CHICAGO - AmalgaTrust hired Sawgrass Asset Management as a subadviser to manage new small-cap growth equity and intermediate and broad fixed-income separate account strategies.
BIRMINGHAM, Ala. - The $900 million Birmingham Retirement and Relief System switched an $80 million portfolio to Prudential Investments' Quantitative Management Group from Prudential subsidiary Jennison Associates. Prudential will manage the money in a core enhanced indexed portfolio benchmarked to the S&P 500, said Philip Lawton, vice president at consultant Deutsche Bank. Jennison ran the assets in active domestic large-cap growth.
California State Teachers
SACRAMENTO, Calif. - CalSTRS committed $89 million to Apax Europe V and $200 million to CVC European Equity Partners III.
The $105 billion California State Teachers' Retirement System also committed $5 million to Liberman Broadcasting, a Hispanic radio and television company based in Burbank, Calif. The fund's investment is alongside an indirect investment of $1.4 million through Alta Communications III. In addition, CalSTRS took a 21.9% stake in Roller Bearing Co., committing $20 million in a co-investment alongside an indirect investment of $4 million through Whitney V.
CareAlliance Health Services
CHARLESTON, S.C. - CareAlliance Health Services hired Barclays Global Investors to manage $15 million in a commingled index fund benchmarked to the Russell 1000 index for its $19 million endowment fund. The move was based on a recommendation from consultant Cambridge, said Bret Johnson, director of finance.
Chicago Firemen's Annuity
CHICAGO - The $1.2 billion Chicago Firemen's Annuity & Benefit Fund hired Husic Capital to manage $25 million in active domestic midcap growth equities.
Cleveland Bakers & Teamsters
CLEVELAND - The $450 million Cleveland Bakers & Teamsters Pension Fund hired The Boston Co. to manage $25 million in active domestic midcap value equities.
EVANSTON, Ill. - The Cradle hired Barclays Global Investors to manage $10 million in a commingled index fund benchmarked to the Russell 1000 index for its $20 million endowment.
NORTHAMPTON, Mass. - The $119 million Hampshire County Retirement System hired Capital Resource Advisors as investment consultant. It terminated Dahab Associates. Funding came from a rebalancing, said Susan McDermott, principal at consultant Stratford Advisory Group.
IBEW Local 357
LAS VEGAS - IBEW Local 357 hired Freeman Associates Asset Management to run $11 million in active domestic large-cap value equities; Alliance Capital, $9 million, active domestic large-cap growth equities; Columbia Management, $8 million, active domestic small-cap growth equities; Payden & Rygel, $21 million, active domestic core-plus fixed income; and State Street Global Advisors, $21 million, passive domestic fixed income benchmarked to the Lehman Brothers Government/Corporate bond index. The $88 million Taft-Hartley plan also committed $9 million to the IBEW/NECA S&P 500 index fund and $4.5 million to the Union Labor Life Insurance Co. J for Jobs program.
Funding comes from terminating a $25 million balanced portfolio managed by INVESCO, a $46 million balanced portfolio run by Oppenheimer, and a $7 million active domestic large-cap growth equity portfolio managed by Loomis Sayles. An additional $5.5 million came from plan participant contributions.
The changes are based on an asset allocation study by Marco Consulting.
Iron Workers Local 808
ORLANDO, Fla. - Iron Workers Local 808 hired Sawgrass Asset Management to run $10 million in a balanced portfolio for its $11 million money purchase plan. Sawgrass replaces SunTrust, said Jack Devlin, plan administrative manager.
Indiana Public Employees
INDIANAPOLIS - The Indiana Public Employees' Retirement Fund hired four international equity managers; it is the $12 billion fund's first move into the asset class. Capital Guardian Trust and GE Asset Management will run active portfolios, and State Street Global Advisors and Fidelity will manage indexed funds. Each manager will be assigned close to $250 million. Mercer assisted.
SEATTLE - The King County Deferred Compensation Program added a stable value pooled fund from Dwight Asset Management to its $240 million 457 plan, replacing a similar option from ICMA, said Moneca Allen, plan coordinator. T. Rowe Price is bundled provider and offers 15 investment options, she said.
Los Angeles County MTA
LOS ANGELES - The Los Angeles County Metropolitan Transportation Authority hired consultant Wurts & Associates to provide general consulting services for its $620 million defined benefit plan. Wurts replaced InvestorForce, according to Ed Scannell, MTA spokesman.
Separately, on April 1 the MTA will add 14 investment options to its 401(k) and 457 plans, which total $271 million, raising the number of investments offered in each plan to 43. The plans, which mirror each other, will drop three funds - Gabelli Value, American Century Value and Neuberger Berman Socially Responsible funds - and a Schwab brokerage account, said Ed Paull, pension and benefits manager.
BOSTON - The $30 billion Massachusetts Pension Reserves Investment Management Board invested $75 million in First Reserve Fund IX and $25 million in Highland Capital Partners VI.
