OAKLAND, Calif. -- The $3.4 billion Alameda County Employees' Retirement Association hired Pacific Financial Research to run a $55 million large-cap domestic value portfolio and terminated Nicholas-Applegate as a $277 million core plus fixed-income manager for performance reasons, said Linda Brewton, investment officer.
John Pipkin, partner and director of client services for Nicholas-Applegate, declined to comment.
Funding comes from reducing a $1.4 billion S&P 500 index fund managed by Bank of New York. The Nicholas-Applegate portfolio will be reallocated to State Street Global Advisors, which manages $458 million in domestic indexed fixed income for the fund.
Boston City Retirement System
BOSTON -- The Boston City Retirement System hired Hearthstone Advisors to manage $20 million in real estate assets.
The $2.7 billion retirement fund also put on hold the hiring of Fidelity Management Trust to run a $10 million real estate portfolio after the portfolio manager announced he was leaving Fidelity.
California Public Employees
SACRAMENTO, Calif. -- The California Public Employees' Retirement System trustees have agreed to allocate up to $2 billion each to Strategic Investment Management and Progress Investment Management in a joint venture with Putnam, Lovell, de Guardiola & Thornton, which will act as external partners for CalPERS and run its new management development program, said Ed Fong, a spokesman at the $153 billion fund.
City of Charlottesville
CHARLOTTESVILLE, Va. -- The $65 million City of Charlottesville hired State Street Global Advisors as its first S&P 500 index manager to run $10 million. The move was for diversification, said Greg McNeille, the Dahab consultant who assisted.
Chiquita Processed Foods
NEW RICHMOND, Wis. -- Chiquita Processed Foods hired Strong as record keeper, investment manager and provider of other services for its 10-option $60 million 401(k) plan, said Darrell Krause, vice president of human resources.
Chiquita, a division of Chiquita Brands International Corp., was formed in January when Friday Canning Corp. and Stokely USA merged. Strong was the provider for Friday Canning's $20 million 401(k) plan and Stokely USA's $40 million 401(k) plan.
Chalk 401(k) Advisory Board assisted.
Graphic Communications Int'l
JERSEY CITY, N.J. -- Graphic Communications International Union, Local 447 hired Alliance Capital Management as an additional balanced manager to run $20 million for diversification, said Fred Harrall, consultant to the $60 million defined benefit plan. Funding came from reducing a core large-cap equity portfolio and a balanced portfolio managed by Massachusetts Mutual Life Insurance. Segal Advisors assisted.
BLOOMFIELD, N.J. -- The $371 million International Union of Electrical Workers AFL-CIO Pension Fund hired Alliance to manage a $40 million domestic large-cap growth portfolio, said Michael Lostutter, director. Alliance replaces Franklin Research -- which recently changed its name to Trillium -- which was terminated for performance reasons. "We're really not a large-cap growth manager . . . So our performance on this account does not surprise me," said Joan Bavaria, president of Trillium.
Marco Consulting assisted.
Kansas State University
MANHATTAN, Kan. -- The Kansas State University Foundation hired Cambridge Associates as a full-retainer consultant to conduct an asset allocation study for its $146 million endowment, said David Weaver, vice president of real estate and investments.
New Mexico Public Employees
SANTA FE, N.M. -- The New Mexico Public Employees' Retirement Association hired Oechsle and INVESCO as additional active EAFE managers, to be funded by reducing existing manager Capital Guardian's portfolio. Robert Gish, director of investments for the $6 billion fund, said Oechsle will run $300 million and INVESCO, $200 million. Capital Guardian's $850 allocation will be reduced to $500 million; another $150 million will come from cash.
New Orleans Sewerage & Water
NEW ORLEANS -- The New Orleans Sewerage & Water Board Employees Pension Fund hired Hibernia National Bank to run $26.5 million in large-cap growth U.S. equity, said Marcia St. Martin, deputy director for the $157 million fund. The search was prompted by the contract expiration of INVESCO, which had rebid, she said. Prudential Securities assisted.
New York City Deferred
NEW YORK -- The New York City Deferred Compensation Program hired Mutual of America, Hartford Life, CIGNA and Principal Life as traditional GIC managers for its $3.4 billion plan. Officials will decide how the $120 million -- from maturing contracts -- will be divided among the four managers after July 1, said Lou Porpora, contract supervisor.
BIRMINGHAM, Ala. -- Pemco Aeroplex outsourced the investment management of its $100 million defined benefit plan to Northern Trust Global Investment, replacing the fund's previous managers. Darryl Mazow, vice president of parent company Precision Standard, declined to name the terminated managers or the managers included in the Northern program.
WEST PALM BEACH, Fla. -- The $160 million Quantum Foundation hired Montag & Caldwell as an additional manager running an active large-cap growth portfolio and Reams Asset Management as a domestic fixed-income manager.
The hirings followed an asset allocation review performed by consultant BT Alex. Brown, said Jeannette Corbett, president. The asset mix remains at 75% stocks and 25% bonds, but allocations to small-cap and emerging markets stocks and global bonds were dropped. She would not disclose the amount each firm is managing or the firm Reams is replacing.
Salem Academy & College
WINSTON-SALEM, N.C. -- Salem Academy & College hired Cohen, Klingenstein & Marks as a large-cap growth U.S. equity manager and Dreman Value Management as a large-cap value equity manager after an asset allocation study, said Allyson Brown, chief financial officer of the $48 million fund.
BT Alex. Brown did the study.
San Francisco City and County
SAN FRANCISCO -- The Retirement Board of the City and County of San Francisco has conditionally approved an investment of $25 million to $50 million in real estate. The board asked DLJ Investment Management to provide more details on its investment plan for the portfolio, which includes limited partnerships, said Claire Murphy, executive director of the $11.2 billion retirement system.
Teamsters, Local 469
HAZLET, N.J. -- The $150 million Teamsters, Local 469 Pension Fund hired Nicholas-Applegate to run $15 million in large-cap growth U.S. equity and Smith Breeden to run $21 million in domestic fixed income, said Fred Potter, fund administrator. Funding comes from a $56 million large-cap value U.S. equity portfolio previously managed by Brandywine. The remaining $20 million from that portfolio probably will be allocated to Prudential Investments for an as-yet undetermined portfolio. Investment Performance Services assisted.
RICHMOND, Va. -- Virginia Power hired Asset Consulting Group as a full-time investment consultant for its $705 million nuclear decommissioning trust. The firm will help officials diversify the fund's $458 million equity portfolio, said Rhonda Boggs, staff financial analyst.
West Virginia Board
CHARLESTON, W. Va. -- The $5 billion West Virginia Investment Management Board hired Barclays Global Investors as its first mortgage index fund manager and Hoisington Investment Management as an additional domestic fixed-income manager, said Craig Slaughter, executive director. Barclays will run $900 million and Hoisington, $200 million, he said. Funding will come from reducing a $2 billion domestic fixed-income portfolio managed by Western Asset Management.
Summit Strategies assisted.
County of Westchester
WESTCHESTER, N.Y. -- County of Westchester 457 plan trustees hired Segal Advisors as the $220 million plan's first consultant, said Phil Speziale, manager of payroll and benefits. One of Segal's first jobs will be issuing an RFP for a bundled provider. Diversified Investment Advisors' contract had expired