BancorpSouth
TUPELO, Miss. - BancorpSouth hired Federated Retirement Plan Services as service provider, handling administration and record keeping, and providing 15 investment option for its $100 million 401(k) plan, said Bill Malone, assistant vice president and trust officer. Federated replaces PFPC.
Boise State University
BOISE, Idaho - The $40 million Boise State University Foundation hired Mellon Capital Management to run $30 million in indexed mutual funds: a Russell 3000 fund, EAFE fund and Lehman Aggregate fund. No breakout was given on how much would go into each.
The endowment also hired Key Trust to run $10 million in an S&P 500 index fund, said a foundation spokeswoman.
Funding comes from two active managers she did not name.
California Public Employees
SACRAMENTO, Calif. - CalPERS made four private equity commitments. The $160 billion California Public Employees' Retirement System assigned $25 million to General Catalyst Group II; $25 million to Highland Capital Partners VI; $20 million to Oxford Bioscience Partners IV; and up to $25 million to William E. Simon & Sons Special Situation Partners II.
California State Employees
SACRAMENTO, Calif. - The California State Employees Association hired active equity managers Templeton to run $5 million in international large-cap core; Navellier, $2 million in domestic small-cap value; and Kayne Anderson, $3 million in domestic small-cap value, said Patrick Haagensen, controller and administrator for the $65 million plan. Kayne Anderson will continue to run $9 million in active domestic large-cap core equities. Funding comes from rebalancing.
Compass Pension Scheme
CHELMSFORD, England - The Compass Pension Scheme hired Frank Russell Co. to run its L500 million ($714 million) pension assets in a multistyle manager-of-managers portfolio. Gissings advised.
Fairfax Financial Holdings
STAMFORD, Conn. - Fairfax Financial Holdings Ltd. hired INVESCO Retirement to provide semibundled services for soon-to-be merged defined contribution plans of five U.S.-based subsidiaries with a total of $241 million in assets. The combined plan will offer 10 INVESCO funds; the conversion is expected to be completed by the end of this month. Mercer assisted.
Florida State Board
TALLAHASSEE, Fla. - The $100 billion Florida State Board of Administration committed $50 million to Thomas H. Lee Equity Partners V; $50 million to Ripplewood Partners II; and $100 million to Willis Stein & Partners III. Funding for the three buyout funds will come from the private equity portfolio.
Fremont Investment Advisors
SAN FRANCISCO - Fremont Investment Advisors hired Lend Lease Rosen Real Estate Securities to subadvise its $21 million Fremont Real Estate Securities Fund, replacing Kensington Investment Group. Fremont preferred Lend Lease Rosen's emphasis on long-term large-cap REITs, said Allyn Hughes, Fremont spokesman.
Illinois State Universities
CHAMPAIGN, Ill. - The $11.5 billion Illinois StatState Universities Retirement System of Illinois committed $25 million to a crossover fund from Van Wagoner Capital Management, said John R. Krimmel, chief investment officer. Funding will come from cash flow.
Indiana State Police
INDIANAPOLIS - The $300 million Indiana State Police Pension Trust hired three active domestic equity managers. Key Asset Management will run $18 million in large-cap value; Simms Capital Management, $18 million in large-cap growth; and Rice, Hall James, $15 million in small-cap growth and value.
The hirings are a result of asset-liability and asset allocation studies, which boosted the target for equities to 45% from 30%. Funding will come from the remaining assets in an internally run fixed-income portfolio. Capital Cities assisted.
IBEW
Washington - The International Brotherhood of Electrical Workers, with $1.6 billion in pension assets, hired ASB Capital Management to run two passive S&P 500 index portfolios, totaling $560 million, said Jack Marco, consultant. The portfolios are $431 million and $129 million, said an ASB spokeswoman. ASB replaces Allied Investment Advisors.
Iowa Public Employeess
DES MOINES, Iowa - The $15.9 billion Iowa Public Employees' Retirement System hired PMRealty for a $100 million core separate account real estate portfolio, pending contract negotiations, according to Patrick Reinhardt, investment officer. Funding will come from cash. Townsend Group assisted.
Kennametal Inc.
LATROBE, Pa. - Kennametal Inc. hired Key Asset Management to run $50 million in active domestic large-cap value equities for its $450 million pension plan, said Jim Morrison, vice president and treasurer. Funding will come from rebalancing. The manager was chosen because of its performance and investment strategy, said Mr. Morrison.
Lothian Pension Fund
EDINGURGH - Lothian Pension Fund appointed Standard Life Investments to run the œ2 billion ($2.85 billion) scheme's property portfolio, replacing Royal London Asset Management. Keith Shepherd, head of investment and treasury at the plan, could not be reached for comment.
