LONDON -- Henderson Investors agreed to acquire Phoenix Realty Advisors, a Hartford, Conn., real estate investment manager with $700 million in assets under management, from Phoenix Home Life Mutual Insurance Co. The price of the deal was not disclosed.
Charlie Wurtzebach, former Heitman Capital Management chief executive officer, will be chairman of the company, to be known as Henderson Investors.
Henderson was acquired by AMP Ltd., an Australian financial services group, in March 1998. AMP's U.K. asset management business was merged with Henderson. The new entity, including PRA's assets, has a total of $4.8 billion in real estate assets under management.
Alcon Labs streamlines defined contribution plan
FORT WORTH, Texas -- Alcon Laboratories Inc. dropped two managers from its $750 million 401(k) plan in a streamlining move, said Thomas C. Mitchell, vice president and controller of retirement benefits and payroll. They are Ackerman Associates/Dallas Investment Management, a balanced manager; and INVESCO, a large-cap growth manager. The trustee-directed plan reallocated the assets to its five remaining managers.
College fund conducts asset allocation study
CRETE, Neb. -- Doane College is conducting an asset allocation study that could lead to a search for a large-cap U.S. equity manager for its $50 million endowment fund, said Pappy Khouri, vice president of financial affairs. The current mix is 42% domestic equity, 20% international equity, 20% government bonds, 11% real estate, 4% venture capital and 3% cash. The new manager could replace Commonfund or GAMCO Investors, current large-cap managers running $4 million each, he said. A decision is expected by May. Asset Consulting Group is conducting the study.
First Capital Group acquires Tattersall
RICHMOND, Va. -- Tattersall Advisory Group has been acquired by First Capital Group, the institutional asset management division of First Union Corp. Tattersall has $5.5 billion in assets under management, of which about $4.8 billion is institutional tax-exempt, primarily core fixed income. The firm will keep its name and remain in Richmond.
The move to First Union will allow the firm to expand into opportunistic bond strategies, said Fred Tattersall, CIO and the firm's largest shareholder. Tattersall also will have access to First Union's distribution system and will be able to move more quickly into the defined contribution business, he said.
First Capital has more than $60 billion in institutional assets under management.
Illinois utility reviews managers
DECATUR, Ill. -- Illinois Power Co. is reviewing its managers and will meet with its consultant April 28 and 29 to see if manager changes are needed for its $500 million defined benefit plan, said Dan Allen, business leader. A decision is expected by May. Callan Associates is assisting.
