Alyeska Pipeline Service Co.
ANCHORAGE, Alaska -- Alyeska Pipeline Service Co. will add the Fidelity bond fund as an option to its $215 million 401(k) plan May 1.
The fund offers eight other options, said Victoria Hampton, compensation and benefits manager. Fidelity is the bundled provider.
CHAMPAIGN, Ill. -- BankCentral Trust hired Fifth Third Bancorp to provide custody services for its $55 million in trust assets.
BankCentral will use Fifth Third's new Internet technology, called Securities Workstation, which gives defined contribution providers real-time access to custodial information on the web, the capacity to generate customized reports and the ability to initiate transactions.
MINNEAPOLIS -- Campbell-Mithun-Esty LLC hired Dodge & Cox as a core value equity manager for its $48 million 401(k) plan and to run $2.7 million in core value equity for its $27.5 million money purchase pension. The new manager replaces Brinson Partners, which was terminated because of performance, said Diane Munson, manager of capital accumulation. Officials at Brinson did not respond by press time. Brinson remains as manager of the 401(k) plan's domestic fixed-income fund, Ms. Munson added.
In addition, the 401(k) plan added the Vanguard growth and income fund as its ninth investment option.
Wells Fargo is record keeper and trustee for the 401(k) plan.
Detroit Police and Firemen
DETROIT -- The City of Detroit Police and Firemen's Retirement System hired RhumbLine to manage a $200 million Russell 1000 index fund, replacing Loomis Sayles, which the $4 billion plan terminated because of poor performance, said Walter Stampor, assistant administrative supervisor. Loomis officials did not respond by press time. Gray and Co. assisted.
Eisenhower Medical Center
RANCHO MIRAGE, Calif. -- The Eisenhower Medical Center hired Fidelity Investments as manager, trustee and administrator for its $32 million defined benefit plan, replacing the Principal Group, said Bonnie Suter, personnel services manager. She declined to comment on the reason for the termination.
Essex County Retirement Board
SALEM, Mass. -- The $183 million Essex County Retirement Board hired two new venture capital managers, giving $2 million to Ascent Ventures and $1 million to the Massachusetts Technology Development. Funding came from cash. Segal Advisors assisted.
GAINESVILLE, Fla. -- The $76 million City of Gainesville Consolidated Police Officers and Firefighters' Retirement System hired Putnam to manage $7 million in international equity. The move was made for diversification purposes, said Tim Christiansen, investment analyst.
Funding will come from small-cap growth manager Disciplined Growth, which will see its portfolio scaled back to $8 million.
Watson Wyatt assisted.
SALT LAKE CITY -- Huntsman Corp. hired Chicago Equity Partners to manage a $20 million midcap core equity portfolio and Artisan Partners to run $20 million in small-cap growth equity. Funding came from pension assets from several plans of recently acquired companies that were merged into the $250 million defined benefit plan, said Kim Kemper, director of benefits. Mercer assisted.
Kirkwood Motors Inc.
WILMINGTON, Del. -- Kirkwood Motors Inc. selected Brandywine as the bundled provider for its 401(k) plan. Brandywine replaced Pension and Financial Consultants because it has "better rates," said Jeffrey Koff, comptroller.
The $500,000 plan offers 24 options.
NEW YORK -- Loews Corp. hired Chase Manhattan as global custodian for its $700 million pension fund. Holding company Loews terminated its contract with First Union after a periodic review, said Candace Leeds, a spokeswoman.
Los Angeles City Employees
LOS ANGELES -- The board for the $7 billion Los Angeles City Employees' Retirement System approved an allocation of up to $10 million to State Street Global Advisor/Tuckerman Group Multi-Family Development II.
Lower Colorado River Authority
AUSTIN, Texas -- The Lower Colorado River Authority hired TT International to manage $9 million in international growth equity, taking over half of Global Asset Management's $18 million portfolio, said Patricia Garrison, benefits administrator of retirement plans. The $180 million defined benefit plan terminated GAM for performance reasons. Glenmede, the fund's other international equity manager, will take over the other $9 million.
Officials at GAM did not return calls by press time.
Nebraska Public Power District
COLUMBUS, Neb. -- The Nebraska Public Power District Employees' Retirement System has added Nicholas-Applegate's emerging markets fund as an option in its $370 million 401(k) plan, said Bill Podraza, vice president for human resources.
New Hampshire Retirement
CONCORD, N.H. -- The New Hampshire Retirement System hired Salomon Smith Barney-F.M.A. to run $25 million in its first collateralized bond obligation program, said Edward Theobald, chairman of the $4.5 billion system. The program will be funded from venture capital. The system also hired Bank of New York and Pension Evaluation Services to do commission recapture.
MELVILLE, N.Y. -- Nikon Inc. hired Chicago Equity Partners to manage $10 million in large-cap core equities for its defined benefit plan. Peter J. Moleski Jr., the controller, declined to give the size of the plan; the Money Market Directory listed assets at $25 million as of June 30. Funding came from the termination of a value equity manager, which Mr. Moleski declined to identify. Mercer assisted.
Nissan Motor Manufacturing
SMYRNA, Tenn. -- Nissan Motor Manufacturing Corp. hired Artisan Partners for a $17 million international equity portfolio, replacing Blairlogie. The $190 million fund terminated Blairlogie for performance reasons, said William Scott, manager of general accounting.
