City of Austin Employees
AUSTIN, Texas - The City of Austin Employees' Retirement System hired Sterling Capital Management to handle a new $50 million domestic active small-cap value equity portfolio.
Funding will come from rebalancing the assets of existing managers, said Cathy Harrington, pension director for the $1.3 billion pension fund.
The change was made for added diversification. "It was an area of the market we didn't have covered," she said.
Chicago Metropolitan Water
CHICAGO - The Metropolitan Water Reclamation District of Greater Chicago hired Aeltus and Freedom Capital to manage $50 million and $20 million, respectively, in active all-cap domestic equities. Funding will come from the $1 billion plan's other active equity managers, said Thomas O'Connor, president of the retirement fund.
Standard Valuation assisted.
Chicago Transit Authority
CHICAGO - The $2 billion Chicago Transit Authority Employees' Retirement System hired Marco Consulting and Gray & Co. as investment consultants, replacing Wellesley Group.
Marco will review the pension fund's investment policy and asset allocation, said John Kallianis, executive director for the fund. The current asset allocation is: 68%domestic equities; 8% internatio nal equities; 4% real estate; 2% alternative investments; 17% domestic and international fixed income; and 1% cash.
Mr. Kallianis said Marco also will help trustees trim the number of managers - from 30 - and do searches to replace managers, if necessary.
Gray will give quarterly and annual performance reports.
Columbus McKinnon Corp.
AMHERST, N.Y. - Columbus McKinnon Corp. hired Fleet Retirement Plan Services as bundled provider for its 401(k) plans, which have a combined $70 million in assets. Fleet Retirement already administers the firm's defined benefit plan, said Robert L. Montgomery Jr., Columbus McKinnon's chief financial officer.
The company - which has doubled in size to 4,500 employees in five years, in part because of acquisition - is consolidating 10 defined contribution plans into two, Mr. Montgomery said. The plans were administered in-house, with the investments provided by American Funds Group.
Fleet and its alliance partners -Columbia, American Century, Fidelity, INVESCO, Janus, Neuberger Berman and Putnam Investments - are offering the following funds to each new plan: stable asset, bond, balanced, equity income, S&P 500 index, large-cap growth, multicap growth, small-cap, midcap growth and international growth, he said.
Kansas City Employees
KANSAS CITY, Mo. - The Kansas City Employees' Retirement System hired J.P. Morgan to oversee $30 million in real estate assets, said Rick Boersma, retirement systems executive officer.
The $675 million plan made the move as a result of an asset allocation study. Funding will come from the plan's core-plus fixed-income and small-cap equity portfolios.
Los Angeles City Employees
LOS ANGELES - The Los Angeles City Employees' Retirement System authorized the renegotiation of the $7.7 billion fund's contract with master custodian Northern Trust.
The board also approved investing up to $25 million in Navis Partners V, successor to Chisolm, a limited partnership investing in telecommunications, media, information systems and health-care businesses.
It also authorized an additional $5 million investment in Allegis Multifamily Trust, bringing the fund's investment up to $25 million; and an investment of up to $25 million in Welsh, Carson, Anderson & Stowe IX.
Mississippi State University
STARKVILLE, Miss. - Mississippi State University hired Duncan-Hurst Capital Management to manage $6 million in active domestic momentum equity, replacing Delaware Investment Advisors, which managed $6 million in global fixed income, said David Easley, chief financial officer.
The $175 million foundation terminated Delaware after deciding the asset class was not an appropriate match, said Mr. Easley, adding that poor returns were another factor. Officials at Delaware did not respond by press time.
Wellesley Group assisted.
New York City Deferred
NEW YORK - The New York City Deferred Compensation Board, with $4.5 billion in assets, hired Capital Guardian to manage a $160 million active international equity fund previously managed by T. Rowe Price, said Tamara Lubansky, spokeswoman.
Steve Norwitz, a spokesman for T. Rowe Price, would not comment.
The plan also extended for one year its contract with Deutsche Asset to manage a $28 million domestic active intermediate bond fund, which it changed to a core-plus portfolio that can include a certain percentage of non-investment-grade issues.
It also extended for one year its contract with T. Rowe Price to manage a $590 million domestic active small-cap growth equity fund.