Man B&W Diesel
STOCKPORT, England - Man B&W Diesel Pension Plan hired SEI Investments as manager of managers to run the plan's L50 million ($71.4 million) in total assets. The assets will be invested in equities, with 60% allocated to U.K. stocks and 40% in global ex-U.K. equities, said Alan Marsh, managing director at Man B&W Diesel. Deloitte & Touche Investment Services advised.
Massachusetts DC
BOSTON - The $2.8 billion Massachusetts Deferred Compensation Plan added the Domini Social Equity Fund to its investment choices, replacing the Calvert Social Equity Fund, said Michael Hanlon, deferred compensation director. The plan offers 16 investment options.
Mayborn Group
LONDON - Mayborn Group Retirement Benefits Plan hired Frank Russell as manager of managers for its œ13 million ($18.8 million) pension plan, replacing Prudential Portfolio Managers.
Murphy Oil Corp.
EL DORADO, Ark. - Murphy Oil Corp. hired Credit Suisse Asset Management to run a balanced portfolio for its $250 million defined benefit plan, replacing INVESCO, said Blair Rittiner, benefits analyst. He would not disclose the size of the portfolio.
Nashville & Davidson County
NASHVILLE, Tenn. - The Nashville & Davidson County Metro Employees' Benefit Fund hired State Street Global Advisors to run $287 million in The Flagship Fund, a commingled index fund benchmarked to the S&P 500 index; and Lincoln Capital to run $240 million in a commingled enhanced index fund benchmarked to the Lehman Brothers Aggregate bond index, said Celia Kirby, metro treasurer of the $1.5 billion plan.
Funding will come from terminating three equity and two fixed-income managers. Ms. Kirby would not identify the managers, which were terminated because of a change in strategy, not for performance, she said.
The move to passive management resulted from an asset allocation review by consultant Segal Advisors.
Norfolk County
CANTON, Mass. - Norfolk County Retirement System hired Intercontinental to manage up to $5 million in a value-added real estate strategy, which will raise the $400 million system's real estate allocation to slightly more than 3% of assets from 2.5%. Funding will come from terminating a $1 million REIT index fund managed by State Street Global Advisors and from trimming fixed income.
Omaha Metropolitan Utilities
OMAHA, Neb. - The Omaha Metropolitan Utilities District hired Lazard Asset Management to run an active international large-cap value equity portfolio, said Ronald Bucher, assistant general manager of administration for the $200 million plan. He would not disclose the size of the portfolio. Funding will come from rebalancing, Mr. Bucher said, adding the changes were made for diversification.
J. Sainsbury PLC
LONDON - J. Sainsbury PLC Pension Scheme hired Frank Russell to conduct its triennial asset-liability study. The study will be presented to trustees of the L2.8 billion ($4.1 billion) plan in July, said Geof Pearson, plan secretary.
San Francisco City and County
SAN FRANCISCO - San Francisco City and County Employees' Retirement System, with $11.6 billion in assets, selected Nicholas-Applegate Capital Management to run $235 million in international equity. Funding comes from terminating a $470 million international core equity portfolio handled by Oechsle International Advisors. Oechsle will run the remaining assets in a concentrated international equity portfolio of 25 to 45 stocks. Angeles Investment Advisors advised.
Sarasota Employees
SARASOTA, Fla. - The Sarasota Employees' Retirement Funds hired Lord Abbett to run $20 million in active domestic large-cap value equities, replacing INVESCO, said Hector Ruiz, pension manager for the $83 million system. INVESCO continues to run $21 million in active domestic fixed income for the system.
St. Paul Teachers
ST. PAUL, Minn. - The $850 million St. Paul Teachers' Retirement Fund hired Barclays Global Investors to manage a $50 million passive fixed-income portfolio benchmarked to the Lehman Brothers aggregate index, said Eugene Waschbusch, fund secretary and treasurer. Funding comes from a $50 million active domestic fixed-income portfolio managed by State Street Research.
Sterling Heights
STERLING HEIGHTS, Mich. - Sterling Heights Retirement System retained incumbent The Brice Group as consultant for its $94 million defined benefit plan, said James Buhlinger, system treasurer. It is board policy to put one of the system's professional services out for bid every year, he said.
Texas Employees
AUSTIN, Texas - Texas Employees Retirement System hired CitiStreet as third-party administrator and record keeper for its $650 million 401(k) and 457 Texa$aver program, replacing Security First Group Benefits Administration, a division of MetLife, said Leslie Kjellstrand, spokeswoman for the system.
U.S. Trotting Association
COLUMBUS, Ohio - United States Trotting Association hired Fifth Third Bank as bundled provider for its $1 million money purchase plan, said Dennis Fisher, treasurer. The association, which governs the sport of harness racing, selected Fifth Third to replace AFA Financial and McGinn Smith.
