LOUISVILLE, Ky. -- Acordis selected Prudential Bank & Trust as trustee for its five defined benefit plans. The firm, formed by the January merger of five companies, has about $45 million in plan assets, said Rod Thomas, benefits director.
Auburn Gear Inc.
AUBURN, Ind. -- Auburn Gear Inc. hired consultant DiMeo Schneider on retainer for its $13 million defined benefit, $10 million 401(k), and two money purchase plans totaling $18 million, said Judy Tkacz, human resources manager. Buck Consultants had worked on individual projects for the fund, she said. DiMeo will conduct asset allocation studies for all four plans; no completion date has been set.
Brobeck Phleger & Harrison
SAN FRANCISCO -- Brobeck Phleger & Harrison LLP selected 12 investment options from Frank Russell for its $170 million 401(k) plan, replacing the 10 previous options, said Barry Homer, partner.
Starting Aug. 1 the plan will offer: four balanced funds; a money market fund; an intermediate bond fund; an S&P 500 index fund; a core equity fund; a growth fund; a small-cap fund; an international fund; and an emerging markets fund. UMB Bank will remain as trustee, record keeper and administrator.
Builders Fixed Income
ST. LOUIS -- Builders Fixed Income Fund hired Principal Capital Management as subadviser of its $170 million, union-friendly institutional mutual fund.
Principal replaces Commerce Bank, which had been subadviser since the fund's 1997 inception.
Central Valley Schools
FRESNO, Calif. -- Central Valley Schools Health & Welfare Trust hired Alan D. Biller & Associates as its first consultant. Initially, the firm will review the $220 million fund's asset allocation and managers, said Julia Chivers, chief executive officer.
Chelsea Retirement System
CHELSEA, Mass. -- The $40 million Chelsea Retirement System hired Harbor Capital and Nicholas-Applegate to manage $2.75 million each in active international EAFE portfolios. Funding came from the system's $5.5 million investment in the Putnam European fund, which was dropped because the plan wanted a "broader geographical exposure," said Bill Monagle, vice president at consultant Wellesley Group.
City of Cincinnati
CINCINNATI -- The $2.6 billion City of Cincinnati Retirement System is hiring Ariel Capital Management to handle $50 million in active small-cap to midcap value domestic equities, pending board and contract approval, said Jack Walsh, investment officer. Funding will come from the fund's $780 million in active large-cap value domestic equity.
The fund also hired Navellier & Associates to manage $50 million in active small-cap to midcap growth domestic equity. Funding comes from Ark, leaving the active large-cap value domestic equity manager with $120 million.
Colorado County Officials
DENVER -- The Colorado County Officials and Employees Retirement Association hired Donaldson Lufkin and Jenrette to provide self-directed brokerage accounts for its 401(a) and 457 plans, which have combined assets of $450 million.
The plans also replaced the $43 million Fidelity Growth and Income fund with the Davis Venture fund, said Rick Rodgers, association director of client services.
HARTFORD, Conn. -- The $21 billion State of Connecticut Retirement & Trust Funds, Hartford, hired BARRA RogersCasey as general consultant, pending successful negotiations of a three-year contract, said spokesman Bernard Kavaler.
Directors Guild of America
LOS ANGELES -- The Directors Guild of America-Producer Pension Plans hired Boston Co. to manage a $63 million active midcap value equity account for its $900 million money purchase plan and $600 million defined benefit plan, according to a spokesman. He declined to identify which manager Boston replaced or the reason for the change.
Duluth Teachers' Retirement
DULUTH, Minn. -- The Duluth Teachers' Retirement Fund will hire Norwest Bank as domestic custodian for its $300 million defined benefit and $30 million 403(b) plans, pending contract negotiations. The fund is replacing incumbent U.S. Bank, said Jay Stoffel, executive secretary.
GoodTimes Home Video
NEW YORK -- GoodTimes Home Video Corp. hired MassMutual Retirement Services as bundled provider for its $8.5 million 401(k) plan, replacing Preferred Pensions, an actuarial company, and All America index funds.
