Allegheny County Retirement
PITTSBURGH -- The Allegheny County Retirement Board selected BlackRock as an active domestic fixed-income manager. Portfolio size and funding source have not been determined, said Cheryl Bateman, executive director for the $750 million plan. In June, Ms. Bateman had said funding would come from terminated domestic midcap managers Westfield and Sasco.
American Airlines Inc.
FORT WORTH, Texas -- American Airlines Inc. hired Boston Co. and Invista Capital to run $22 million each in emerging markets value equities for its $5.4 billion pension fund, said Nancy Eckl, vice president-trust investments.
Funding came from terminating another emerging market equity manager and reallocating the portfolios of two other existing emerging market equity managers. Ms. Eckl declined to name the three managers.
The fund's emerging markets equity allocation is 3% of total assets, she added.
The search was conducted internally.
Art Institute of Chicago
CHICAGO -- The Art Institute of Chicago invested $20 million with Mako Europe, a global hedge fund. Funding comes from reducing the active international balanced portfolios of American Express Global and INVESCO, leaving them with $120 million and $63 million, respectively. Robert Mars, executive vice president of administrative affairs for the $550 million endowment, didn't specify how much was pulled from each manager.
Asda Group Pension Plan
LEEDS, England -- Asda Group Pension Plan hired Capital International and Societe Generale Asset Management to run specialist portfolios of 100 million ($151 million) each. The firms replace Phillips & Drew, which ran a 200 million balanced portfolio, said Steve Jones, pension manager for the 400 million plan. Mr. Jones said Phillips & Drew was not suitable for the fund's newly adopted core/specialist investment strategy; he would not elaborate. Legal & General retains the balance of the plan's assets in a passive portfolio.
Phillips & Drew spokeswoman Anne Baker could not be reached for comment by press time.
Brush Engineered Materials
CLEVELAND -- Brush Engineered Materials Inc. will add 11 investment options to its $130 million 401(k) plan: Fidelity Blue Chip Growth, Diversified International, Spartan S&P 500 index, Retirement money market and five Freedom funds; Franklin Small-Cap Growth; and Torray Fund. Fidelity replaces Northern Trust as Brush's service provider.
The plan will drop five funds: Northern Trust S&P 500 index and money market; PIMCO Equity Income; Templeton Foreign A; and Janus Growth. It will retain the Vanguard Asset Allocation and PIMCO Total Return funds, along with a company stock option.
EL MONTE, Calif. -- The Cement Masons of Southern California Pension Trust Fund hired Cutler to manage a total of $32 million in active domestic large-cap value equities for its $183 million defined benefit and $49 million trustee-directed defined contribution plan. Cutler replaces Merrill Lynch, which handled $23 million for the defined benefit plan and $9 million for the defined contribution plan and was terminated for performance, said Eion Middaugh, consultant at Wurts & Associates. Officials at Merrill Lynch had no comment, said Tucker Hewes of Hewes Communications, which represents the firm.
ATLANTA -- Cox Enterprises hired Neuberger Berman to manage $35 million in active small-cap growth domestic equities, said Carol Larner, director of qualified plan assets. The $1 billion plan hired the firm to replace an undisclosed mutual fund.
Flagler Healthcare System
ST. AUGUSTINE, Fla. -- Flagler Healthcare System hired Sawgrass to manage $10 million in active domestic fixed income for its $24.3 million capital reserve fund, replacing SunTrust, which was terminated for performance, said Linda Kirker, chief financial officer.
Flagler also terminated SunTrust as manager for its $16.5 million pension plan for performance reasons, said Ms. Kirker. The manager handled all of the plan's assets in five STI mutual funds. Carolyn Gosselin, first vice president, public relations, at SunTrust declined to comment on the termination.
The pension plan reallocated its assets as follows: 25%of total assets each to active large-cap domestic equity managers 1838 Investment and National Asset; 30%to the PIMCO Total Return fund; and 5%each to AIM Aggressive growth, Putnam New Opportunities, Putnam international and Europacific growth funds.
Merrill Lynch assisted.
City of Hartford
HARTFORD, Conn. -- The $1. billion City of Hartford Municipal Employees Retirement System hired Ennis Knupp to conduct an asset allocation study, which is expected to be completed in the fall, said Treasurer Kathleen Palm.
The fund also selected Chatham Partners as its consultant to assist in reviewing proposals from a recent custodial services search. State Street, Hartford's custodian since 1991, rebid for the contract. Ms. Palm said a decision is expected in October.
IBEW Local 43
SYRACUSE, N.Y. -- IBEW Local 43 is converting its $60 million trustee-directed money purchase plan to a member-directed plan, expanding its investment options to 11 from two and hiring MassMutual Retirement Services as full-service provider, replacing Smith Barney, said Paul Kloc, plan manager. Participants can direct all of the money in their accounts, he said.
The new funds are: MassMutual fixed interest, core bond, indexed equity, growth equity, small-cap growth equity, and four Journey lifestyle funds; American Century growth equity; and Oppenheimer global equity, Mr. Kloc said.
Marco Consulting Group assisted.
Maury Regional Hospital
COLUMBIA, Tenn. -- Maury Regional Hospital hired Thomas White International to run $4 million in active large-cap domestic value equities for its $34 million defined benefit plan.
Funding came in part from a $2.8 million large-cap value equity portfolio that was terminated because of poor performance, said Randy Pirle, assistant administrator of finance. He would not identify the manager. The additional $1.2 million came from cash and rebalancing existing equity managers' portfolios.
