Regis University, Denver, is searching for a Russell 1000 value index manager to run $2.1 million, said Joseph Weber, associate vice president of finance. The $24 million endowment is looking for diversity, he said. No RFPs were issued. Consultant Salomon Smith Barney will recommend candidates.
Stichting Pensioenfonds Akzo Nobel, Arnhem, the Netherlands, is searching for external managers for a new E150 million Asia and emerging market mandate, said Bob Puijn, director of financial assets. The board of the E3.3 billion ($3.5 billion) fund decided to reduce the real estate portfolio to 10% from roughly 15% and invest the difference in emerging markets.
St. Bonaventure University, St. Bonaventure, N.Y., is searching for one private equity manager, one absolute-return manager and one hedge fund or REIT manager to reach a 10% alternative investment target, said Tammara Raub, controller. Its current alternatives allocation is 3.8%. No RFPs were issued; Prime Buchholz & Associates, consultant to the $30 million endowment, will recommend candidates. Funding will come from reducing a core large-cap U.S. equity portfolio managed by Trinity Investment Management. A decision is expected by November.
Fairfax County (Va.) Uniformed Retirement System is close to picking finalists in its search for an equity emerging markets manager to run 5% of the fund's assets, said Laurnz A. Swartz, executive director of the $608 million fund. The decision to hire was the result on an asset class review. Funding will come from cutting back the allocation to the system's two existing active international equity managers, Lazard and Marathon. The system hopes to pick a new manager by the end of October or early November. BARRA RogersCasey is assisting.
Burlington Northern Santa Fe Corp., Fort Worth, Texas, is expected to begin a search in December for its first consultant to conduct an asset allocation study for its $1.6 billion defined benefit plan, said Elaine Davis, director of finance. The current mix is 47% U.S. equities, 16% international equities, 5% real estate and 32% domestic fixed income.
Alabama Trust Fund, Montgomery, is considering a search for a domestic equity manager to diversify the $1.2 billion fund, said Lucy Baxley, state treasurer. No timetable has been set.
Carolina Power & Light Co., Raleigh, N.C., is considering a search for a new custodian because incumbent Wachovia Bank is selling its institutional trust and custody business to State Street Bank, said Donald Ray, project business analyst for the $900 million defined benefit plan. A decision is expected by January. LCG Associates is assisting.
Square D Co., Palatine, Ill., may search for an additional emerging- markets manager as a result of a recent asset allocation study for its $850 million defined benefit plan, said Richard O' Shannon, vice president and treasurer. The new mix is 50% U.S. equities, 25% domestic fixed income, 15% international equities and 10% emerging markets. The previous mix was 55% U.S. equities, 25% domestic fixed income, 15% international equities and 5% emerging markets. A decision is expected by December. Frank Russell conducted the study.
Food & Commercial Workers, Local 1059, Columbus, Ohio, is conducting an asset allocation study that could result in new asset classes being added to the $480 million defined benefit plan, said David McAllister, director of financial operations. The current mix is 69% domestic equities and 31% domestic fixed income. The study is expected to be completed by November.
Charlotte (N.C.) Firefighters' Retirement System is considering a search for a new custodian because incumbent Wachovia Bank is selling its institutional trust and custody business to State Street Bank, said W. Carey Odom, treasurer for the $217 million fund. No timetable was set for a decision. Callan Associates is assisting.
Universal Leaf Tobacco Co. Inc., Richmond, Va., expects to begin a search by the end of the year for a master trustee because incumbent Wachovia Bank is selling its trust and custodian businesses, said Karen Whelan, vice president and treasurer. State Street Bank, which becomes master trustee for the $124 million defined benefit plan Oct. 1, will be included in the search.
Cadmus Communications Corp. Richmond, Va., is considering a search for its first large-cap value U.S. equity manager to diversify its $43 million defined benefit plan, said Dave Bosher, vice president and treasurer. Colonial Consulting is assisting.