The Bush Foundation
ST. PAUL, Minn. - The Bush Foundation hired J.P. Morgan to manage a $125 million large-cap value U.S. equity portfolio after terminating Dietche & Field Advisers, said Connie Thompson, chief investment officer.
Ms. Thompson, who declined to say why Dietche was replaced, said $100 million will come Dietche and $25 million will come from a current manager, which she declined to name.
DeMarche Associates assisted.
California Public Employees
SACRAMENTO, Calif. - The $146 billion California Public Employees' Retirement System trustees allocated $175 million to three alternative investment partnerships.
Allocations are: $75 million to TL Ventures IV, which makes early stage investments in technology companies; $25 million to Media Communications Venture Partners IV, which makes early stage investments in telecommunications-related growth companies; and $75 million to Questor Partners Fund II, which makes turnaround investments in troubled, distressed or underperforming middle market companies.
Staff for the California fund and alternative investment consultant Hamilton Lane Advisors recommended all three investments to trustees.
Fairfax County Deferred
FAIRFAX, Va. - The $175 million Fairfax County Deferred Compensation Plan rehired IMCA Retirement and T. Rowe Price as bundled service providers, and added VALIC as a third bundled service provider, said Karen Diviney, supervisor of employee benefits for the $175 million fund.
Investment options "will be opened up considerably," but the plan has not yet decided how many to add, Ms. Diviney said.
T. Rowe Price offers eight options and ICMA, nine.
Franklin Mutual Series Funds
FORT LAUDERDALE, Fla. - Franklin Mutual Series Funds hired the Bank of New York to provide global custody services. Its parent company, Franklin Templeton, uses Bank of New York, and the move was made to streamline and standardize operations, said spokeswoman Holly Gibson.
State Street Bank & Trust had been the previous custodian.
Jacksonville Fire and Police
JACKSONVILLE, Fla. - The $750 million Jacksonville Fire and Police Pension Fund hired Putnam Investments and Bank of Ireland each to handle a $35 million international equity mandate, according to Dick Cohee, assistant administrator for the fund.
The decision to adopt international equity as an asset class followed passage last spring of legislation allowing police and fire pension funds to invest overseas.
Merrill Lynch assisted.
Los Angeles City Employees
LOS ANGELES - The $6.5 billion Los Angeles City Employees Retirement System hired Barclays Global Investors to manage a $150 million Russell 1000 index fund.
The board also approved dropping a $300 million large-cap active value portfolio now managed by Loomis, Sayles to fund the new portfolio.
The other half of Loomis' portfolio will be divided equally among three current midcap and small-cap active value managers: Valenzuela Capital Partners; Thomson, Horstman & Bryant; and Dimensional Fund Advisors.
Loomis will continue to manage a $314 million long-bond portfolio for the fund.
Madison Heights Police & Fire
MADISON HEIGHTS, Mich. - The $45 million Madison Heights Police & Fire Retirement System hired Munder Capital Management and Loomis, Sayles as small-cap U.S. equity managers for more diversification, said Herbert Herriman, finance director and treasurer for the $45 million fund.
Mr. Herriman said $500,000 will be allocated to each manager. Munder will manage a growth style portfolio, while Loomis, Sayles will manage a value style. Loomis also manages $5 million in large-cap value U.S. equities and $1.1 million in international equities for the fund.
Funding for the new allocations will come from reducing a $5 million large-cap value U.S. equity portfolio managed by National City Bank, which also manages $21 million in domestic fixed-income.
Roney & Co. assisted.
Maine State Retirement System
AUGUSTA, Maine - The $6.2 billion Maine State Retirement System rehired Ennis, Knupp as its consultant, said Kay Evans, executive director.
After a long search process, "the board was convinced Ennis was a good fit," Ms. Evans said.
Town of Maynard
MAYNARD, Mass. - The Town of Maynard Retirement System has terminated its relationship with BankBoston and hired Boston Advisors to manage its $10 million defined benefit plan. State Street Global Advisors was the other firm seeking the assignment.
Harry Gannon, chairman of the Maynard retirement committee, said the board was concerned about changes in the asset management organization since BankBoston bought it from BayBanks in 1997. BankBoston did not comment.
Monroe County Retirement
STROUDSBURG, Pa. - The $25 million Monroe County Retirement Board hired Spagnola & Cossack as its first consultant, which will assist with the search, said Mr. Lewis.
New Hampshire Retirement
CONCORD - The $3.8 billion New Hampshire Retirement System has hired Dalton, Grenier, Hartman, Maher to manage a $5 million microcap fund, said J.P. Singh, director of finance.
Funding will come in part from distributions made from the pension fund's venture cap investments. The rest hasn't yet been identified, said Mr. Singh.
Evaluation Associates assisted.
New Mexico Public Employees'
SANTA FE, N.M. - The $6 billion New Mexico Public Employees' Retirement Association hired Brandywine Asset Management and Rothschild Asset Management as its first small-cap value U.S. equity managers.
Up to $125 million will be allocated to the new managers, said Fred Reynolds, deputy director of investments.
Funding will come from cash and a reallocation.
Callan Associates assisted.
New York City Fire, Police
NEW YORK - The New York City Fire Department and New York City Police Department pension funds each made their second and third commitments to alternative investments, said Richard Halverson, deputy director of pensions.
The $5.2 billion Fire Department fund committed $10 million to the VS&A Communications Partnership III and $25 million to Cypress Merchant Banking Partnership II.
The $14.1 billion Police Department fund committed $25 million to VS&A and $50 million to Cypress.
Funding will come from rebalancing allocations, Mr. Halverson said.