"We were told by the consultants that we were too core," said Gavin Dobson, Blairlogie's chief executive officer.
LCG Associates assisted.
Oklahoma School Land Trust
OKLAHOMA CITY -- The Oklahoma School Land Trust hired Legg Mason to manage $46 million in core domestic equity, replacing large-cap value manager Hotchkis and Wiley. The $1.1 billion fund made the move to reduce its exposure to value and because of the manager's poor performance, said Herb Johnson, investment director. Legg Mason now handles a total of $100 million for the fund. A Hotchkis representative declined to comment.
O'Melveny and Meyers LLP
LOS ANGELES -- O'Melveny and Meyers LLP selected Fidelity as bundled provider for its 401(k) plan. The plan, which has more than 20 options, chose to outsource management to get daily valuation, daily transfers and an increased range of investment choices. According to the Money Market Directory, the 401(k) plan has $58 million in assets.
TIGARD, Ore. -- The $450 million Oregon Retail Employees hired Putnam Investments to run $22 million in core international equity. Funding came from the fund's fixed-income portfolio.
R.V. Kuhns assisted.
Pennsylvania Public School
HARRISBURG, Pa. -- The Pennsylvania Public School Employees' Retirement System has invested $135 million in the Co-Investment 2000 Fund LP.
The CI 2000 fund's focus is exploiting the opportunity of co-investing in certain investments made by the more than 25 venture capital funds in which the $53 billion Pennsylvania school fund is an investor.
John C. Lane, chief investment officer at the Pennsylvania fund, said: "We have invested in over 25 of the best venture capital funds in the country, committing over $1.5 billion. In 70% of these investments, PSERS has contractual rights to co-invest, representing a substantial investment opportunity. We are quite excited to be working with CI 2000 to maximize these opportunities."
Port Terminal Railroad
HOUSTON -- The Port Terminal Railroad Association overhauled its $12 billion defined benefit plan, switching to mutual funds from a wrap program.
The mutual funds selected were: PIMCO intermediate bond; Vanguard S&P 500 index; Vanguard S&P/BARRA value index; Franklin small-cap growth; and Putnam international equity.
Tom W. Parker, controller/treasurer, said the fund had been managed by Salomon Smith Barney in a wrap program; the underlying assets were managed by 1838 Investment Advisors, Lazard and Ashfield. Frost National Bank was named custodian. Ion Consulting assisted.
T. Rowe Price Retirement
BALTIMORE -- T. Rowe Price Retirement Plan Services hired Financial Engines to offer investment advice to participants in the retirement plans that use the mutual fund company as their 401(k) retirement plan service provider.
San Francisco City & County
SAN FRANCISCO -- The $12 billion San Francisco City & County Employees' Retirement System picked Western Asset Management for a $650 million domestic core-plus portfolio.
Partial funding will come from Scudder, Stevens & Clark, whose $400 million corporate bond portfolio will be dropped. Oaktree and W.R. Huff, which run $180 million and $157 million in high-yield bonds, respectively, will see their mandates reduced over time.
Scudder was not picked for the revamped mandate in part because of organizational changes at the firm, said Richard Piket, senior investment officer-fixed income. He said the fund had been satisfied with the firm's performance.
InvestorForce is the consultant.
EMERYVILLE, Calif. -- Sybase Inc. will replace ADP with Fidelity Investments as bundled provider of its 401(k) plan May 1. The plan, which has $163 million in assets according to the Money Market Directory, chose Fidelity because it provided more continuing education services and ease of access to accounts for participants.
Tactix Consulting Group
CINCINNATI -- Tactix Consulting Group hired Fifth Third Bank to provide investment management and other services for its 401(k) plan, said Theresa Ball, Tactix president and chief executive officer. Tactix dropped American Express, she said, because it preferred a local organization, among other reasons. She declined to elaborate.
Texarkana Firefighters' Relief
TEXARKANA, Texas -- Texarkana Firefighters' Relief & Pension Fund hired Westwood Trust to replace $8.5 million global equity manager Regions Bank. The $15.5 million fund terminated Regions because of performance, said John Hackleman, assistant city manager. Officials at Regions did not respond by press time.
Toronto Transit Commission
TORONTO -- The Toronto Transit Commission Pension Fund Society hired General Electric Asset Management Canada to run C$100 million (U.S.$68 million) in large-cap value U.S. equity. The C$2.4 billion fund wanted to see if the new asset class would outperform domestic investing, said John Cannell, treasurer.
Tucson Electric Power Co.
TUCSON, Ariz. -- The $137 million pension plan of Tucson Electric Power Co. hired Chartwell to manage $23 million in large-cap value equity, replacing Disciplined Investment Advisors. No reason was given for the termination. Watson Wyatt assisted.
MALVERN, Pa. -- Vanguard hired Grantham, Mayo, Van Otterloo for its $4.4 billion small-cap growth Explorer Fund, effective April 3. The firm was hired to broaden the fund's capacity and accommodate future growth.
GMO joins Cranahan Investment Management, Wellington Management, Chartwell Investment Partners and Vanguard Core Management.