Allegheny College
MEADVILLE, Pa. -- Allegheny College hired Global Asset Management and Delaware Investment Advisers to run $5 million each in international equities for the $111 million endowment. The hirings followed the termination of Harding, Loevner Management -- which ran an $11 million international equity portfolio -- for performance reasons, said Randy Freeborn, vice president of administrative services.
Mr. Freeborn said Global Asset will take a growth approach and Delaware, value. Funding comes from the terminated Harding mandate; the allocation for the remaining $1 million is undetermined.
David Merrill, a Harding, Loevner spokesman, declined to comment.
Cambridge Associates assisted.
Arkansas State Highway
LITTLE ROCK, Ark. -- The Arkansas State Highway Employees' Retirement System hired CastleArk Management to run $337 million in core domestic equities and $441 million in domestic bonds, said Larry Dickerson, executive director of the $842 million fund.
CastleArk replaces Loomis, Sayles, which ran a $778 million balanced account portfolio, because of a portfolio style change, said Mr. Dickerson.
Atlanta Iron Workers
ATLANTA -- The $75 million Atlanta Iron Workers Local Union 387 Pension Fund hired Trust Fund Advisors, a subsidiary of ULLICO, to manage $20 million in a growth-balanced strategy, which is 60% stocks, 40% bonds, said Dean Dryden, business manager.
The money came from Oppenheimer Capital, which the pension fund terminated "because we were not satisfied with their service or the results," Mr. Dryden said. He did not say what kind of portfolio Oppenheimer managed.
Calls to Oppenheimer were not returned by deadline.
Electronic Industries
ARLINGTON, Va. -- The Electronic Industries Alliance hired Fidelity as bundled provider for its $5 million 401(k) plan, said Lesley Ahmuty, director of human resources.
Fidelity replaces BISYS as record keeper and Sun Life as money manager. The plan now will have 12 Fidelity options; it previously had eight options. The company also shortened the plan's eligibility requirements and changed the match.
Fairfax County Retirement
FAIRFAX, Va. -- Fairfax County Retirement System hired Zak Capital and J.L. Kaplan Associates to manage $12 million each for the $600 million Uniformed Retirement System, said Larry Swartz, executive director of the $2.8 billion system. Zak will invest in midcap growth stocks and Kaplan will invest in small-cap value. Funding is coming from a $24 million small-cap value equity portfolio formerly managed by S.G. Cowen, which was terminated for performance reasons, Mr. Swartz said.
Representatives from Cowen did not return phone calls by press time.
General Motors
NEW YORK -- General Motors Investment Management Co., which oversees the $80 billion defined benefit plan of General Motors Corp., committed $30 million to Coller International Partners III, a global secondaries fund that buys positions from original investors in private equity funds, said Susan Flynn, portfolio manager.
Greenfield Town
GREENFIELD, Mass. -- The $28 million Greenfield Town Retirement System hired Segal Advisors as its investment consultant, effective July 1. Segal replaces Advest Custom Consulting, which was terminated because "it was time to re-evaluate" the consultant, said Marilyn A. Matysiewicz, analyst. Segal will review the system's investment managers and conduct an asset allocation study, said Kevin Leonard of Segal.
Gogebic County Employees
BESSEMER, Mich. -- The $25 million Gogebic County Employees' Retirement System hired Portfolio Analytics as its first investment consultant. The firm will evaluate the defined benefit plan's current investment managers and provide historical and ongoing quarterly performance measurement, said Sharon Hallberg, fund director.
HealthSystem Minnesota
ST. LOUIS PARK, Minn. -- HealthSystem Minnesota hired Turner Investment Partners as its first midcap growth U.S. equity manager to diversify its $592 million in pension assets, said Terry Larson, director of business services. He declined to give portfolio size or funding source.
DeMarche Associates assisted.
Hood College
FREDERICK, Md. -- Hood College hired Edgar Lomax to run $10 million in large-cap value U.S. equity after terminating two large-cap value managers, Fox Asset and Glickenhaus, partially for performance reasons, said Tom Berger, vice president of finance for the $75 million endowment.
