell.
Mr. Burros said the fund's consultant, Ennis Knupp, recommended the change because active managers could add more value through the use of high-yield and nondollar bond strategies.
BGI will continue to manage Baltimore's domestic and international equity index portfolios.
Carpenter Technology Corp.
READING, Pa. -- Carpenter Technology Corp. hired three small-cap equity managers, said Walter L. Pease, assistant treasurer. The $760 million pension fund hired Emerald Advisers, which specializes in growth; BlackRock, value; and Mellon Equity Associates, both. The amount of funding for each manager has not been dtermined yet.
ENGLEWOOD, Colo. -- Cyprus Amax Minerals hired Strategic Investment Solutions to replace Portfolio Management Consultants as its full retainer consultant and to conduct an asset liability study, said Pamela Solly, senior financial analyst for its $328 million defined benefit plan.
Recent staff changes at Portfolio and a change in Cyprus' management direction were the reason for the change, said Ms. Solly.
Everett Retirement Board
EVERETT, Mass. -- The $55 million Everett Retirement Board hired Freedom Capital to manage the fund on a six-month interim basis until the board conducts a search for multiple managers at an as-yet undetermined date, according to meeting minutes.
The assets were managed by BankBoston's institutional asset management division until August, when BankBoston's two lead institutional portfolio managers left.
Separately, the board hired Bob Shaw as executive director, a new position. Mr. Shaw now is investment director of the Public Employee Retirement Administration Commission of Massachusetts.
CHICAGO -- FMC Corp. hired DeMarche Associates as its first consultant, said David Grzebinski, director of pension investments for the $900 million fund.
DeMarche will begin an asset liability study within the next few weeks, which could result in manager hirings, Mr. Grzebinski said.
The study is expected to be completed by March.
Haverhill Retirement System
HAVERHILL, Mass. -- The $110 million Haverhill Retirement System hired Stein Roe & Farnham to manage $6.7 million in domestic large-cap growth stocks, said Dick Zaccaro, the H.C. Wainwright consultant who assisted.
Money for the new manager will come from Alliance Capital, which was terminated.
A spokesman for Alliance declined to comment on the termination.
Electrical Workers, Local 431
BROOKLYN -- Electrical Workers, IBEW, Local 431 hired Segal Advisors to conduct a performance review of Lazard Asset Management, its only manager, said Jessie Bell, administrator for the $24 million defined benefit plan.
Fred Harrall of Segal will conduct the review, which is the plan's first. No timetable was given for completion.
MONROE, La. -- The $650 million Louisiana Sheriff's Pension & Relief Fund hired Atlanta Capital Management as its second large-cap growth manager, said Yvonne Richardson, executive director.
Ms. Richardson said Atlanta will manage $30 million; funding will come from cash.
LCG Associates assisted.
Montana Board of Investments
HELENA -- The $3.5 billion Montana Board of Investments hired Pyrford International to actively manage $35 million in European large-cap equities, said Chuck Hunter, senior portfolio manager. It is likely the allocation will be boosted to $50 million by the end of June, he said.
The fund, which previously managed international equities in-house, made the move because it believed an "external manager will do better," said Mr. Hunter.
Teamsters, Western Conference
SEATTLE -- The $20 billion Western Conference of Teamsters Pension Trust increased its bond managers to nine from seven after hiring BlackRock Financial Management and Dodge & Cox for more diversification, said Owen Bennett, board chairman.
Portfolio sizes have not been determined.
Funding will come from reducing a bond portfolio managed by Prudential Diversified Investment Strategies, Mr. Bennett said.
Alan D. Biller & Associates assisted.
West Virginia Investment
CHARLESTON, W.Va. -- The West Virginia Investment Management Board, with $4.6 billion in pension fund and workers compensation assets, hired Aronson + Partners, Loomis Sayles and Wellington Management to manage $125 million each in domestic small-cap equities, said H. Craig Slaughter, executive director.
The fund is moving into equities for the first time.