American Bankers Association
WASHINGTON -- The American Bankers Association hired Mellon Trust to replace BlackRock as a small-cap growth U.S. equity manager for its $70 million defined benefit plan, said Robert Wallgren, executive director.
Mr. Wallgren, who declined to give the reason for the change or the portfolio's size, did say funding will come from the terminated mandate. Mellon also manages a large-cap growth U.S. equity portfolio for the plan.
Laurence Fink, chairman of BlackRock, declined to comment.
Capital Resource Advisors assisted.
EDINBURGH, Scotland -- Baillie Gifford hired Northern Trust as global custodian for its group trust, a new product, said Jeffrey Kutler, director of marketing. The trust can hold a variety of portfolios for ERISA and government pension systems, he said.
Baltimore County Employees
TOWSON, Md. -- The Baltimore County Employees' Retirement System renewed its actuarial contract with Buck Consultants for five years, with an option for two additional years, after receiving approval from the County Council and the $1.8 billion system's board of directors, said Robert Burros, investment administrator.
Buck Consultants has been the system's actuarial consultant since 1945.
Brockton Credit Union
BROCKTON, Mass. -- Brockton Credit Union hired Scudder Defined Contribution Services to invest and administer $8 million in 401(k) and money purchase pension plan assets, confirmed Debra Chambers, a spokeswoman.
The plan's 180 participants will have a choice of seven investment options from Scudder. They are: Cash Investment Trust, Income Fund, Balanced Fund, Growth & Income, International Fund, Large Company Growth Fund and Value Fund.
Ms. Chambers declined to identify the previous administrator and asset manager.
California Public Employees
SACRAMENTO, Calif. -- The investment committee for the $157 billion California Public Employees' Retirement System approved $275 million in two real estate deals and one private equity partnership. They are a $100 million investment in CommonWealth Partners, which invests in urban southern California properties; a $100 million investment in the California Community Initiatives Fund, which originates mortgages for properties in underserved communities; and $75 million in Silver Lake Partners, which will invest in technology companies.
LIVINGSTON, N.J. -- The CIT Group hired SEI Investments to run $140 million in 401(k) assets, said spokesman Mike McGowan. He would not comment on the size of CIT's retirement plan or if any managers were terminated.
CIT had $335 million in pension assets in March 1998, according to the 1999 Money Market Directory.
SEI will manage, through its manager-of-managers program, 11 of the 12 strategies CIT offers its employees, SEI said in a statement.
FRANKLIN, Ind. -- Franklin College hired PIMCO and Conseco Capital Management as domestic fixed-income managers to replace First Chicago NBD and Banc One Investment Advisors for performance reasons, said Ms. Morris. The two managers will each run $4 million for the $77 million endowment.
Kristina Halovanic, spokeswoman for First Chicago and Banc One, declined to comment.
Oxford Financial Advisors assisted.
Gardner Denver Inc.
QUINCY, Ill. -- Gardner Denver Inc. hired J.P. Morgan/American Century Retirement Plan Services to manage a portion of its $50 million cash balance plan and as semi-bundled provider for its two 401(k) plans, said Frank Jamboretz, manager of employee benefits.
J.P. Morgan/American Century will manage about $24 million in Gardner Denver's cash balance plan in a money market, a large-cap domestic equity and an international equity fund, Mr. Jamboretz said. These funds are replacing a Schroders international equity fund and a Bankers Trust money market fund, he said.
The 401(k) plans, with assets totaling $71 million, will add five investment options: American Century's Prime Money Market, Equity Growth and International Growth; and J.P. Morgan's Disciplined Equity and Diversified funds, he said. The plans are retaining four other options: a PIMCO medium-duration bond option; Enterprise Group, large-cap domestic growth equities; BlackRock, small-cap growth; and American Century, stable assets.
The new funds replace a Bankers Trust money market fund; an Ivy Asset Management international fund; and NationsBank balanced and equity index funds.
The former record keeper was HCC Employee Benefits; the previous trustee was Bankers Trust; and communications were handled in-house, Mr. Jamboretz said. Gardner Denver's match in the 401(k) plans will continue to be in company stock, although company stock is not a separate investment option.
Hershey Foods Corp.