New York State Common
ALBANY, N.Y. - The $105 billion New York State Common Retirement Fund made two commitments to private equity limited partnerships and closed two real estate transactions in November, according to a statement.
The fund committed $300 million to New York State Co-Investment, of which General Electric Investment Management is the general partner and has committed $150 million to the $450 million fund.
The fund also committed $100 million to Providence Equity Partners III, which focuses on media and telecommunications companies. The fund previously had committed $50 million in 1997 to Providence Equity Partners.
Oklahoma Law Enforcement
OKLAHOMA CITY - The $444 million Oklahoma Law Enforcement Retirement System hired RREEF as its first real estate manager to provide more diversification, said Mary E. Hanning, executive director for the $444 million fund.
Ms. Hanning said portfolio size and funding source will be determined next month.
DeMarche Associates assisted.
Orlando Public Employees'
ORLANDO, Fla. - The $600 million Orlando Public Employees' Retirement System hired Osprey Capital Management and Legg Mason to manage a $45 million large-cap value U.S. equity portfolio previously managed by Fox Asset Management, said Bruce Harter, treasurer for the $600 million fund.
Osprey will manage $18 million and Legg Mason will manage $27 million, said Mr. Harter.
Pension Benefit Guaranty Corp.
WASHINGTON - The Pension Benefit Guaranty Corp. selected PIMCO to manage a fixed-income portfolio of $11 billion, the PBGC's entire fixed-income allocation, in long-duration U.S. Treasury securities.
PIMCO received a one-year contract, renewable annually for seven years. It has managed the PBGC's fixed-income account since 1991 and also runs a $225 million active large-cap portfolio.
The PBGC also selected State Street Bank and Trust to provide custodial services for the agency's assets. The bank received a one-year contract, effective Jan. 1, that is renewable annually for seven years. State Street has been PBGC's custodian bank since 1978.
Research Triangle Institute
RESEARCH TRIANGLE PARK, N.C. - Research Triangle Institute hired Vanguard to replace Wachovia as record keeper for its $128 million endowment, said Ted L. Williams, director of human resources. Mr. Williams said the change will take place by March.
Watson Wyatt assisted.
Rhode Island State Investment
PROVIDENCE, R.I. - The $6 billion Rhode Island State Investment Commission hired Baring Asset Management to run a $225 million active international equity portfolio.
Baring is the replacement for Alliance Capital, which was terminated because its passive strategy did not fall in line with the fund's new active strategy.
City of Roseville Employees'
ROSEVILLE, Mich. - The $124 million City of Roseville Employees' Retirement System hired Mesirow Financial as a small-cap growth U.S. equity manager to diversify the fund, said Paul Thayer, board member and assistant city controller.
Mr. Thayer said $15 million will be allocated to Mesirow and funding will come from reducing a $100 million large-cap U.S. equity portfolio managed by Loomis, Sayles.
Merrill Lynch assisted.
San Francisco City & County
SAN FRANCISCO - The $9.7 billion San Francisco City & County Employees' Retirement System approved a $25 million allocation to ABS Capital Partners III that provides later-stage venture capital for small- to medium-sized growth companies in industries experiencing growth trends, technological change or regulatory change in health care, technology, communications and financial and business services.
The pension fund has a 5%allocation to alternative investments and a 12%target allocation.
Cambridge Associates assisted.
City of Springfield
SPRINGFIELD, Mo. - The $112 million City of Springfield Police and Firemen's Retirement Plan hired Greenville Capital to manage a $5 million small-cap growth portfolio fund. Funding came from cash.
PEPPER PIKE, Ohio - Tranzonic Cos. hired J.P. Morgan and American Century as joint bundled investment managers for its $18 million 401(k) plan, said Alayne L. Reitman, vice president.
Participants will have 11 fund choices. Seven are from American Century: an income and growth fund; Benham stable asset fund; Twentieth Century international growth fund; Twentieth Century Ultra fund; and three American Century strategic asset allocation funds of conservative, moderate and aggressive risk. Four are from J.P. Morgan: bond; diversified; U.S. equity; and U.S. small company. Participants may also choose outside funds and use a self-directed brokerage option.
American Century will provide record keeping.
Virginia Retirement System
RICHMOND, Va. - The $31.8 billion Virginia Retirement System has committed $40 million to Capital Resources Partners IV, said Larry Kicher, managing director, alternative investments. Mr. Kicher said the system had previously committed $15 million to Capital Resources Partners II and $30 million to Capital Resources Partners III. Mr. Kicher also said the system voted to sell St. John's Wood, an apartment complex in North Reston, Va., for $25.4 million.
The pension fund has begun discussions on how to create a framework for rebalancing the fund when certain allocations stray beyond their targets, Mr. Kicher said.
CHARLOTTE, N.C. - Wellman Inc. hired three managers, increasing the options in its $175 million 401(k) plan to eight from five, said Sharon Whittle, benefits manager.
The three new managers, hired to provide more diversification, are: Vanguard, domestic bond index; Evergreen Growth & Income, midcap stock; and Bankers Trust, international equity.
The search was done in-house.
Wisconsin Public Service Corp.
GREEN BAY, Wis. - The Wisconsin Public Service Corp. hired M&I Global as a third-party securities lending agent for its $186 million nuclear decommissioning trust
The domestic equity portfolio totaling $115 million will be available for lending beginning in January. The search was done in-house.
SPRINGFIELD, Ohio - The $82 million Wittenberg University endowment fund hired Armstrong Shaw Associates as a large-cap value manager, said Darrell B. Kitchen, controller.
It will be assigned $12 million; funding will come from a reallocation.
Marquette Associates assisted.