BOYNTON BEACH, Fla. -- The City of Boynton Beach hired INVESCO to run a $28 million balanced account for its $44 million General Employees' Pension fund, replacing Fox Asset Management, which previously managed $28 million in domestic large-cap value equity, said Barbara LaDue, pension administrator.
Ms. LaDue said Fox was replaced after several senior staffers left to form Osprey Capital Management.
The fund is a composite of three separate funds: General Employees'; Firemen's, $22 million; and Police, $21 million.
Merrill Lynch assisted.
INDIANAPOLIS -- Butler University hired Conseco Capital Management to manage $5.8 million in short-term fixed-income. The portfolio, formed with new cash from a local foundation, is separate from the school's $118 million endowment fund, said Bruce Arick, treasurer, vice president of finance.
Certified Grocers of America
LOS ANGELES -- Certified Grocers of America hired Pacific Income Advisors to replace Fox Asset Management as a $10 million balanced account manager for its $43 million 401(k) plan. He said Fox was replaced after several senior staffers left to form Osprey Capital Management. Canterbury Consulting assisted.
Detroit Edison Co.
DETROIT -- The $1.4 billion Detroit Edison Co. pension fund committed $20 million to Hancock Timber, said Allen Anning, director of trust fund management.
Late last year, the pension fund made its first commitment to timber, investing $10 million with Wachovia, Mr. Anning said.
NEWTON SQUARE, Pa. -- The $3.3 billion National Elevator Industry Benefit Plans hired Brandywine Asset Management to run $70 million in small-cap value U.S. equities, said Robert Milano, plan administrator.
The funding source and reason for hiring were not disclosed.
SEI Capital Resources assisted.
State of Hawaii Employees
HONOLULU -- The $9 billion State of Hawaii Employees' Retirement System made $43 million in commitments to venture capital and buyout funds selected by Abbott Capital Management, said Nathan Fischer, chief investment officer. The commitments are: $3 million, MC Venture Partners IV; $15 million, Blackstone Capital Partners III; $10 million, Cinven Fund II; and $15 million, GTCR Fund VI.
Iron Workers, Mid-American
LANSING, Ill. -- The Iron Workers, Mid-American Pension Fund hired Comerica Bank as its first record keeper and as a replacement for Amalgamated Trust as custodian for its $300 million defined contribution plan, said Joseph Burke, administrator.
Mr. Burke said the plan will be converted to self-directed from trustee-directed and will offer a lifestyle fund option effective April 1.
Amalgamated was replaced because the fund wanted to receive its record keeping and custodial services from one company, said Mr. Burke. Amalgamated remains the custodian for the fund's $180 million defined benefit plan.
Marco Consulting Group assisted.
WASHINGTON -- The Laborers, International fund hired HGK Asset Management as a large-cap value U.S. equity manager, said Mark Speakes, assistant administrator for the $494 million defined benefit plan.
The portfolio size and funding source were not available.
Segal Advisors assisted.
Lawrence and Memorial
NEW LONDON, Conn. -- Lawrence and Memorial Hospital hired Oppenheimer Capital to manage $10 million in large-cap value equities for its $75 million pension fund and $15 million endowment fund, said Tina DiCioccio, director-financial services.
About $9 million is from the pension fund and $1 million from the endowment fund, she said.
Oppenheimer replaces Smith Barney, which managed a similar amount in a similar style. There was no comment on why Smith Barney was being replaced.
BARRA RogersCasey assisted in the search.
Los Angeles County Employees
LOS ANGELES -- The $25 billion Los Angeles County Employees Retirement Association received board approval to make its second European private equity investment, said Chris Wagner, senior investment officer.
The fund has committed $23.5 million to APAX Europe IV, which invests in both startups and buyouts in the health care, biotech and information technology industries.
Mail Boxes Etc.
SAN DIEGO -- Mail Boxes Etc. hired Putnam Investments as bundled provider for its $7 million 401(k) plan, according to Janet Schneider, payroll manager.
Putnam will provide eight options, expanded from five. The new selections are: Putnam Money Market; U.S. Government Income Trust; Conservative Asset Allocation Portfolio; George Putnam Fund of Boston; Growth and Income; Putnam Investors; and New Opportunities.
Mail Boxes also added a rollover feature to the plan, Ms. Schneider said.
Previously, Bank of America managed the investments and PricewaterhouseCoopers was record keeper for the formerly unbundled plan.
Mail Boxes executives made the change because they wanted to switch to daily valuation with a bundled provider, Ms. Schneider said. Moreover, both Bank of America and PricewaterhouseCoopers had indicated they would be focusing on Fortune 500 companies, she added.
BOSTON -- The $25 billion Massachusetts Pension Reserves Investment Management Board approved $10 million for Battery Ventures V to pursue venture capital investment opportunities.
The board is committed to investing $530 million total for the year in private equity.
The pension fund now has 5%of total assets invested in private equity, with a target of 8%
MERIDEN, Conn. -- The $194 million Meriden Municipal Employee Pension Board hired existing manager McKinley Capital to manage $5 million in international growth equity. The firm currently manages $12.3 million in all-cap growth equity.
A.G. Edwards assisted.
Murphy Oil Corp.
EL DORADO, Ark. -- Murphy Oil Corp. hired Fidelity as record keeper and master trustee for its $137 million 401(k) plan, said Odie Vaughan, treasurer.
Fidelity is the fund's first record keeper and will provide daily valuation. First Tennessee Bank previously was master trustee, but the fund wanted just one provider, said Mr. Vaughan.
Fidelity offers three of the plan's six options.
New Mexico Educational
Painters and Allied Trades
WASHINGTON -- The $2 billion International Brotherhood of Painters and Allied Trades Union Pension Fund hired HGK Asset Management as its first all-cap domestic equity manager, said Dean Derby, Standard Valuations consultant to the defined benefit plan.
While the hiring was the result of an asset allocation study, he said, he wouldn't discuss the portfolio size and funding source.
Standard Valuations assisted.
Supplemental Income 401(k)
OAKLAND, Calif. -- Supplemental Income 401(k) Plan hired State Street Research to provide investment management, communication and record-keeping services, said Rome Aloise, secretary-treasurer, Teamsters Local 853.
Starting April 1, State Street will manage 12 investment options for the $30 million plan, which covers 15 international union locals mainly located on the West Coast.
Transamerica previously provided similar services.
Woburn Retirement System
WOBURN, Mass. -- The $60 million Woburn Retirement System picked Wellington Management as an international bond manager, and Essex Management as a domestic small-cap growth manager, said Maureen Marcucci, retirement administrator.
Each will manage $3 million, and funding for the allocations comes from employer contributions and cash, Ms. Marcucci said. The hirings follow the adoption of a new asset allocation plan.
H.C. Wainwright assisted.