Alameda County Employees
OAKLAND, Calif. -- The Alameda County Employees' Retirement System investment committee selected RREEF Funds as a non-core real estate manager.
RREEF should get an allocation of about $100 million from the $3.3 billion fund. Callan Associates assisted in the selection. The money will come from cash.
Bay Area Painters
SAN FRANCISCO -- The $329 million Bay Area Painters & Tapers Trust Fund hired Segal Advisors as a consultant to provide performance measurement services, said Tim Rutledge, fund spokesman.
Segal replaces Investment Management Consulting, which rebid.
While there are no immediate plans for manager searches, Mr. Rutledge said, "I wouldn't rule that out."
BJC Health System
ST. LOUIS -- The BJC Health System hired Fuller & Thaler and William Blair as equity managers for its defined benefit plan and master trust.
Fuller will manage $11.4 million and $23.4 million in domestic small-cap growth stock, respectively, in the hospital's defined benefit fund and master custodial trust. Blair will manage the same amounts for each fund in a domestic all-cap growth equity strategy.
The pension trust totals $450 million and the master trust, which includes endowment and corporate assets, has $900 million in assets, according to a fund official.
The firms were hired to further diversify BJC's equity portfolio and replace terminated managers the official wouldn't name.
DeMarche Associates assisted.
LEWISBURG, Pa. -- Bucknell University hired Skyline Asset Management as a small-cap value U.S. equity manager; Emerging Growth Management as a small-cap growth equity manager; and Legg Mason as a large-cap U.S. equity manager for its $350 million endowment, said Peggy Plympton, vice president of finance and administration.
Ms. Plympton declined to give the portfolio sizes, but said the hiring resulted from the termination of Furman Selz Capital Management, the fund's previous small-cap U.S. equity manager. She declined to discuss the termination.
Victoria Hofstad, spokeswoman for Furman Selz, said "We're confident in our small-cap investment strategy and believe we can still deliver above-average performance."
City of Fall River
FALL RIVER, Mass. -- The $180 million City of Fall River Contributory Retirement System picked New England Pension Consultants as its first investment consultant, said Christine Tetreault, executive secretary.
BEVERLY HILLS, Calif. -- Fox Inc. hired Sanford C. Bernstein and Cambiar Investors as domestic value U.S. equity managers to replace Fox Asset Management, said Lynn Franzoi, senior vice president of benefits for the $191 million defined benefit plan.
Staff turnover at Fox Asset last year was the reason for the change, she said.
Sanford C. Bernstein and Cambiar each will manage $18 million. Funding will come partly from the terminated $28 million Fox mandate; and the remaining $8 million will come from reducing a $48 million domestic growth U.S. equity portfolio managed by Fayez Sarofim.
Dorann Cafaro, director of client services for Fox Asset, said the firm wouldn't comment until it received an official letter of termination.
Merrill Lynch assisted.
Genesee County Employees
FLINT, Mich. -- The Genesee County Employees' Retirement System hired American Century Investments as an additional international equity manager to diversify its $420 million fund, said George Vitta, consultant to the fund.
American Century will manage $17 million in developed markets only, he said, and then will move to a non-EAFE portfolio. Funding will come from reducing other domestic equity investments.
Asset Strategies assisted.
Haverhill Retirement System
HAVERHILL, Mass. -- The $110 million Haverhill Retirement System picked Trading Partners and Rochdale Securities as commission recapture brokerage firms, said Dick Zaccaro, the H.C. Wainwright consultant who assisted.
Illinois Teachers' Retirement
SPRINGFIELD -- The Teachers' Retirement System of Illinois hired Strategic Investment Solutions as its new general pension consultant, replacing Callan Associates.
Strategic's first task will be an asset allocation study and a manager structure study, said Keith Bozarth, executive director for the $21 billion fund.
"We're going to start on it ASAP," Mr. Bozarth said, hoping the fund can complete both studies by the end of the calendar year. Any related manager searches will follow, he said.
The fund's current target allocation is: 35% U.S. equities; 14% non-U.S. equities; 31% U.S. fixed income; 7% non-U.S. fixed income; 10% real estate; and 3% alternatives.
Laborers, District Council
TERRE HAUTE, Ind. -- Laborers, District Council, Indiana State HOD Carriers hired two additional balanced managers to diversify its $750 million defined contribution plan, said Janetta England, administrative manager.
Putnam Investments and Weiss, Peck & Greer were hired to run $50 million each.
Funding for both allocations will come from reducing a $600 million balanced portfolio managed by Ark Asset Management.
Separately, Columbia Management, running $85 million in a balanced account, will receive an increase of $50 million, also funded from the Ark Asset portfolio.
