LOUISVILLE, Ky. -- Acordis hired Prudential Investments as its consultant, initially doing an asset allocation study and conducting manager searches. The searches, already under way, are by invitation only. The $45 million plan's new asset mix and hirings are expected to be announced in October.
Municipality of Anchorage
ANCHORAGE, Ala. -- The $34 million Municipality of Anchorage 401(k) plan hired T. Rowe Price as its bundled provider, effective in November. At that time, the plan will replace its current lineup of investment options with T. Rowe Price funds. Vanguard offers five of the fund's six investment options; Pacific Century is trustee and stable-value fund manager; and PFPC is record-keeper and administrator.
The switch is being made to provide participants with daily valuation and transfer capabilities, said Susan Lindemuth, manager of records and benefits.
Blue Cross & Blue Shield
EAGAN, Minn. -- Blue Cross & Blue Shield of Minnesota hired New South Capital and PIMCO each to run $20 million in active midcap domestic value and active small-cap to midcap domestic growth equities, respectively; Nicholas-Applegate to manage $15 million in active international equities; and Northern Trust to handle $60 million in a Russell 1000 indexed portfolio, said Steven Loosbrock, vice president-treasury for the $495 million permanent investment portfolio.
Partial funding will come from terminated managers American Express, which handled $25 million in active large-cap growth domestic equity; and Sasco, which ran $20 million in active midcap value domestic equity, Mr. Loosbrock said. Further details were not available.
Slocum & Associates assisted.
Boise Cascade Corp.
BOISE, Idaho -- Boise Cascade Corp. added State Street Global's S&P 500 and Russell 2000 index funds as investment options in its $1 billion 401(k) plan, said Wayne Rancourt, director of retirement funds. The plan has eight other options.
Brush Engineered Materials
CLEVELAND -- Brush Engineered Materials Inc. selected Fidelity as service provider for its $130 million 401(k) plan, effective Oct. 2. Fidelity replaces Northern Trust, which is being terminated because of poor Internet capabilities, said Richard Chesnik, corporate director of human resources. Sue Raegas, senior vice president-public relations, at Northern Trust said the firm declined to comment on the termination.
Northern's S&P 500 index and short-term investment funds will be replaced with similar funds from Fidelity; the plan also might add Fidelity Freedom funds and small-cap and midcap funds for diversification.
Central Pa. Teamsters
WYOMISSING, Pa. -- The $1.2 billion Central Pennsylvania Teamsters Retirement Income Plan hired SEI as a manager of managers to handle $357 million in equity for the money purchase plan.
Funding will come from several terminated managers and reductions in existing managers' funding, said Martin Cullen, assistant administrator. He declined to provide details.
Colorado School of Mines
GOLDEN, Colo. -- The Colorado School of Mines invested $20 million each in Wellington's core domestic equity fund and Western Asset's fixed-income fund, and added $10 million to a $50 million large-cap growth domestic equity portfolio run by TCW, said Linda Landrum, managing director of the $120 million endowment.
Funding comes from a $50 million large-cap value domestic equity portfolio managed by INVESCO, which was terminated.
DeKalb Employee Retirement
DECATUR, Ga. -- The $1.1 billion DeKalb Employee Retirement System hired GE Asset and Sanford C. Bernstein each to run $52 million in new active large-cap value domestic equity portfolios. The firms replace INVESCO, said Joanne Burton, pension administrator.
HAVERHILL, Mass. -- Haverhill Retirement System, with $152 million in assets, hired Columbia Partners to run $8 million in active domestic midcap growth equities, replacing an unidentified manager that is being terminated. Wainwright assisted.
WASHINGTON -- Heating, Piping and Refrigeration Local 602 Pension Fund hired ASB Capital and Conseco to manage $57.5 million each in active domestic fixed income, replacing Allied Investment Advisors, which was terminated for performance. The $240 million fund also hired Chevy Chase Trust as custodian for the bond portfolio. Jessica Jennings, principal at Allied, declined to comment.
However, the fund already is considering replacing Conseco because of personnel turnover, said William Lamb, fund chairman. Craig Andrews, Conseco director of communications, said he had no comment.
Segal Advisors assisted.
Houston Municipal Employees
HOUSTON -- The Houston Municipal Employees' Pension System hired MDL Capital and Western Asset each to manage $50 million in fixed income. The hirings bring the $1.4 billion fund up to its full fixed-income allocation, which is 20%of assets, said David Long, executive director. It also invested $5 million with a private equity fund managed by Pharos Capital Partners.
