SHELTON, Conn. -- American Skandia hired Janus to run a new midcap growth portfolio, an option within its variable annuity programs.
American Skandia also replaced managers on four existing portfolios. Alliance was hired to manage a growth portfolio, replacing Oppenheimer, and a growth and income portfolio, replacing Lord, Abbett; Sanford C. Bernstein assumed management of an S&P 500 index option from Deutsche Asset; and American Century was hired to manage an international growth fund, replacing T. Rowe Price.
ANZ U.K. Staff Pension Scheme
LONDON -- The ANZ U.K. Staff Pension Scheme hired Rothschild Asset Management to manage a 100 million ($156 million) fixed-income mandate.
Trustees of the 425 million plan increased its fixed-income allocation by 4%MDNM because of the maturity of the scheme, said John McKay, ANZ senior manager, remuneration and benefits.
The plan is reviewing its entire asset allocation strategy, and additional new mandates will be announced next month, he added.
Rothschild replaces Phillips & Drew. Mr. McKay would not say why the firm was dropped.
Hymans Robertson advised.
SPOKANE, Wash. -- Avista Corp. hired Frank Russell Co. to manage its $180 million defined benefit plan.
Frank Russell will provide investment management, custody, trusteeship, performance reportion and asset allocation advice to Avista.
An official at Avista declined to give details on how the plan was managed previously.
Bakery Drivers Local 194
VAUXHALL, N.J. -- Bakery Drivers Local 194 hired Aeltus and Columbia Management as enhanced index and small-cap growth managers, respectively.
The $125 million plan made the moves for diversification. Aeltus will oversee $15 million and Columbia, $6 million, said Fred Harrall of consultant Segal Advisors.
OAKLAND, Calif. -- Clorox Co. hired Financial Engines as advice provider for its $520 million 401(k) plan, said Nancy Roche, manager of benefits funding.
Putnam Investments is the record keeper and administrator of the semibundled plan, Ms. Roche said.
The plan has 11 investment options: company stock; one international equity fund; two fixed-income funds; and seven equity funds managed. The managers are Putnam, Fidelity, INVESCO and Miller Anderson & Sherrerd, she said.
State of Colorado 457
DENVER -- The State of Colorado's $360 million 457 deferred compensation plan selected Great-West Life as its new record keeper, marketer and self-directed brokerage account provider for the unbundled plan.
The other finalists were ICMA Retirement Corp. and Nationwide, said Jack Ehnes, state director of risk management and employee benefits. The incumbent, Security First Group, did not compete, he said.
The plan might make some other hiring and policy changes this year.
PHILADELPHIA -- The Defender Association transferred $11 million of its $41 million 403(b) plan assets to service provider Diversified Investment Advisors, said Selim Tawadros, comptroller. Defender switched from Lincoln Benefit Group, Mr. Tawadros said, citing poor service, poor administration and Lincoln's 2%load fee.
Lincoln President Jim Rowley said: "The design of the plan, chosen by Defender, made it difficult to administer."
Lincoln still is service provider for around $30 million of the plan's assets, divided among seven Fidelity funds, six AIM funds, three New England funds and 11 Lincoln National funds. The funds are mainly equity funds, and include capital appreciation, growth, value, balanced, international; there are also three stable-value funds. All new assets will go to Diversified, which offers participants a selection of Schwab funds.
District of Columbia
WASHINGTON -- The District of Columbia Retirement Board hired Capital Guardian Trust as its second international equities manager, to run 25%of the international equities allocation, according to the board's meeting minutes. Bank of Ireland, which managed the entire allocation previously, will manage the remaining 75%of the $2 billion fund's international equities exposure. Bank of Ireland managed $356.4 million for the system as of the end of September.
The system also placed Western Asset Management, a fixed-income manager, on its watch list.
The board hired Chatham Partners as a consultant to search for a global custodian bank.
Town of Fairfield
FAIRFIELD, Conn. -- The Town of Fairfield Retirement Funds hired Boston Co. as its first midcap value equity manager. The $304 million plan will give the new manager $15 million, said Paul Hiller, chief fiscal officer. Despite the poor performance of the asset class in recent years, the plan is pursuing the strategy for diversification and expects performance to improve.