Consulting Services Group assisted.
Memorial Fund Group
HOUSTON -- Memorial Fund Group hired PPM America as subadviser on its $33 million Large Cap Value Equity Fund, replacing Beutel Goodman. The firm asked Beutel to resign for performance-related reasons earlier this year, said Christopher Hamm, president and chairman; Beutel since has closed.
Memorial initially planned to hire PPM in 1999 as a subadviser for its Equity Income Fund, but that was delayed while Memorial decided what to do with the large-cap fund. Mr. Hamm said he hopes to make the Equity Income Fund available in the fourth quarter with PPM as subadviser.
Micron Technology Inc.
BOISE, Idaho -- Micron Technology Inc. is adding the RS emerging growth and Westport small-cap funds to its 401(k) plan, which has $378 million in assets, according to Colleen Brenton, benefits analyst. It also will replace the PIMCO Total Return fund with the Vanguard balanced index fund because the Vanguard fund is "more core in nature" and because it is passively managed, said a spokeswoman with Watson Wyatt, Micron's investment consultant.
The fund now offers 11 investment options.
Fidelity is the plan's administrator, record keeper and trustee.
New York City Employees
NEW YORK -- The New York City Employees' Retirement System has chosen mortgage-backed securities managers, following a search earlier this year. The $48 billion system hired BlackRock and TCW to manage $1 billion and $300 million, respectively, said Jane Levine, deputy comptroller for pensions, and rehired Dresdner RCM Global Investors, PIMCO and Lincoln, each to manage around $1.1 billion in the same asset class. Partial funding for the new managers came from Miller Anderson, which had managed a $1 billion portfolio; the rest came from rebalancing, Ms. Levine said.
New York City Teachers
NEW YORK -- The New York City Teachers' Retirement System hired Lincoln and BlackRock and rehired Miller Anderson and PIMCO each to run $720 million in its mortgage-backed securities program, said Jane Levine, deputy comptroller for pensions for the $30 billion plan. Miller Anderson had managed $806 million; and PIMCO, $936 million. Dresdner, which managed $926.2 million for the program, was not reselected. Additional funding came from rebalancing.
The $2 billion New York City Board of Education pension fund rehired PIMCO, which will continue to manage $200 million for the program, Ms. Levine said.
New York State Common
ALBANY, N.Y. -- The New York State Common Retirement Fund committed $50 million to FA Technology Ventures as part of a $250 million venture capital program initiated by H. Carl McCall, sole trustee of the $127 billion system.
Pennsylvania Public School
HARRISBURG, Pa. -- The $53 billion Pennsylvania Public School Employees' Retirement System approved the following real estate investments: Lehman Brothers Real Estate Partners, up to $300 million; DLJ Partners, $100 million; and Sterling Venture Partners, up to $37.5 million.
Also, the retirement fund may place up to $150 million in the Lubert-Adler Real Estate Fund III.
Funding will come from cash, said John Lane, chief investment officer.
City of Pensacola Firefighters
PENSACOLA, Fla. -- The $70 million City of Pensacola Firefighters' Relief and Pension Fund hired Deutsche to run a $15 million active Russell 1000 index portfolio, a new allocation, said Cheryl Jackson, fund administrator.
Funding comes from reducing Fleet Asset Management's active large-cap growth domestic equity portfolio and STI's high-grade equity income mutual fund by $7.5 million each, leaving the managers with $15 million and $40 million, respectively.
Gabriel Roeder Smith advised.
St. Louis Public Schools
ST. LOUIS -- The $1 billion Public School Retirement System of St. Louis hired Westfield to manage $30 million in active small-cap growth domestic equities. Funding will come from an S&P 500 fund, said Gail Lakin, executive director, who declined to name the index fund manager.
Tulare County Employees
VISALIA, Calif. -- Tulare County Employees' Retirement Association hired Sterling Capital to manage $40 million to $50 million in active non-large-cap value domestic equities, said David Kehler, retirement administrator for the $700 million plan. The funding source has yet to be determined, he said.
The plan also will receive a shortlist of active international equity managers from consultant Summit Strategies, Mr. Kehler said. Portfolio size and funding source are undetermined.
Both moves are being made in an effort to diversify the plan's investments, Mr. Kehler said.
U.S. Soccer Foundation
WASHINGTON -- The U.S. Soccer Foundation hired Next Century Growth to manage $8 million in active domestic small-cap growth equities, said Jay Berhalter, director of administration for the $70 million foundation.
Next Century replaces Equitable Asset Management, which was terminated because of personnel turnover, said Steve Prickett, vice president at consultant Merrill Lynch.
PONTE VEDRA, Fla. -- Vicar's Landing hired Sawgrass to run $16 million in active domestic fixed income and Bowling Portfolio to handle $2 million in active all-cap domestic equity for its $18 million operating fund, said Ray Johnson, president of parent Life Care Pastoral Services Management.
The firms replace Douglas Capital Management.
Merrill Lynch assisted.
Willamette Asset Managers
PORTLAND, Ore. -- Willamette Asset Managers hired Bank of New York Asset Management as subadviser for its $14 million Value Fund, which had been managed internally. Bank of New York's performance as a subadviser on the Willamette Small Cap Growth Fund was a significant factor in the hiring, said Jamie McKinney, Willamette financial analyst