Los Angeles County
PASADENA, Calif. -- The $25 billion Los Angeles County Employees' Association selected Bridgewater Group as a non-dollar bond manager for a $600 million assignment, pending final negotiations. Bridgewater was chosen because of its strong performance and highly disciplined investment process, said Juan Almaguer, investment officer for fixed income at the fund.
Funding will come from Capital Guardian and Brinson Partners, which are being dropped. Both firms rebid.
A spokesman for Brinson said the firm was sorry to lose the non-dollar bond assignment but is pleased to have received a $50 million international private equity assignment from the county fund in another asset class.
The spokesman declined to discuss the new mandate, and Los Angeles County fund officials did not return phone calls by press time.
No one at Capital Guardian could be reached for immediate comment.
The selection process was part of a non-dollar investment lineup restructuring.
Charles Dennis, an independent consultant, assisted.
BOSTON -- The Massachusetts Pension Reserves Investment Management board hired BlackRock to manage a $1.3 billion domestic fixed-income assignment.
The money previously was managed by Putnam Investments, which was terminated in November.
Separately, Mellon Trust was hired as custodian for the PRIM trust, replacing State Street Bank, which rebid. PRIM re-evaluates custodial services every three years.
Citibank and Northern Trust also bid for the position.
Miami Beach Fire & Police
MIAMI BEACH, Fla. -- The City of Miami Beach Fire & Police Pension Fund hired Wellington Management as its first core small-cap U.S. equity manager to diversify its $393 million fund, said George Ling, consultant to the fund.
Up to $10 million will be allocated to Wellington, Mr. Ling said; funding will come from cash.
Gabriel Roeder Smith assisted.
Middlesex County Retirement
CAMBRIDGE, Mass. -- The $510 million Middlesex County Retirement System hired PanAgora as an emerging markets manager. The mandate is for about 3% of the fund's assets, said Dick Zaccaro, the H.C. Wainwright consultant who assisted.
The search was the result of a new asset allocation determined last fall, which reduced the fund's exposure to developed-market international equities and international fixed income.
Funding will come from those managers.
New York City Education
NEW YORK -- The New York City Board of Education's $1.7 billion pension fund has allocated $60 million to Progress Investment Management for its emerging manager-of-managers program, said Jane Levine, deputy comptroller for pensions.
The funding, which is part of a portfolio rebalancing, will come from a domestic active growth strategy managed by Fidelity and a domestic passively managed strategy run by Bankers Trust. A Fidelity spokeswoman said the firm does not comment on client changes. Bankers Trust declined to comment.
The board also hired emerging manager MDL Capital for a $10 million fixed-income allocation. The funding also will come from rebalancing, Ms. Levine said.
New York City Police & Fire
NEW YORK -- The New York City Police Department Pension Fund, with $16.3 billion in assets, and the New York City Fire Department Pension Fund, with $6 billion, have hired Pacific Corporate Group as their first alternative investment adviser, effective Jan. 1, said Jane Levine, deputy comptroller for pensions.
Each fund has allocated up to 2% of assets, or $320 million for the police fund and $120 million for the fire fund, to invest in alternative investments.
Northern Trust Global
LONDON -- Northern Trust Global Investments hired Lombard Odier Investment Management Services as a global bond manager for roughly half of its multimanager fixed-income fund.
The L50 million ($80 million) bond fund has been entirely invested in U.K. bonds and managed solely by STW Fixed Income Management. Now that the fund has gotten bigger, Northern Trust has added a second manager, said Danny Sharp, vice president-investment marketing.
SCHENECTADY, N.Y. -- Union College hired State Street Bank to replace Fiduciary Trust as its custodian and hired PIMCO to replace Fiduciary as an active domestic fixed-income manager, said Mary Kabalin, financial analyst for the $245 million endowment.
Joseph Cajigal, senior vice president for Fiduciary, did not return phone calls.
PIMCO will run $55 million previously managed by Fiduciary.
Winchester Retirement Board
WINCHESTER, Mass. -- The Winchester Retirement Board, with approximately $50 million in assets, hired State Street Global Advisors to run $9.6 million in an S&P 500 index portfolio, said Gail F. Rotman, administrative secretary.
Money for the new manager came from cutting the allocation to Freedom Capital, which previously managed a $20 million domestic large-cap growth and value equities portfolio, Ms. Rotman said.
At the same time, the pension plan increased its domestic fixed-income exposure with Freedom Capital by shifting $500,000 out of equities.
The pension fund also hired Eastern Bank & Trust as custodian, replacing BankBoston.