Tremont Advisors assisted.
ST. FRANCIS, Wis. -- Harnischfeger Industries hired SEI Investments as manager of managers for its $520 million defined benefit plan for U.S.-based employees. The company chose the new approach to asset management to "concentrate on running the business," said Kim Kodousek, associate general counsel. The plan had employed several managers in various asset classes.
NEW YORK -- Manulife Financial, in an expansion of several of its variable annuity programs, hired Janus Capital to manage the Dynamic Growth Trust, a midcap growth equity commingled fund; Munder Capital Management to run the Internet Technologies Trust; and Mitchell Hutchins to manage the Tactical Allocation Trust.
BURLINGTON, Mass. -- The Massachusetts Laborers' Pension Fund hired MetLife to manage $88 million in a guaranteed return fund.
The assets came from reducing the portfolios of existing managers, said Thomas P.V. Masiello, administrator for the $800 million pension fund. Loomis, Sayles will manage the fund, while MetLife guarantees the fixed-income portfolio's return.
Meketa Investment Group assisted in the search.
Michael Best & Friedrich
MILWAUKEE -- Michael Best & Friedrich LLP hired SEI and Frank Russell as managers of managers for its $24 million retirement plan. The managers will receive $12 million each from the law firm, said Scott Engroff, partner. The plan made the move so that its assets would be handled by firms with national recognition; the plan had been handled by Milwaukee-area firms.
NYC Board of Education
NEW YORK -- The $1.9 billion New York City Board of Education pension fund renewed the contracts of Taplin Canida to manage $102 million in corporate bonds and Fischer Francis for $22 million in Yankee bonds.
NYC Deferred Compensation
NEW YORK -- The $4.2 billion New York City Deferred Compensation Program awarded $80 million in new contracts for its $807 million GIC fund, said Joan Barrow, chief accountant.
It hired CIGNA Financial Services to run a $40 million contract, starting July 5, and a $20 million contract, starting Oct. 2, giving CIGNA a total of $81 million in GIC accounts for the plan It also hired Ausa Life to manage a $20 million contract.
The fund also rehired Principal Life to manage a $20 million contract, beginning Oct. 2.
The money came from John Hancock, which managed $30 million, and CDC Capital Management, which managed $21 million in GICs. Calls to both firms were not returned by deadline. Remaining funding will come from a short-term AIM account, Ms. Barrow said.
NYC Fire Department
NEW YORK -- The New York City Fire Department Pension Fund awarded $807 million in fixed-income contracts, said Jane Levine, deputy comptroller for pensions.
The $6.6 billion fund hired PIMCO and retained Lincoln and Fischer Francis to run $400 million in government bonds, she said. PIMCO replaces Taplin Canida.
Prudential and Schroders will run $67 million in Yankee bonds previously managed by Fischer Francis. T. Rowe Price, Taplin Canida and Credit Suisse, which run a total of $340 million in corporate bonds, were retained.
Some of the mandates will be rebalanced, said Ms. Levine, who also noted that not all of the firms rebid.
All hirings are subject to successful contract negotiations.
Plumbers Local 14
LODI, N.J. -- Plumbers Local 14 will hire PIMCO as a large-cap value equity manager pending successful negotiation of a contract. The $20 million mandate was run by Phoenix Investment Partners, which was terminated for performance-related reasons, said Charles Iversen, fund administrator for the $56 million plan.
Phoenix had no comment on the termination.
Pension Fund Evaluation assisted.
NEWARK, N.J. -- Prudential hired Alliance to manage its new Premier Growth Portfolio, and Davis Select Advisors to run the new Davis Value Portfolio.
St. Paul Teachers
ST. PAUL, Minn. -- The $850 million St. Paul Teachers' Retirement System hired Alliance Capital as its new large-cap domestic growth equity manager, with a $50 million mandate. The move follows an asset-liability study.
Sunglass Hut International
CORAL GABLES, Fla. -- Sunglass Hut International, with $6 million in 401(k) plan assets, hired Diversified Investment Advisors as its service provider, replacing CIGNA Investments.