Michigan Bureau of
LANSING, Mich. - The Michigan Bureau of Investments committed an unspecified amount to Kohlberg Kravis Roberts' latest buyout fund, the Millennium fund, said Dave Turner, administrator for private equity at the $50 billion system.
Montgomery County Employees
ROCKVILLE, Md. - The $1.8 billion Montgomery County Employees' Retirement System hired Northern Trust as a custodian, replacing State Street Bank, said Patrick Bell, pension director.
New York State Common Fund
ALBANY - New York State Common Retirement Fund, with $120 billion in assets, made $750 million in private equity commitments: $200 million to Madison Dearborn Capital Partners IV; $150 million each to HarbourVest International Partners IV, APAX Europe V and the New York State Retirement Co-Investment Fund, managed by the Pacific Corporate Group; and $100 million to the Hudson River Co-Investment Fund, managed by Hamilton Lane Advisors.
Northglenn General Employees
NORTHGLENN, Colo. - The Northglenn General Employee Pension Plan added a Dodge & Cox balanced fund to its $18 million 401(a) plan, replacing a Dreyfus Founders balanced fund, said Karen Skifalides, deputy city manager for administrative services.
Pennsylvania State Employees
HARRISBURG, Pa. - The $28 billion Pennsylvania State Employees' Retirement System allocated up to $250 million to Advanced Investment Management and $150 million to The Clifton Group to manage derivatives-based enhanced index domestic equity portfolios, said Sean Sanderson, spokesman.
It also approved $90 million in follow-on commitments to alternative investment partnerships: up to $30 million to Frazier Healthcare IV; $5 million to Advanced Technology Ventures VII; $20 million to Charles River Partnership XI; up to $25 million to Oaktree Capital Management Principal Opportunities Fund II; and $10 million to BCEC VII Top-Up Fund.
And the system hired State Street Global Advisors to manage $750 million in regional and country international equity strategies with the Salomon Smith Barney Primary Market index as its benchmark. The new large-cap international equity benchmark replaces the MSCI EAFE index.
PHILADELPHIA - The $5.3 billion Philadelphia Municipal Employees' Retirement System hired active domestic large-cap value managers Aronson + Partners to run $100 million and Wellington Management to handle $60 million. Funding will come from a temporary index fund managed by Deutsche Asset.
PLEASANTON, Calif. - Safeway Inc. added State Street Research's Aurora Fund as an option in its $2 billion 401(k) plan.
San Diego County
SAN DIEGO - The $3.8 billion San Diego County Employees' Retirement Association invested $50 million in Mount Lucas Management's Global Markets Strategy fund. The synthetic hedge fund invests in futures contracts covering MLM market indexes that track components in a typical hedge fund.
St. Louis City Employees
ST. LOUIS - The St. Louis City Employees' Retirement System hired active domestic large-cap equity managers Dresdner RCM Global Investors to run $50 million in growth and Wellington Management to run $50 million in value for its $500 million defined benefit plan, said William Duffe, system secretary. Funding will come from terminating active domestic large-cap equity managers Investment Counselors, which managed $50 million in growth, and Paradigm, which ran $50 million in value.
CHATTANOOGA, Tenn. - The $175 million Tri-State Carpenters, Health & Welfare Pension Funds hired active domestic managers First Tennessee Bank to manage $40 million in fixed income; Columbia Management, $25 million in midcap growth equities; and Columbia Partners, $25 million in small-cap growth equities. The fund also committed $30 million to the Multi-Employer Property Trust, said Ronald Dixon, plan administrator.
United Food Workers
MOUNT VERNON, N.Y. - The $80 million United Food & Commercial Workers Local 888 hired active domestic equity managers Salomon Smith Barney to run $12 million in all-cap core and Credit Suisse Asset Management to run $12 million in large-cap to midcap value, said Fred Sapaneras, principal at IAS Investments, fund consultant. Funding will come from cash and reducing to $10 million a $30 million Amalgamated S&P 500 index fund.
VENTURA, Calif. - The Ventura County Deferred Compensation Fund added a Fidelity mutual fund window to its 457 and 401(k) plans, which have $20 million in total assets, said Monique Nowlin, defined contributions coordinator.
Washington & Lee University
LEXINGTON, Va. - Washington & Lee University hired Barclays Global Investors to manage $17 million in a commingled trust fund benchmarked to the Russell 2000 value index for its $430 million endowment. Funding will come from cash, said Lawrence Broomall, vice president of finance.
West Palm Beach Firefighters
WEST PALM BEACH, Fla. - The $70 million West Palm Beach Firefighters Pension Fund hired The Boston Co. to run $15 million in active domestic large-cap value equities. The manager replaces Oppenheimer Capital, which was terminated after a senior portfolio manager retired, said Scott Baur, administrator. Merrill Lynch assisted.
Washtenaw County Employees
ANN ARBOR, Mich. - Washtenaw County Employees' Retirement System hired Gray & Co. as consultant for its $185 million defined benefit plan, said Bob Hubbard, administrator. Gray replaces incumbent Capital Resource Advisors, which was a finalist.