DAKOTA DUNES, S.D. -- IBP Inc. hired Putnam as service provider for its $220 million 401(k) plan, effective later this summer. The plan selected 10 investment options to replace the five now offered.
The new options are: Putnam OTC, international, growth opportunities, S&P 500, balanced and money market funds; MAS midcap growth and midcap value funds; the Pioneer Fund; and the PIMCO Total Return fund.
SPOKANE, Wash. -- Itron Corp. hired New York Life as service provider for its $35 million 401(k) plan, replacing Wells Fargo as trustee and Merrill Lynch/ Howard Johnson as administrator and record keeper.
Karsten Manufacturing Corp.
PHOENIX -- Karsten Manufacturing Corp. hired Putnam as service provider and switched to participant direction, said Stacy Powells, vice president for the $90 million 401(k) plan. The move was made in response to participant requests.
The following investment options will be offered: Putnam asset allocation in growth, balanced and conservative, money market, Voyager 2, OTC & Emerging Growth, Investors and international growth funds; PIMCO Low Duration and Total Return funds; Royce Opportunity Fund; Federated Stock Trust fund; and Domini Social Equity Fund.
MFS Investment Management
BOSTON -- MFS Investment Management hired Morningstar Associates to provide 401(k) plan participants with online advice, investment guidance, education and research through two versions of Morningstar ClearFuture.
OAKLAND, Calif. -- Mills College is investing $12 million in the TCW Galileo Select equity fund, a new allocation. The $174 million endowment is trying to reduce its cash holdings, said Peter Michell, vice president for finance administration and treasurer. No RFP was issued. Cambridge assisted.
Moran Towing Co.
GREENWICH, Conn. -- Moran Towing Co. hired MetLife to develop, implement and monitor investment strategy for its $6.1 million pension plan, said Joe DeAngelo, treasurer for Moran. MetLife will provide asset allocation and investment management.
National Wildlife Federation
VIENNA, Va. -- The National Wildlife Federation hired SEI as a manager of managers, replacing Brinson, which was terminated for performance, said Patsy Cornwell, senior director-employee benefits for the $26 million plan.
Diana Cohen, Brinson executive director, would not comment.
Brinson had handled all investments.
University of North Carolina
CHAPEL HILL, N.C. -- The University of North Carolina at Chapel Hill committed $13 million to three international early stage venture cap funds -- $3 million to Tech Pacific, and $5 million each to Benchmark Capital Europe and ADD Partners -- and $5 million to HarbourVest Partners for a fund making direct investments internationally, said Mark Yusko, chief investment officer for the $1.1 billion endowment fund.
Other new commitments include a $22 million allocation to the GSCI index fund, a commodity fund run by Goldman Sachs Asset Management; $5 million to Stonebridge Partners, a small buyout firm; $1.16 million to Foundation Capital; and $10 million each to absolute return managers HBK Capital Management and Symphony Asset Management.
All of the commitments will be funded from cash reserves.
Orange County Employees
SANTA ANA, Calif. -- The $4.4 billion Orange County Employees' Retirement System hired Dresdner RCM for a $150 million passive international equity growth portfolio and Morgan & Palmer for a $100 million active non-core high-alpha international equity fund. Funding comes from a $250 million EAFE growth portfolio run by Schroder, said Farouki Majeed, investment officer. The board also added $30 million to the BGI Bond Fund, bringing that investment up to $180 million; funding comes from a fixed-income portfolio run by Kennedy Associates, which resigned the account.
Pacific Life Insurance
NEWPORT BEACH, Calif. -- Pacific Life Insurance Co. added the American Funds Investment Co. of America and Harbor Capital Appreciation funds as investment options for its $180 million 401(k) plan.
The American fund replaces a PIMCO equity income fund, and Harbor replaces the PIMCO Capital Appreciation fund, said Anthony Bonno, senior vice president-human resources. The plan offers six other options.
CINCINNATI -- The Payne Firm Inc. hired Fifth Third Bank as bundled provider for its 401(k) plan, which has a profit-sharing feature, said Jaye L. Frick, business manager. FirStar had administered the unbundled plan. The firm replaced its six investment options, with seven new ones. Ms. Frick would not name the old or new options or the amount of plan assets.
Pennsylvania State Employees
HARRISBURG, Pa. -- Pennsylvania State Employees' Retirement System approved an international equity investment of up to $50 million in OCM Emerging Markets Fund II and a new private equity commitment of $25 million to Bain Capital Fund VII.
In addition, the board approved a new commitment of up to $30 million to Lubert-Adler Real Estate Fund III.
