ATTLEBORO, Mass. -- The Attleboro Municipal Contributory Retirement System hired RhumbLine to run $5 million in an S&P 500 index fund, said Kevin Leonard, the Segal Advisors consultant who assisted. The system, with $46 million in assets, took money for the new investment from its existing S&P 500 index manager, which he declined to name.
AUBURN, Ala. -- Auburn University hired Alliance Capital as its first domestic growth equity manager. The firm will handle up to $10 million for the $240 million endowment fund, said Charles Bruce, director of treasury services. Auburn chose the asset class to provide diversity and balance. Funding will come from recent gifts to the school. Salomon Smith Barney assisted.
City of Boise
BOISE, Idaho -- The City of Boise Non-Qualified Deferred Compensation Program is negotiating a contract with Great West and expects the firm to start April 1 as full-service provider for its $7 million 457 plan, said Kent Rock, treasurer. Incumbent Salomon Smith Barney rebid.
Boise Cascade Corp.
BOISE, Idaho -- Boise Cascade Corp. replaced all-cap growth domestic equity manager Wilke/ Thompson with two new managers. The TCW Group will manage two-thirds of the $150 million portfolio as a midcap to large-cap account; and Miller Anderson & Sherrerd will run the remaining $50 million in a midcap portfolio. The $1.3 billion defined benefit plan terminated Wilke/Thompson for "performance and organizational reasons," said Wayne Rancourt, director of retirement funds. A Wilke/Thompson spokesman didn't return calls for comment by press time.
Town of Braintree
BRAINTREE, Mass. -- The Town of Braintree, with $85 million in pension assets, picked Sirach Capital to run an $18 million core bond portfolio, said Phyllis DiPalma, executive director. The search followed an asset allocation study by the retirement fund's consultant, New England Pension Consultants. Funding will come from terminating the fund's previous bond manager, 1838 Investment Advisors.
Chelsea City Retirement
CHELSEA, Mass. -- The Chelsea City Retirement System, with $37 million in assets, hired three firms to manage its large-cap equity assets. MFS and Janus will manage $5 million each in large-cap growth; and Hutchens will handle $5 million in large-cap value.
Colorado County Officials
DENVER -- Colorado County Officials and Employees Retirement Association has added two midcap funds to its $450 million 401(a) and 457 plans, bringing the investment options up to 19, said Rick Rodgers, director of marketing and client services.
The unbundled plans had offered Fidelity ContraFund as a midcap option, but because of the mutual fund's style change to large-cap blend investing in both growth and value equities, the plans' executives felt they needed other midcap options, Mr. Rodgers explained. The new funds, which will become available in March, are MAS midcap growth and MAS midcap value. Fidelity ContraFund remains in the plan as a "flexible" style, he said.
OMAHA, Neb. -- Creighton University hired two new domestic growth equity managers -- TCW and Peregrine --in an effort to balance its domestic equity portfolio.
The $210 million endowment wants to increase its growth exposure to 40% of domestic equity, said Lee Galles, associate vice president of finance and treasurer.
Funding will come from reducing value allocations; no decision has been made about allocation size.
John Hancock Funds
BOSTON -- John Hancock Funds selected Standard & Poor's to provide investment advice and education on the Internet to defined contribution plan sponsors serviced by the fund manager.
Ilford Imaging U.K. Ltd.
LONDON -- Ilford Imaging U.K. Ltd. Pension Scheme dropped Schroder Investment Management and Mercury Asset Management following changes to the plan's asset allocation. The 200 million ($324 million) fund appointed Baring Asset Management to run 50 million in U.K. equities and Barclays Global Investors for a 150 million mixed equity, fixed-income and cash portfolio.
Baring's mandate will be to outperform the FT All-Share index by two percentage points a year, said Graham Brody, pensions manager and secretary to the plan. He would not give details of the new asset structure, but said the plan would reduce its equity exposure and was adopting a more "risk-averse strategy."
"We have had a good working relationship with both Schroder and Mercury," but neither manager was able to offer the strategies the plan was looking for, he added.
MILWAUKEE -- Marquette University hired Stratford Advisory Group as an investment consultant for the school's $250 million
endowment fund. Stratford replaces Fund Evaluation Group, which was included in the search, said John Hansen, director of treasury at Marquette. Stratford will complete in early March an asset allocation study that may result in an increased allocation to alternatives. The current asset mix is: 55% domestic equity; 10% international equity; 25% U.S. fixed income; and 10% alternatives.
MARSHFIELD, Wis. -- The Marshfield Clinic hired Nicholas-Applegate for international growth equities and Stafford as a domestic small-cap growth equity manager for its money purchase plan.
The $590 million plan terminated international manager Credit Suisse, which ran $60 million, because of personnel turnover, and U.S. small-cap firm Atlantic Capital, which ran $30 million, because of performance problems, said Tom Bauer, manager, retirement plans.
A Credit Suisse spokesman said firm performance has been strong and has not changed despite turnover. John Reifsnider, managing director at Atlantic, declined comment.
NEW YORK -- Memorial Sloan-Kettering Cancer Center committed $10 million to Alloy Ventures 2000 and $10 million to Polaris Ventures III, said Michael P. Gutnick, chief investment officer at the $2 billion endowment. Funding will come from a $300 million private equity program the endowment established three years ago.