Funding for the allocation will come from rebalancing, he said; the $12 million Fox portfolio and the $8 million run by Glickenhaus will be reallocated to existing domestic equity managers.
James Glickenhaus, general partner for Glickenhaus, said, "I believe the change occurred due to them (Hood College) hiring a new consultant, because our performance was fine."
Dorann Cafaro, director of client services for Fox Asset, said, "The change came about after they hired a new consultant; our management style continues to grow."
Prime Buchholz & Associates assisted.
Houston Firefighters Relief
HOUSTON -- The $1.6 billion Houston Firefighters' Relief & Retirement Fund has committed $20 million to Coller International Partners III, a global secondaries fund -- which buys positions from original investors in private equity funds -- run by Coller Capital, said Danny Bowers, chief investment officer. "We're a long-time believer in secondaries," he said.
Funding will come from cash. Pension Consulting Alliance assisted.
Los Angeles City Employees
LOS ANGELES -- The Los Angeles City Employees' Retirement System board renewed State Street Global Advisors' contract to manage a $542.9 million EAFE index fund.
The $7 billion fund also approved investing in seven commingled real estate funds in an effort to reach its 5% real estate allocation target. The new investments are: $40 million to DLJ Investment Management; $20 million, CB Richard Ellis Investors' Strategic Partner Fund; up to $20 million, Allegis Realty Investors Multifamily Trust; $20 million, Aslan Realty Partners; $20 million, Realty Associates; $20 million, T.A. Associates Fund V; and $10 million, Hancock Real Estate Investment Group Fund V.
The system has $126 million invested in real estate, with a target of $351 million, according to a fund official.
Lutheran Theological Seminary
PHILADELPHIA -- The Lutheran Theological Seminary at Philadelphia Foundation hired SEI Investments to manage $25 million in a global investment program. The asset mix will be 80% equity and 20% fixed income.
Melrose Contributory
MELROSE, Mass. -- The $43 million Melrose Contributory Retirement System hired Freedom Capital as a style rotator fund to manage a $6 million portfolio, said Kevin Leonard, the Segal Advisors consultant who is assisting. Money for the new manager will come from Fleet Bank, the fund's existing equity manager, which runs a $34 million portfolio.
Missouri School
JEFFERSON CITY, Mo. -- The Public School Retirement System of Missouri and The Non-Teacher School Employee Retirement System of Missouri hired two domestic equity managers to further diversify their investment portfolios, said Craig Husting, chief investment officer of both funds.
TCW Asset Management will run approximately $540 million in an all-cap equity portfolio, while DSI International Management will handle $1.06 billion in an enhanced domestic equity index portfolio.
Both managers will be funded June 30. Funding for the TCW allocation will come from existing U.S. large-cap value managers Brinson and Barrow Hanley; each will continue to manage $910 million.
DSI's funding will come from State Street Global Advisors, which will continue to manage $2.6 billion for both retirement systems.
The public school pension fund totals $18.9 billion in assets and the non-teacher fund has $1.4 billion in assets. Strategic Investment Solutions assisted.
Philip Morris
NEW YORK -- Philip Morris Management Corp. hired Chase Manhattan's Global Investor Services as trustee and global custodian for the Philip Morris Cos. Inc. defined benefit trust, Chase said in a statement.
Philip Morris' defined benefit plan has about $8 billion in assets. Representatives from Philip Morris did not return phone calls by press time.
State Street Bank & Trust, had been master trustee and global custodian for Philip Morris' defined benefit plan since 1982, according to the 1999 Money Market Directory. A spokeswoman for State Street declined to comment.
Plumbers, Local 14
LODI, N.J. -- Plumbers, Local 14 hired RhumbLine to replace Miller, Anderson & Sherrerd as a $10 million large-cap value U.S. equity manager for performance reasons, said Charles Iversen, administrator for the $60 million defined benefit plan. Joanna Vogel, spokeswoman for Miller, Anderson, declined to comment.
Pension Fund Evaluation assisted.