HERSHEY, Pa. -- Hershey Foods Corp. increased its options to 11 from 10 by adding the Janus Worldwide Fund to its $577 million 401(k) plan, said Howard Hamann, assistant treasurer.
According to Dan Killi, benefits administrator, the existing options are: Oppenheimer Discovery fund; Baron Asset fund; American Express New Dimension, Equity Index and Federal Income; Brinson Non-U.S. Equity; American Century Value; IDS Mutual and Bond; and Hershey Fixed Income.
Hershey also has a $580 million defined benefit plan.
Frank Russell assisted.
Hialeah City Employees
HIALEAH, Fla. -- The $460 million Hialeah City Employees' Retirement System hired Mellon Equity Associates as its first midcap U.S. equity manager to diversify the fund, said Yolanda Rivero, plan administrator.
Ms. Rivero said funding for the $25 million allocation will come from rebalancing.
Robert W. Baird assisted.
Illinois State Universities
CHAMPAIGN, Ill. -- Illinois State Universities Retirement System hired Strategic Investment Solutions to review private placement strategies and decided to keep Ennis Knupp as general investment consultant, said James Hacking, executive director.
Strategic's review will help trustees decide how to place funds liquidated from real estate investments. The $10.4 billion fund now has 1% of total assets with Brinson Partners in a fund-of-funds approach. Strategic was a finalist for the investment consultant search, as were Callan, Mercer and Watson Wyatt.
EMERYVILLE, Calif. -- The $47 million pension trust fund of the Industrial Employers & Distributors Association hired TCW Asset Management to run a $5 million small-cap growth U.S. equity portfolio, after terminating $5 million large-cap growth U.S. equity manager Jurika & Voyles for poor performance, said David McKenzi Jr., administrator.
Funding for the TCW allocation will come from the terminated Jurika & Voyles mandate.
The fund, which covers warehousemen, also raised its domestic fixed-income target 25 percentage points following an asset allocation study. The new asset mix is 75% domestic fixed-income and 25% domestic equity.
Separately, Baird Investment Management was hired to run a $6 million large-cap growth U.S. equity portfolio for the $144 million defined benefit plan, which covers employees other than warehousemen. Funding comes from reducing a $12 million large-cap value U.S. equity portfolio managed by Palley-Needleman.
Jurika & Voyles was terminated as manager of a $10.5 million large-cap growth portfolio for performance reasons, said Mr. McKenzi. McMorgan & Co., which manages $24.5 million in domestic fixed income, will receive the assets.
Larry Dywer, spokesman for Jurika & Voyles, declined to comment.
Salomon Smith Barney assisted.
Laborers, District Council
BALTIMORE -- The Laborers, District Council, Baltimore & Vicinity, hired INVESCO as its first enhanced index fund manager to diversify the $59 million fund, and hired Morgan Grenfell to replace a current domestic fixed-income manager for poor performance, said Dale Troll, administrator.
Funding for INVESCO will come from terminating a core large-cap U.S. equity manager for performance reasons; portfolio size is undetermined, said Mr. Troll. An increase to a large-cap value U.S. equity portfolio run by Sanford C. Bernstein also will come from the terminated portfolio. Funding should be completed by July.
Mr. Troll declined to name the terminated managers.
Bolton, Offutt & Donovan assisted.
Life Care Centers
CLEVELAND, Tenn. -- Life Care Centers of America hired Scudder Defined Contribution Services to invest and administer its $45 million 401(k) plan, confirmed Cathy Slaton, 401(k) administrator.
The plan's 8,000 employees will have six mutual fund options from Scudder: stable value; growth & income; large company growth; small company value; stock index; and international. They also have Janus Balanced and INVESCO Select Income.
Life Care Centers previously used Buck Consultants as its record keeper and chose its own investments, said Ms. Slaton.
MANCHESTER, Conn. -- The $93 million Manchester Retirement Allowance Fund hired Bank of Ireland to run about $5 million in active international equity with a value tilt, said Alan Desmarais, director of finance.
Bank of Ireland replaces Investment Advisers Inc., which was terminated for disappointing performance, Mr. Desmarais said. A representative from IAI did not return phone calls by press time.
