LITTLE ROCK, Ark. - The $6.5 billion Arkansas Teachers Retirement System hired TCW Group and Aeltus Investment Management to replace George D. Bjurman & Associates as a small-cap growth U.S. equity manager for performance reasons, said Bill Shirron, executive director.
The Bjurman portfolio will be divided and each new manager will receive $100 million, he said.
Thomas Barry, chief investment officer for Bjurman, did not return phone calls.
BROCKTON, Mass. - The $150 million Brockton Contributory Retirement System picked Wilshire Asset Management as a domestic indexed large-cap growth manager, and Aeltus Investment Management as a domestic active large-cap growth manager, said Harold P. Hanna Jr., executive director.
The selections complete the overhaul of the system's portfolio. The board will decide at its Dec. 22 meeting how much each manager will be allocated from a total between $30 million and $40 million, Mr. Hanna said.
H.C. Wainwright & Co. assisted.
WESTPORT, Conn. - Commonfund added TT International Investment Management to its team of international equity money managers, said John Griswold, senior vice president.
TT International will manage close to $150 million in international equities, Mr. Griswold said, adding that was about 10% of its commingled international fund.
SIMSBURY, Conn. - Hartford Life added 14 investment options to its Stag variable annuity program, bringing the total to 36.
Putnam was hired to manage 10 of the options: Putnam VT Asia Pacific Growth; Putnam VT International New Opportunities; Putnam VT OTC & Emerging Growth; Putnam VT Vista; Putnam VT Health Sciences; Putnam VT International Growth; Putnam VT Investors; Putnam VT International Growth and Income; Putnam VT New Value; and Putnam VT The George Putnam fund.
Wellington Management was hired as subadviser for four of the new options: Hartford Small Company HLS; Hartford MidCap HLS; Hartford Growth and Income HLS; and Hartford International Advisers HLS.
Holyoke Retirement System
HOLYOKE, Mass. - The $110 million Holyoke Retirement System picked the Boston Co. to manage $7.5 million in domestic midcap stocks, a new asset class for the fund, said Daniel R. Owens, executive director.
Funding will come from cash flow and reducing the portfolio of Freedom Capital, which runs about $75 million in fixed income.
Segal Advisors assisted.
KALAMAZOO, Mich. - The Kalamazoo Foundation restructured its $200 million portfolio and hired specialty managers to replace a balanced structure.
Hired were: Barclays Global Investors, for an S&P 500 index account; Montag and Caldwell, domestic large-cap growth equity; Sanford C. Bernstein, domestic large-cap value; Loomis, Sayles, small-cap growth; CRM, small-cap value; Seix Investment Advisors, investment-grade fixed-income; and Rowe Price-Fleming, international equity.
The new asset mix is 20% S&P 500 index, 15% large-cap growth, 15% large-cap value, 5% small-cap value, 5% small-cap growth, 10% international equity, and 30% fixed income.
Officials would not name the previous manager.
Fund Evaluation Group assisted.
NYC Board of Education
NEW YORK - The New York City Board of Education pension fund has retained emerging managers Zevenbergen Capital to manage $48.3 million in a growth equity strategy and Taplin, Canida & Habacht to run $146.7 million in a corporate bond strategy, said Donna Anderson, chief investment officer. The $1.5 billion fund maintained the managers' previous allocations.
NEW YORK - The Teachers' Retirement System of the City of New York renewed its contract with emerging manager Taplin, Canida & Habacht, which will run $100 million in fixed income, said Donna Anderson, chief investment officer for the $21.9 billion fund. The fund did not increase its allocation to Taplin.
DEDHAM, Mass. - The Norfolk County Retirement System, with $320 million in assets, picked State Street Bank as its new custodian, replacing Investors Bank and Trust, which acquired the custody business of BankBoston, said Timothy Cahill, county treasurer. The system also hired Hoening & Co. and Rochdale Securities as commission recapture brokers, Mr. Cahill said.
H.C. Wainwright assisted.
North Dakota State Investment
BISMARCK, N.D. - The North Dakota State Investment Board, with $3 billion in pension assets, picked the Brinson Non-U.S. Partnership Fund to manage $25 million in its first international private equity investment, said Steve Cochrane, investment director. Money for the new investment will come from rebalancing. The fund wanted "to enhance our ability to find new opportunities in private equity," he said.
Ohio Public Employees
COLUMBUS, Ohio - The $48.6 billion Ohio Public Employees' Retirement System hired Baring Asset Management to run up to $800 million in active international equities, said Richard Schumacher, executive director.
Baring is not yet fully funded, he said. The system's other international equity managers are AIG Global, Marvin & Palmer, J.P. Morgan, Bank of Ireland and Capital Guardian, he said.
Another international equity manager is likely to be selected before the end of the year, he said. Funding will come from cash flow and reducing fixed income.
At the end of October, the system had 3% of its assets invested in international equities, Mr. Schumacher said. It has no exposure to international fixed income, Mr. Schumacher said.
Phelps Dodge Corp.
PHOENIX - The $330 million Phelps Dodge Corp. 401(k) plan hired J.P. Morgan/American Century Retirement Plan Services to provide record-keeping, communications and investment services, according to Thomas M. Foster, vice president and treasurer.
Mr. Foster declined to reveal the predecessor firm.
Plan executives also added a brokerage window and changed the funds in the seven-option plan, but not the types of investment choices, Mr. Foster said. Not all of the funds will be provided by J.P. Morgan.
Sanchez Computer Associates
MALVERN, Pa. - Sanchez Computer Associates Inc. hired New York Life Benefit Services to provide bundled services for its $6 million 401(k) plan, said Ann Novak, vice president of human resources.
Previously, Oppenheimer provided investments options; and Associated Benefit Planners was record keeper and administrator.
Ms. Novak said Sanchez made the switch for "efficiency and an expanded service capability."
The investment choices were expanded to 11 from three and the plan was converted to daily valuation from quarterly.
The investment options are: the Franklin Balance Sheet Investment; Baron Asset; INVESCO Dynamic; Oppenheimer Quest for Global Value; American Century 20th Century; a New York Life international growth; PIMCO Total Retirement/A; New York Life Anchor Account; Mainstay High Yield Corporate Bond/A; Mainstay Equity Index/A; and Franklin Small Cap Growth/1.
Conestoga Group assisted.
Vermont Municipal Employees
MONTPELIER, Vt. - The Vermont Municipal Employees Retirement System picked Lazard Asset Management as its first domestic small-cap stock manager to run $13 million in a commingled fund, said James H. Douglas, state treasurer for the $113 million fund.
Money for the investment will come from existing large-cap equity managers he would not identify.
Wilshire Associates assisted.
West Virginia Investment
CHARLESTON, W.Va. - The West Virginia Investment Management Board picked Alliance Capital Management, Chartwell Investment Partners and QED to run $330 million in domestic large-cap stocks, said H. Craig Slaughter, executive director for the $4.6 billion fund.
Alliance and Chartwell, which will run concentrated portfolios, will receive $140 million each; and QED, which will run a quantitative, enhanced index portfolio, $50 million for starters, he said.
These hirings complete the fund's initial move into stocks.
Money for the new managers will come from the fund's two fixed-income managers, Lincoln Capital and Western Asset Management.