The board of the $28 billion fund also approved $175 million in follow-on commitments: up to $35 million to ABRY Broadcast Partners IV; up to $35 million to ABS Capital Partners IV; up to $35 million to M/C Venture Partners V; up to $35 million to Great Hill Equity Partners II; and up to $35 million to Draper Fisher Jurvetson Fund VII.
All allocations will be funded from cash.
University of Pennsylvania
PHILADELPHIA -- The University of Pennsylvania made new commitments to six venture capital funds to boost the private equity allocation for its $3.2 billion endowment fund and $500 million pension fund, which share investments and managers. Commitments total 8%to 9%of the funds' combined assets; 1%of the assets is invested, said Naru Narvakar, managing director of investments. The commitments, funded from cash reserves, are: Kleiner Perkins X; Accel Partners VIII; Sierra Ventures VIII; TA Associates IX; Benchmark IV; and Benchmark Europe I. Mr. Narvakar would not release the amounts of the commitments to each fund.
BURBANK, Calif. -- The Producer-Writers Guild of America Pension Plan hired the following active all-cap growth domestic equity managers: Alliance Capital, running $20 million; Janus, $30 million; and TCW, $25 million. Funding comes from several equity portfolios managed by McMorgan, which still handles a total of $427 million in equity for the $1.4 billion fund.
The $151 million Writers Guild Industry Health Fund hired Lipper and TCW to manage $20 million each in active high-yield fixed income; funding will come from reducing McMorgan's active core fixed-income portfolio, leaving the manager with $74.8 million, said Diane White, interim administrator.
J. Sainsbury PLC
LONDON -- J. Sainsbury PLC reallocated the 180 million ($273 million) continental European portfolio managed by J.P. Morgan Investment Management and 60 million of a 180 million continental European portfolio run by Merrill Lynch Investment Managers. BlackRock was hired to manage 70 million; Capital International, 125 million; and Goldman Sachs Asset, 50 million; said Geoff Pearson, group pension manager for the 2.5 billion fund. The goal was to gain more balance for the fund's continental Europe and pan-European mandates.
Capital International and Goldman Sachs will manage the pan-European assets, while Merrill Lynch and BlackRock will handle the continental European portion, Mr. Pearson said.
Morgan Stanley Dean Witter was the transition manager for the J.P. Morgan portfolio.
The portfolios managed by J.P. Morgan and Merrill Lynch were too similar in style to provide the diversification Sainsbury sought, according to Mr. Pearson.
Seattle City Employees
SEATTLE -- The Seattle City Employees' Retirement System is parking $346 million in a Barclays Global Investors S&P 500 index fund until it decides on a large-cap mutual fund, said Mel Robertson, assistant executive director for the $1.6 billion system. A decision is expected in early fall.
The system is terminating the following active large-cap domestic equity managers: American Express, $86 million in growth; NCM, $32 million in value; Oppenheimer, $120 million in value; and Sirach, $108 million in growth.
Society of Jesus
PORTLAND, Ore. -- The Oregon Province for the Society of Jesus hired Heartland Advisors to manage a $5 million active small-cap value domestic equity portfolio for its investment pool, replacing Equitable Securities.
Equitable, which has been purchased by SunTrust, was terminated because of performance concerns and personnel turnover, said William Lockyear, chief financial officer. He would not provide the pool's total assets.
Barry Colling, first vice president of corporate communications at SunTrust, would not comment.
The pool also invested $5 million in the Fremont Fund. Funding comes from recent contributions.
TEANECK, N.J. -- Unifi Network, the PricewaterhouseCoopers human resources consulting group, hired Standard & Poor's to provide online advice, education and personalized information for participants in 401(k) plans it administers.
Virginia Retirement System
RICHMOND, Va. -- The Virginia Retirement System hired Baillie Gifford, Robeco and Sanford C. Bernstein to manage $375 million each in international developed market large-cap equities; Nicholas-Applegate to manage $275 million in small-cap international equities; and Julius Baer to run $100 million in core international equities, said Nancy Everett, chief investment officer of the $40.8 billion fund.
Two existing international small-cap equity managers received additional allocations: Credit Suisse Asset Management, $100 million and Goldman Sachs, $275 million.
Funding came from private equity cash flow distributions.
The system terminated Deutsche Asset Management, which managed $380 million in a European stocks portfolio; and Clay Finlay, which managed $380 million in small-cap developed markets equities and emerging markets, said Safa Muhtaseb, investment officer in charge of international equities. It also reduced Acadian Asset Management's $633 million in developed and emerging markets portfolios to $340 million.