CALHOUN, Ga. -- Mohawk Industries Inc. hired Scudder Defined Contribution Services to provide record-keeping and investment services for its $167 million 401(k) plan, said Jerry Melton, vice president human resources.
Participants will have a choice of four Scudder funds: stable value, balanced, stock index and international. They also have the Kemper-Dreman High Return Fund, the Baron Asset Fund, the PIMCO Total Return Fund and Mohawk stock, he said.
Mohawk selected Scudder because it was consolidating four plans, Mr. Melton said. Prior to bundling, Mohawk used three record keepers and three investment groups for the four plans, he said.
New Hampshire Retirement
CONCORD, N.H. -- The $4.1 billion New Hampshire Retirement System has committed $10 million each to three new venture cap partnerships, said J.P. Singh, director of finance. This brings the fund's venture cap commitment to its target of 5%. The new partnerships are Crescendo III, RFE Investment Partners and Weiss Peck & Greer Venture Partners. The funding will come from rebalancing, he said.
Ohio State Highway Patrol
There are no immediate plans for DeMarche at this time, he said.
The two other finalists were Callan Associates and New England Pension Consultants.
Pennsylvania State Employes
HARRISBURG, Pa. -- Pennsylvania State Employes' Retirement System committed up to $100 million to Code Hennessy & Simmons IV and up to $35 million to Gryphon Partners II for control investments in U.S. middle-market companies. Control investments means the fund has a greater than 50% stake in the partnerships, said Geoff Yuda, spokesman for the $24.1 billion fund.
It also committed up to $25 million to Apex Investment Fund IV for a private equity fund investing principally in U.S. telecommunications, information technology and software sectors; up to $15 million to H&Q/Asia Pacific Growth Fund III for control investing in Asian countries; and up to $15 million to Newbridge Asia II for control-stake investing in Asian countries.
The deals are part of the fund's long-term investment plan, according to a statement.
Cambridge Associates assisted. Funding will come from cash flow.
VIRGINIA BEACH, Va. -- Regent University selected Hennessee Group as a discretionary adviser for hedge fund investments, according to E. Lee Hennessee, managing principal.
ROCKLAND, Mass. -- Rockland Trust selected Scudder Defined Contribution Services to invest and administer its $18 million 401(k) plan, confirmed Raymond Fuerschbach, senior vice president.
The 500 participants will have a choice of Scudder's Stable Value, Income, Balanced, Stock Index, Value and Large Company Growth funds; and three Janus options, he said.
Rockland Trust formerly used BMI for record keeping; the bank used its own trust company for investments, Mr. Fuerschbach said.
ATLANTA -- RPC Inc. hired Scudder Defined Contribution Services to provide investment and record-keeping services to its $21 million 401(k) plan, confirmed Kathleen Coogan, a company official.
Participants will have a choice of 10 mutual funds, eight from Scudder and two from other fund companies. The Scudder funds are: Stable Value; Pathway Conservative Portfolio; Pathway Balanced; Pathway Growth Portfolio; Large Company Growth; Growth & Income; Stock Index; and International.
The participants may also choose Managers Special Equity and Dodge & Cox's Balanced Fund, she said.
The RPC 401(k) plan previously was in a master trust administered by Northern Trust, Ms. Coogan said. Participants had four investment options offered by the bank.
Sheet Metal Workers
FARMINGDALE, N.J. -- Sheet Metal Workers Local 27 hired MassMutual Retirement Services to provide record keeping, communications, administration and some investment management for its $50 million multiemployer defined contribution plan, said Thomas B. Stapleton, president, business manager and chairman of the fund.
These services had been provided by Stacey Braun Associates, New York, which had managed all of the investment options, which were limited to bond and government bond funds, he said. "We wanted to broaden the investment options," Mr. Stapleton said.
Stacey Braun will continue to manage a U.S. government bond fund. MassMutual will run a money market and three lifestyle funds with varied stock and fixed-income mixes, called the Destiny funds. The lifestyle funds are conservative, moderate and aggressive, said Marty McDonough, a MassMutual spokesman.
The remaining investment options are: a core equity fund by David L. Babson; Total Return Fund, OppenheimerFunds; equity growth, American Century Retirement Plan Services; indexed equity, Barclays Global Fund Advisors; and midcap growth, T. Rowe Price