O'Melveny & Myers
LOS ANGELES - O'Melveny & Myers LLP hired Canterbury Consulting as consultant to its $13 million pension plan. Canterbury will conduct an asset allocation study, said Wayne Jacobsen, partner. No completion date has been established.
Philadelphia Board of Pensions
PHILADELPHIA - The City of Philadelphia Board of Pensions and Retirement, with $5 billion in assets, approved a $10 million commitment to Columbia Capital III LP, according to Mark Bonavitacola, chief investment officer. Funding will come from cash. Hamilton Lane assisted.
C.H. Robinson Worldwide
EDEN PRAIRIE, Minn. - C.H. Robinson Worldwide Inc. hired American Express Retirement Services as service provider for its $90 million 401(k) plan, replacing U.S. Bank, said Troy Renner, treasurer-tax director. U.S. Bank was "behind the technology curve," he said. Officials at U.S. Bank did not respond by press time.
Although the plan's new investment options have not been selected, the lineup likely will be similar to the current one.
The funds are: First Asset balanced, stable value and equity index; Brinson global balanced; Duncan-Hurst midcap; Webster Partners small-cap to midcap; Eastcliff small-cap; and Putnam international growth. Mr. Renner added that a brokerage window may be added at a later date.
The new options are expected to be in place in July.
ALEXANDER CITY, Ala. - Russell Corp. is hiring Towers Perrin as its actuary, replacing Hewitt Associates, which held the position for 15 years.
The $134 million plan was pleased with Hewitt's performance, but it was more impressed with Towers' "H.R.-oriented" approach and felt that Towers' methods are more proactive and less expensive, said Mike Rowell, benefits manager.
Hewitt did not respond to calls seeking comment.
BALLSTON SPA, N.Y. - The $4 million Saratoga County Deferred Compensation Plan retained Hartford as provider for the 457 plan. The plan conducted a search because the incumbent's five-year contract was due to expire. Five proposals were received, including Hartford's, said Jack Kalinkewicz, personnel associate.
Save Mart Supermarkets
MODESTO, Calif. - Save Mart Supermarkets added 12 options to its $64.5 million sponsor-directed money purchase plan. The new funds are: MAS fixed income; Selected American; American Funds Investment Co. of America; T. Rowe Price value; Weitz value; Legg Mason value; Harbor Capital Appreciation; Janus Enterprise; INVESCO Dynamics; Royce Total Return; RS emerging growth; and Fremont Institutional U.S. Micro-Cap. The plan added the funds for diversification, said Beth Fugate, benefits manager.
The plan will retain its existing lineup of funds: American Funds Europacific growth; T. Rowe Price foreign equity; PIMCO Total Return; and Loomis Sayles bond.
P. Chan is the plan's consultant. Plan Design is administrator and record keeper. Franklin Templeton Trust is trustee.
Sisters of St. Joseph
LA GRANGE, Ill. - The Sisters of St. Joseph of La Grange hired DiMeo Schneider to conduct an asset allocation study for its $8 million defined benefit plan because it has been several years since one was conducted, said Paula Marion, director of finance. The study is expected to be completed this month.
Southeastern Pa. Transport
PHILADELPHIA - The Southeastern Pennsylvania Transportation Authority hired active global fixed-income manager Brandywine and active midcap domestic growth equity manager Turner Investment Partners each to handle $40 million portfolios.
The $520 million plan hired Brandywine, its first global fixed-income manager, on the recommendation of consultant New England Pension Consultants, said Kurt Weidenhammer, assistant treasurer.
Turner replaces Albriond, which handled a $44 million portfolio, said Mr. Weidenhammer, who declined to comment on the reason for the termination. The remaining $4 million was converted to cash.
Sterling Heights General
STERLING HEIGHTS, Mich. -The Sterling Heights General Employees' Retirement System hired Armstrong Shaw to manage $10 million in active large-cap domestic value equities.
The $83 million plan terminated the previous manager, Loomis Sayles, for performance-related reasons, said Rick Sanborn, treasurer. A Loomis spokeswoman declined to comment on the termination.
Brice Group assisted.
Texas Hospital Association
AUSTIN, Texas - The Texas Hospital Association hired Janus Capital to run $30 million in large-cap equities, said Fred Hamilton, vice president of Texas Hospital Insurance Network.
The $265 million master trust earlier had terminated Independence Investment Associates.
Hewitt Investment Group assisted.