The plan's new investment options are: OppenheimerFunds strategic income and global; David L. Babson guaranteed, balanced, core equity and small-cap/midcap growth; MassMutual indexed equity; Blue Chip Growth; MassMutual MFS growth equity; American Century equity growth; MassMutual Small Cap Growth; and MassMutual Mid Cap Growth, said Jonathan Boon, chief financial officer for GoodTimes. The company also added self-directed brokerage.
International Finance Institute
WASHINGTON -- The Institute for International Finance hired PIMCO to manage a $10 million multiasset portfolio for its investment fund. June Napoco, controller, said funding will come from RIMCO, which continues to handle money for the institute. She declined to comment further.
IBEW Local 357
LAS VEGAS -- International Brotherhood of Electrical Workers Local 357 will switch its $150 million money purchase plan to employee directed from trustee directed, effective Sept. 1, said Jack Peterson, vice president of consultant Zenith Administrators.
The plan will have 13 new investment options provided by new bundled service provider MassMutual Retirement Services, including a balanced fund that will mirror the asset allocation of the trustee-directed plan, Mr. Peterson said.
Marco Consulting assisted.
Kansas Public Employees
TOPEKA, Kan. -- The $10.7 billion Kansas Public Employees' Retirement System hired Wellington to handle $325 million in active large-cap value domestic equities. The fund is replacing Brinson, whose $285 million portfolio was terminated in January. The additional assets will come from cash.
Los Angeles City Employees
LOS ANGELES -- The $7.7 billion Los Angeles City Employees' Retirement System renewed a three-year contract with Templeton Investment Counsel to manage a $400 million Pacific Basin equity portfolio and a one-year contract with Deutsche Asset to run a $490 million active global fixed-income portfolio.
BATON ROUGE, La. -- The $13 billion Louisiana Teachers' Retirement System hired Systematic Financial Management and Rothschild to manage $200 million and $100 million, respectively, in active small-cap value domestic equities. The fund hired the firms to meet its 5% allocation to the asset class. Funding will come from reducing Boston Co.'s $425 million active small-cap value domestic equity portfolio and from several index fund portfolios. Holbein assisted.
Missouri State Employees
JEFFERSON CITY, Mo. -- The Missouri State Employees' Retirement System hired Mastholm Asset Management to run $400 million in active all-cap growth international equity, said Pat Neylon, investment officer for the $5.5 billion plan. He declined to comment on the funding source or why the plan made the move. Summit Strategies assisted.
Niagara Mohawk Power Corp.
SYRACUSE, N.Y. -- Niagara Mohawk Power Corp. hired four equity managers for its $1.4 billion cash balance plan. They are: Legg Mason, $60 million in active large-cap domestic value; Alliance Capital, $60 million, active large-cap domestic growth; Morgan Stanley Dean Witter, $20 million, active midcap domestic value; and Putnam, $65 million, active EAFE.
The plan increased its domestic equity allocation to 50% of total assets from 45% reduced its domestic fixed-income allocation to 35% from 40% and raised its international equity allocation to 15% from 12%, said Don Campanaro, investment trust principal. The changes are the result of an asset allocation study conducted by Callan, he said.
Funding for Legg Mason will come from terminating a $70 million active large-cap domestic value equity portfolio managed by Brinson.
Funding for Alliance and Morgan Stanley will come from reducing four of the plan's five active domestic fixed-income managers' portfolios by $20 million to $60 million each.
Putnam's EAFE portfolio will be funded mostly from cash.
Ohio State Highway Patrol
COLUMBUS, Ohio -- The Ohio State Highway Patrol hired Callan Associates as an investment consultant, effective July 1. Earlier this year, the board for the $650 million fund voted to not renew the contract of incumbent DeMarche Associates.
Omaha Police & Firefighters
OMAHA, Neb. -- The $360 million Omaha Police & Firefighters' Retirement System hired Fuller & Thaler to manage $25 million in active small-cap domestic equities. The manager replaces Denver Investment Advisors, terminated because of performance concerns, said Stanley Timm, acting administrator for the fund. Officials at Denver Investment did not respond by press time.
