Blue Diamond Growers
SACRAMENTO, Calif. -- Blue Diamond Growers hired Roxbury Capital Management to replace ICM Asset Management as a small-cap to midcap U.S. equity manager, said Lawrence Dicke, chief financial officer for the $70 million defined benefit plan.
"Every three years or so we look to see what else is out there," said Mr. Dicke. "Performance was not an issue."
Roxbury will run $4 million previously managed by ICM.
Wurts & Associates assisted.
Catholic Healthcare West
SAN FRANCISCO -- Catholic Healthcare West hired three equity managers for its $2 billion in combined funded depreciation, self-insured, workers' compensation and pension funds, said Jesse J. Bean, treasurer.
Snyder Capital Management will run a $100 million portfolio with small-cap and midcap value equities. Cambiar Investors and Tom Johnson Investment Management will run large-cap value equity portfolios. Cambiar and Tom Johnson received a combined $250 million; Mr. Bean would not comment on the breakout.
Funding came from rebalancing and from the termination of a manager, which Mr. Bean declined to name.
PaineWebber Managed Asset Consulting Group assisted.
SAN ANTONIO, Texas -- Combined Charities Investment Group hired Nikko Global Asset Management to run an $8 million large-cap core equities portfolio for the $20 million endowment fund.
Lester E. Cox Medical Center
SPRINGFIELD, Mo. -- Lester E. Cox Medical Center hired Highstreet Capital Management to replace SG Cowen Asset Management as a $10 million core small-cap U.S. equity manager and hired INVESCO as its first international equity manager, said Larry Pennel, pension administrator for the $80 million defined benefit plan.
INVESCO will run $10 million funded from rebalancing.
Performance issues led to the manager change and diversification was the reason for the international equity hiring, he said.
William Church, chief investment officer for Cowen, did not return phone calls by press time.
Performance Analytics assisted.
BOSTON -- CypressTree Investment Management hired Fidelity to manage $69 million in a high-yield bond separate account.
Fidelity already manages $102 million in a similar high-yield account, said Jeff Garner, chief investment officer at the institutional money management firm.
STERLING, Ill. -- Dillion Foundation hired BPI Global Asset Management to replace SEI Investments as an EAFE manager, said Peter Dillion, president of the $78 million foundation.
SEI was terminated for performance-related issues, he said. Officials at SEI did not return phone calls by press time.
BPI will run $5 million funded partly from the terminated $2 million SEI mandate. Funding for the remaining $3 million is undetermined.
William M. Mercer assisted.
PURCHASE, N.Y. -- Diversified Investment Advisors hired Robertson Stephens to manage a $219 million small-capitalization portfolio in its $874 million Diversified Special Equity mutual fund.
The previous manager was Ark Asset Management; officials there did not return calls by press time regarding the termination.
The fund has three other subadvisers: Goldman Sachs, Pilgrim Baxter and Westport.
FREDERICK, Md. -- Hood College hired Vanguard as its first S&P 500 index fund manager to run $10 million. The hiring is to diversify the $75 million endowment, said Tom Berger, vice president of finance.
Funding will come from rebalancing. Prime, Buchholz & Associates assisted.
Hood also hired Wedge Capital Management to replace a $10 million midcap value U.S. equity manager and Miller Anderson & Sherrerd to replace a $10 million midcap growth U.S. equity manager.
Mr. Berger declined to name the managers being replaced or the reason for their replacement.
Jardine Insurance Brokers
LATHAM, N.Y. -- Jardine Insurance Brokers Inc. hired New York Life Benefit Services as actuary, trustee and one of the managers for its $37 million defined benefit plan.
The firm replaces Aon Consulting as actuary and Pacific Century as master trustee, said Melissa Bartlett, vice president of human resources for Jardine. They were replaced because the company wanted a sole provider of these services, she said.
The search was completed in-house.
SAN DIEGO -- Kyocera International hired four managers to run separate accounts to diversify the fund, said Dan Pollard, manager of the treasury department. They are: Fox Asset Management, $16 million, large-cap value U.S. equity; Munder Capital Management, $12 million, domestic fixed-income; INVESCO, $6 million, passive EAFE; and Nicholas-Applegate, $6 million, small-cap value U.S. equity.
Funding will come from terminating a $40 million balanced account portfolio managed by Provident Investment Counsel. Performance was not an issue.
"They've been with us a long time and I hope to do business with them again," said Mr. Pollard.
Merrill Lynch assisted.
MANCHESTER, N.H. -- The Manchester Employees' Contributory Retirement System hired BankBoston and Wachovia as its first alternative investment managers to diversify its $85 million fund, said Robert Stanton, executive director.
