OAKLAND, Calif. -- APL Ltd. hired Callan Associates to replace Watson Wyatt as consultant to its $165 million defined benefit plan, said Doug Cannon, assistant treasurer. He declined to comment on the change.
Callan's first duty will be to conduct an asset-liability study, which is expected to be complete in June.
Associated Electric & Gas
JERSEY CITY, N.J. -- Associated Electric & Gas Insurance Services Ltd. hired Northern Trust Global Investments to manage $150 million in general insurance assets in an active fixed-income strategy.
The portfolio is part of the company's $2.8 billion general investment portfolio. Funding came from additional assets, said Leanne Plunkett, manager of cash and investment compliance at AEGIS.
PHOENIX -- Central Newspapers hired Wells Capital Management to run $58 million in active intermediate fixed income for its $348 million pension plan. The move is a result of an asset-liability study conducted last year, said Paul Troup of consultant Callan Associates.
Colorado Public Employees
DENVER -- The Public Employees' Retirement Association of Colorado will be adding new funds to its $433 million 401(k) plan, effective April 24. They are: Janus Fund, Janus Enterprise; MAS Mid-Cap Value; and Vanguard S&P 500 Index.
The current menu of funds includes PIMCO short-term bond and long-term bond; Dodge & Cox balanced; Fidelity Contrafund; Capital Guardian international stock; and an internally managed growth and income fund.
At the same time, PERA will move to daily valuation from monthly, provide online access to participants' 401(k) accounts and reduce administrative fees.
OMAHA, Neb. -- ConAgra Inc. hired large-cap value manager Institutional Capital March 31. Institutional Capital oversees $72 million for the $1.5 billion plan, said Douglas Fehr, manager of pensions.
Institutional joins Sanford C. Bernstein as the plan's large-cap value managers.
Mr. Fehr declined to identify the former manager.
Contra Costa County
CONCORD, Calif. -- The $3 billion Contra Costa County Employees' Retirement Association hired Nicholas-Applegate Capital Management and Fountain Capital Management to manage high-yield bond portfolios of $45 million each, said Patricia Wiegert, retirement administrator.
The board is investing 3% of assets in high-yield bonds. Funding will come from a passive bond portfolio managed by Barclays Global Investors.
Dorn, Helliesen & Cottle was the consultant.
HOUSTON -- Corestaff Services selected Great West Life as the bundled provider for its 401(k) plan. Great West replaces HCC Employee Benefits.
The new provider will offer participants 10 fund options; a fund spokeswoman declined to identify them or supply the size of the plan.
LONDON -- Hammerson Group Management Pension & Life Assurance Scheme transferred the management of its assets to Singer & Friedlander Investment Management, replacing Prudential Portfolio Managers. SFIM's investment process was "more appropriate for our fund," said Stuart Haydon, Hammerson secretary.
The fund will be managed to a benchmark made up of 80% U.K. equities and 20% U.K. index-linked gilts. Kerr & Co. advised.
Heat and Frost Insulators
CEDAR RAPIDS, Iowa -- The International Association of Heat and Frost Insulators and Asbestos Workers Local 81 hired Fox Asset Management as a large-cap value equity and intermediate fixed-income manager. Fox will oversee $9 million in each asset class for the $20 million plan, according to a union representative, who declined to identify the previous manager or reasons for the change.
Investment Consulting Group assisted.
Iron Workers Local 395
HAMMOND, Ind. -- Iron Workers Local 395 hired Columbia Management as a short-term fixed-income manager to handle $4 million for its pension plan, said Jeffrey Chidester, financial secretary-treasurer. Columbia replaces Mercantile National Bank of Indiana, which was terminated for performance-related reasons. He declined to provide the amount of the plan's assets.
Officials at Mercantile did not comment by press time.
AMSTERDAM -- KLM Pensioenfonds appointed Barclays Global Investors and State Street Global Advisors to run index portfolios as part of a major restructuring of the 17 billion guilder ($6.5 billion) scheme.
BGI manages pan-European government and corporate debt, and State Street manages European and U.S. equities, said Arun Ratra, chief investment officer.
Mr. Ratra would not give the size of the mandates, but said KLM had outsourced its entire equity and fixed-income portfolios to index managers.
The fund was almost entirely internally managed.
Milwaukee County Employees
New Hampshire Retirement
CONCORD, N.H. -- New Hampshire Retirement System added two new firms to its roster of money managers. The $4.2 billion pension fund hired Artisan Partners to manage $60 million in non-U.S. equity assets and LaSalle Partners to manage $100 million in domestic realty assets. Artisan will replace two non-U.S. equity managers, according to Edward Theobald, system chairman. He declined to identify the managers. LaSalle is an addition to the realty portfolio.
Omaha School Employees
OMAHA, Neb. -- The $900 million Omaha School Employees' Retirement System hired Fountain Capital Management to handle a $20 million high-yield bond portfolio, said Michael Smith, executive director. The plan decided to raise its high-yield allocation to 8% from 5.5%.
PacifiCare Health Systems Inc.
SANTA ANA, Calif. -- PacifiCare Health Systems Inc. added Wells Fargo's fixed-income fund and Montag and Caldwell's balanced fund as options in its $350 million 401(k) plan. The new options replace a Putnam fixed-income fund and a Palley-Needelman balanced fund, said Coy Baugh, vice president and treasurer.
Buck Consultants is the plan's administrator and record keeper, and Wells Fargo is trustee.
St. Louis Public School
ST. LOUIS -- The $1 billion Public School Retirement System of St. Louis hired MDL and ARM as additional core fixed-income managers to oversee $25 million and $50 million, respectively. Assets will come from a fixed-income portfolio managed by John Hancock Financial, which will retain $75 million.
New England Pension Consultants assisted.
OAKS, Pa. -- SEI Investments hired Lincoln National Life Insurance to underwrite and administer its new variable annuity program, featuring SEI's manager-of-managers funds.
SEI will distribute the program Beginning in August.
Vermont Municipal Employees
MONTPELIER, Vt. -- The Vermont Municipal Employees' Retirement System will begin offering its new 401(a) plan July 1. The system, which already has a $167 million defined benefit plan, will give employees the option of switching to the new plan at the time, said James Douglas, state treasurer. Fidelity is bundled provider.
The new plan will offer 15 options. The funds are: Fidelity managed income; PIMCO Total Return; Fidelity Puritan; Fidelity equity income; Fidelity low priced stock; Fidelity Spartan U.S. index; Domini social responsibility; Fidelity Fund; Fidelity blue chip growth; Fidelity aggressive growth; Morgan Stanley Dean Witter emerging growth; Fidelity diversified international; Fidelity dividend growth; Fidelity government income; and Fidelity Freedom.