Omaha Public Power District
OMAHA, Neb. -- The Omaha Public Power District hired Miller Anderson & Sherrerd to manage $35 million in active midcap growth equity and Scudder Kemper to handle $25 million in domestic large-cap value equity. Funding came from the $540 million pension fund's equity portfolio, said Charles Moriarty, chairman of the trust selection committee. Capital Resource Advisors assisted.
Operating Engineers Local 428
PHOENIX -- Operating Engineers Local 428 hired Pacific Income Advisers to manage $10 million in active large-cap value domestic equity and Investment Research to run $10 million in active small-cap domestic equity. McMorgan had been the sole manager for the $150 million pension plan, which selected new managers for diversification, said Dale Stevens, executive vice president at consultant Wurts & Associates.
McMorgan will continue to oversee $130 million in equity and fixed-income investments.
Pennsylvania State Employees
HARRISBURG, Pa. -- The $28 billion Pennsylvania State Employees' Retirement System approved $90 million in new alternatives commitments: up to $15 million to Kline Hawkes Pacific; up to $50 million to Francisco Partners; and up to $25 million to InterWest Parters VIII.
The fund also approved $155 million in follow-on commitments: up to $40 million to TL Ventures V; up to $15 million to Newbridge Asia III; and up to $100 million to J.P. Morgan Venture Capital Institutional Investors II. It also approved a commitment of up to $25 million to real estate fund Cliffwood Select Equity.
Pipefitters Local 533
KANSAS CITY, Mo. -- Pipefitters Local 533 selected Putnam to manage a $22 million active midcap value domestic equity portfolio for its $123 million plan, replacing Chicago Asset Management. Also, the union's $20 million defined contribution plan selected a Putnam domestic fixed-income fund to replace a similar fund from United Missouri Bank.
San Francisco City & County
SAN FRANCISCO -- The $12 billion San Francisco City & County Employees' Retirement System hired Fischer, Francis, Trees & Watts to run $700 million in core global bonds and Bridgewater Associates to manage $200 million in opportunistic bonds, said Dick Piket, senior investment officer-fixed income.
The portfolios will be managed against the Lehman Global Aggregate index on a fully hedged basis; the previous benchmark was the Salomon Brothers World Government Bond index.
Because the new benchmark includes corporate high-yield bonds, existing high-yield bond managers W.R. Huff and Oaktree will see their portfolios of $163 million and $290 million, respectively, reduced by undetermined amounts.
Springfield Retirement System
SPRINGFIELD, Mass. -- The $280 million Springfield Retirement System hired four equity managers. They are: Simms Capital, to manage $25 million in active small-cap domestic growth; Earnest Partners and Wellington, $15 million and $10 million, respectively, active large-cap domestic value; and Merrill Lynch, $25 million, S&P 500 index. Funding came from terminated balanced portfolios, totaling $155 million, managed by Freedom Capital, MassMutual and Wellington.
Stanislaus County Employees
MODESTO, Calif. -- The Stanislaus County Employees' Retirement Association hired MFS as an active large-cap growth domestic equity manager, a new area for the $950 million plan. The portfolio ultimately will be $150 million, said Robert Harmon, assistant administrator.
Texas Woman's University
DENTON, Texas -- Texas Woman's University, Denton, hired Vaughan, Nelson, Scarborough & McCullough to manage its $8 million in foundation assets and $25 million in operating funds in a core fixed-income account, replacing Barrow, Hanley, Mewhinney & Strauss, said Robert Tuggle, director of financial and support services.
ST. PAUL, Minn. -- The $1.3 billion Workers' Compensation Reinsurance Association hired INVESCO to manage a $50 million active EAFE portfolio.
INVESCO replaces Investment Advisers Inc., which was terminated because of personnel turnover and performance issues, said Keith Summers, investment manager. IAI officials did not comment by press time.