BankBoston will invest $2 million in venture capital and Wachovia will run $4 million in timber. Both allocations will come from reducing domestic equity investments, Mr. Stanton said.
Prime, Buchholz & Associates assisted.
MARLBOROUGH, Mass. -- The $41 million Marlborough Retirement System hired RhumbLine Advisers to run $5 million in an S&P 500 index portfolio. The hiring completes the search begun earlier this year following an asset allocation study by consultant Meketa Investment Group.
Money for the new investment will come from a blended style equity portfolio by Freedom Capital, where the pension fund had temporarily parked $5.2 million following the earlier termination of a domestic growth equity manager. Freedom continues to manage a large portion of the pension fund's equity portfolio, along with its entire fixed-income portfolio, said Margaret Shea, executive director.
CEDAR RAPIDS, Iowa -- McLeodUSA Inc. hired MassMutual Retirement Services to provide bundled services for its more than $50 million 401(k) plan.
MassMutual is providing 11 investment options, plan administration, daily valued record keeping, unlimited transaction capabilities and Internet access to the plan's 4,000 participants.
The change in vendors was made because the plan became bigger and more complex when the 401(k) plan of a recent acquisition, Consolidated Communications Inc., Mattoon, Ill., was merged into McLeod's 401(k) plan Jan. 1, said Larry Cooper, senior manager of benefits.
The two plans had separate third-party administrators -- Diversified Investment Advisors for McLeod, with 11 investment options, and First Mid-Illinois Bank of Mattoon for Consolidated, with six investment options.
The combined plan's larger size, and expectations that the company will grow quickly, pushed the search for a vendor with greater technological capabilities.
Consultants Corporate Resource Group assisted with manager selection and plan design, Mr. Cooper said.
Missouri Public School
JEFFERSON CITY, Mo. -- The $20 billion Public School Retirement System of Missouri hired INVESCO to manage a $750 million active international equities portfolio, said Craig Husting, chief investment officer for the retirement system.
The new allocation's international benchmark is the MSCI, ACWI ex-U.S. index.
Bank of Ireland and Oechsle, which run active international portfolios for the system, and State Street Global Investors, which has an indexed portfolio, each will be reduced by $250 million to fund the new mandate he said. Each manager now runs about $1 billion.
New Orleans Steamship
NEW ORLEANS -- The $380 million New Orleans Steamship Association, International Longshoremen's Association, AFL-CIO, pension fund hired Chicago Equity Partners to run $37 million in core midcap U.S. equities, said Thomas Daniel, administrator.
Chicago Equity replaces a midcap U.S. equity manager terminated for poor performance, he said. He declined to name the manager.
William M. Mercer assisted.
Salomon Smith Barney
NEW YORK -- Salomon Smith Barney Consulting Group hired Kern Capital Management as a subadviser for its $1 billion CGCM Small Capitalization Growth Fund, part of its TRAK personalized investment advisory service.
Kern Capital was added to further diversify the fund, which has three other small-cap subadvisers, said Timothy Williams, product manager at Salomon Smith Barney.
The St. Joe Co.
JACKSONVILLE, Fla. -- The St. Joe Co. hired four managers for its $265 million defined benefit plan as a result of an asset allocation study, said David Childers, assistant treasurer.
Hired were: Bank of Ireland, $45 million, passive EAFE; T. Rowe Price, $23 million, midcap growth; PIMCO, $75 million, core domestic bond; and Wellington Management, $32 million, small-cap equity.
Funding for the new mandates will come partly from reducing a $220 million large-cap value U.S. equity portfolio managed by Delaware Investment Advisors and partly from terminating NationsBank as an $11 million domestic equity manager. No further manager hirings are expected, said Mr. Childers.
St. Francis College
BROOKLYN HEIGHTS, N.Y. -- St. Francis College hired Evaluation Associates to review its endowment fund's investments to see if it should make strategy changes, said Richard Halverson, vice president, finance.
The $75 million endowment is 73%in equities, 27%in fixed-income instruments and has about $200,000 in real estate investments.
Teamsters Local 807
LONG ISLAND CITY, N.Y. -- Teamsters Local 807 hired Nikko Global Asset Management to run a $50 million large-cap value equity portfolio for the $447 million pension fund.
NASHVILLE -- The $22 billion Tennessee Consolidated Retirement System hired three real estate managers to run 5%of the fund's total assets, said Peter Katseff, director of real estate investments.
Hired were Lend Lease Real Estate Investors; Clarion Partners; and Henderson Investors of North America. Funding for all three mandates probably will come from cash, said Mr. Katseff.