Prudential Investments
NEWARK, N.J. -- Prudential Investments hired Sawgrass Asset Management to run $70 million for the Prudential Target Fund, a small-cap growth mutual fund, said Eric Mosholt, director of mutual fund advisory programs.
Nicholas-Applegate Capital Management previously managed the Target fund but was terminated, said Tim Biggs, a Prudential spokesman. The money manager still handles more than $400 million in mutual fund and separate account assets for Prudential, he said.
Reed & Barton
TAUNTON, Mass. -- Reed & Barton hired J.P. Morgan/American Century Retirement Plan Services as bundled provider for its $13 million defined contribution plan, said Karen Cataldo, compensation manager.
She said the fund was seeking broader account options and a brokerage account window. The new lineup includes a self-directed brokerage window through Schwab. John Hancock was the former bundled provider.
Dorothy Rider
ALLENTOWN, Pa. -- The Dorothy Rider Pool Health Care Trust Fund hired SEI Investments to manage a $20 million international equity portfolio focused on companies in developed countries, according to SEI spokesman Rob Prucnal.
The fund will use managers from SEI's manager of managers business.
San Francisco City and County
SAN FRANCISCO -- The San Francisco City and County Employees' Retirement System board hired Horsley Bridge Partners to manage up to $75 million in a venture capital fund, and Hellman Friedman Capital Partners to run up to $31 million in a private equity fund.
The governing board for the $10.3 billion fund put off until its next meeting a decision on how much money to invest with DLJ Real Estate Capital Partners, which was hired to manage $25 million to $50 million in a commingled limited partnership account.
Security Benefit Group
TOPEKA, Kan. -- The Security Benefit Group of Cos. selected Bankers Trust's BT PreservationPlus Income Portfolio as the sole investment vehicle for its new Security Capital Preservation Fund.
Stationary Engineers, Local 39
SAN FRANCISCO -- Stationary Engineers, Local 39, hired Conseco Capital to run a $25.6 million midcap U.S. equity portfolio for its $392 million defined benefit plan, said Craig Dobbs, spokesman for Merrill Lynch, the fund's consultant.
Swampscott Contributory
SWAMPSCOTT, Mass. -- The Swampscott Contributory Retirement System, with $20 million to $30 million in assets, hired Segal Advisors as its first investment consultant.
Segal's first task will be to analyze the fund's current investment portfolio, said Kevin Leonard, the Segal consultant who is advising the fund. Segal will then conduct an asset allocation study.
Teamsters Pension Trust
PHILADELPHIA -- The Teamsters Pension Trust of Philadelphia & Vicinity has allocated $494 million to SEI Investments, according to David Kirk, SEI spokesman.
The $982 million pension trust will invest $370 million in the global investment program, to be invested 60% in equities and 40% in fixed income, both foreign and domestic; and $60 million in U.S. small-cap equities.
The Teamsters' health and welfare fund, which is managed under the umbrella of the pension trust, will invest $64 million, 25% in equities and 75% in fixed income, both foreign and domestic.
Wisconsin Electric
MILWAUKEE -- Wisconsin Electric hired Artisan Funds and Dresdner RCM to run active international equity portfolios, said Michael Kaminski, manager, risk management and dedicated funds management for the $800 million fund.
He declined to give the amounts of each portfolio, but said the fund's international exposure is more than 15%.
Funding for the new managers will come from an international indexed portfolio run by State Street that was closed out, he said.
Wisconsin Electric is retaining Bank of Ireland, its other international manager, he said.
Wisconsin Electric also hired TCW to run less than 3% -- or $24 million -- in domestic, small-cap equities. Funding will come from a commingled trust run by American Century, which was also terminated.
State Street declined to comment and American Century did not return calls by deadline.
Callan assisted.
Wyoming State Loan
CHEYENNE, Wyo. -- The $2.8 billion Wyoming State Loan & Investments Board rehired R.V. Kuhns as its full-retainer consultant for one year, with an option for a second year, said Glenn Shaffer, state deputy treasurer.