Middlesex County Retirement
CAMBRIDGE, Mass. -- The Middlesex County Retirement System picked Diversified Investment Advisors as a short-term fixed-income manager to run $20 million.The $550 million system also increased allocations to four real estate managers. Receiving an additional $3 million each were Henderson Real Estate, for a new open-end fund; Lend Lease and Tuckerman, for new closed-end funds; and Sentinel, said Gus Aristizabal, COO at Wainwright Investment Counsel, which assisted.
New York City Employees
NEW YORK -- The New York City Employees Retirement System board selected Merrill Lynch, Barclays and Amalgamated Bank to run its $20.2 billion passively managed U.S. equity portfolio, said Jane Levine, deputy comptroller. Merrill and Barclays each will manage around $10 billion in a Russell 3000 index strategy, and Amalgamated will manage $250 million in an S&P 500 index strategy for the $43 billion system. The selections are subject to contract negotiations.
Deutsche Bank had been managing NYCERS' indexed portfolios, but the system issued RFPs because the contract was expiring, Ms. Levine said. The team of index managers that ran NYCERS' portfolios moved to Merrill last July.
New York State Teachers
ALBANY, N.Y. -- The New York State Teachers Retirement System renewed the following manager agreements for one year: Alliance, $1.24 billion in a passive international equity strategy and $964 million in a domestic large-cap growth portfolio; Baring, $419 million, active international equities; Brinson Partners, $409 million, active international equities; Bank of Ireland Asset Management, $402 million, active international equities; Capital Guardian Trust, $482 million, active international equities; Lazard Asset Management, $395 million, active international equities; Iridian Asset Management, $525 million, domestic large-cap value equities; Lincoln Capital Management, $587 million, domestic large-cap growth; and Montag and Caldwell, $566 million, domestic large-cap growth. The board of the $81.5 billion fund also authorized the system to invest up to $125 million in Texas Pacific Group Partners III.
Oklahoma Law Enforcement
OKLAHOMA CITY -- The Oklahoma Law Enforcement Retirement System, Oklahoma City, hired Asset Consulting Group to replace DeMarche Associates. The new consultant will begin its duties for the $500 million defined benefit plan Feb. 1, said Larry McCullock, assistant director. The termination of DeMarche was not a reflection of the company's performance, he added.
Pennsylvania State Employees
HARRISBURG, Pa. -- Pennsylvania State Employees' Retirement System approved a $100 million commitment to the Templeton Global Restructuring Fund, which invests in publicly listed emerging markets stocks. BARRA RogersCasey assisted.
The board of trustees for the $28 billion fund also approved up to $100 million in additional commitments to HarbourVest Partners VI; up to $40 million to Atlas Ventures IV; and up to $75 million to GTCR Fund VII. Cambridge Associates assisted on the three alternative investment commitments.
All allocations will be funded from cash and are subject to successful contract negotiations.
Southbridge Town Retirement
SOUTHBRIDGE, Mass. -- The Southbridge Town Retirement System hired Dreyfus Investment Advisors to run $800,000 in a core domestic small-cap portfolio for the $15.3 million fund, said Kevin Leonard, the Segal Advisors consultant who assisted.
Funding will come from cash.
St. Francis College
BROOKLYN, N.Y. -- St. Francis College restructured its $78 million endowment fund after a review of its investment strategy with consultant Evaluation Associates, said Dick Halverson, vice president for finance. It hired Alliance Capital Man-agement to handle $20 million in U.S. large-cap growth equities; ICAP, $17 million, U.S. large-cap value equities; Vanguard, $11 million, institutional S&P 500 index fund; and Metropolitan West, $20 million, U.S. fixed income.
The endowment retained Gabelli to run its existing $10 million small-cap to midcap U.S. equity portfolio. It terminated Merrill Lynch and Amivest, which managed $22 million and $19 million in U.S. equities, respectively. Mr. Halverson said the endowment decided to hire managers using more specific strategies than Merrill and Amivest, which each used a blend of approaches.
St. Francis also terminated Fidelity, which had managed $6 million in an S&P 500 index fund, because Vanguard offered a better price. The fixed-income portfolio being taken over by Metropolitan West was managed internally.
A Fidelity spokeswoman said the firm does not comment on client activity. Officials at Merrill and Amivest did not return phone calls by press time.
BOCA RATON, Fla. -- Sunbeam Corp. hired MetLife to manage $40 million in an enhanced guaranteed index U.S. bond portfolio for its $140 million Sunbeam Americas Holdings Ltd. Master Pension Trust. The MetLife fund is managed by Loomis Sayles and is guaranteed by MetLife at a fixed rate based on the Lehman Brothers Aggregate bond index.
MetLife replaces Northern Trust, which had managed the assets in an immunized bond portfolio, said Ronald R. Richter, vice president and treasurer at Sunbeam. New England Pension Consultants assisted
Teamsters Local 135 Health
INDIANAPOLIS -- Teamsters Local 135 Health Benefits Fund hired Conseco to run a $10 million core fixed-income portfolio, according to a Conseco release. A spokeswoman at Local 135 declined to comment on the hiring or asset totals.
United Way of Central Indiana
INDIANAPOLIS -- United Way of Central Indiana hired six managers for its new $50 million foundation. They are: Bank One, small-cap growth domestic and international equity; Fifth Third Bank, large-cap growth domestic equity; Key Bank, large-cap value domestic equity and S&P 500 index; First Trust Indiana and Conseco Capital Management, core fixed-income; and National City, S&P index.
Although manager allocations were not available, the asset mix will be 45% large-cap domestic equity, 30% fixed income, 15% small-cap domestic equity, and 10% international equity, said Bruce Benjamin, of consultant Fund Evaluation Group.