Asbestos Workers Local 53
KENNER, La. -- Asbestos Workers Local 53 hired Fox Asset Management to run $9 million in active domestic large-cap value equities. Funding will come from cash, said James Pratt, administrator of the $50 million plan. The asset class was added for diversification, he said.
Brookline Retirement Board
BROOKLINE, Mass. -- The Brookline Retirement Board hired Fidelity Management Trust and Putnam Investments to manage a total of $15 million in active international equities, pending contract negotiations, said Margaret Cossette, deputy director of finance for the $160 million plan. Funding will come from a State Street Global Advisors EAFE index fund, in which money was placed temporarily. Previous manager Irish Life resigned because it is scaling back service to U.S. clients.
CLEVELAND -- Cleveland-Cliffs Inc. hired Putnam to manage $40 million in active international large-cap core equities for its $500 million defined benefit plan.
Funding comes from a $40 million active international large-cap value equity portfolio managed by Paladin Investment Associates, said Rick Bihn, Cleveland-Cliffs manager of risk and investments. Paladin no longer offers an international strategy, said Mr. Bihn. James Beloff, senior vice president at Paladin, did not return phone calls by press time.
JACKSONVILLE, Fla. -- CSX Corp. hired State Street Research to run $130 million in active domestic large-cap growth equities. It was chosen for its experience and performance record, said Daniel Murphy, spokesman for the $3.2 billion pension fund. He would not say if State Street Research replaces another firm.
Downers Grove Police & Fire
DOWNERS GROVE, Ill. -- Downers Grove Police & Fire Pension Fund hired Salomon Smith Barney as non-discretionary investment adviser for the $25 million police plan, said Martin Lyons, treasurer of the fund.
The board for the $11 million Firemen's pension plan will decide April 26 if it also will hire a non-discretionary adviser, said Mr. Lyons.
Florida State Board
TALLAHASSEE, Fla. -- Florida State Board of Administration trustees hired five investment managers for three options in the state's new defined contribution plan, expected to be launched next year.
BlackRock will manage an enhanced bond index investment option; Western Asset Management and Deutsche Asset Management, a jointly managed core-plus bond option; and W.R. Huff and MacKay Shields, a jointly managed domestic high-yield bond option. The board also hired Morgan Stanley as the asset transition broker.
SAN MATEO, Calif. -- Franklin Templeton Investments selected Morningstar ClearFuture to provide online investment advice to institutional clients of Franklin Templeton's record-keeping and defined contribution plan services. ClearFuture provides specific investment advice by creating diversified portfolios using the investment options available in the participant's 401(k) plan.
BATON ROUGE, La. -- The Franciscan Missionaries of Our Lady Health System hired Putnam to manage $40 million in active international large-cap core equities for its $200 million defined benefit plan. Funding comes from rebalancing, said Howard Harvill, senior vice president and chief financial officer. Changes were made because of a restructuring of assets pooled from Saint Francis Medical Center, Our Lady of the Lake Regional Medical Center and Our Lady of Lourdes Regional Medical Center, all of which are owned by FMOL Health Systems, he said.
IBEW Local 456
NEW BRUNSWICK, N.J. -- IBEW Local 456 hired Fox Asset Management to run $7 million in active domestic large-cap value equities for its $78 million retirement plan, replacing Oppenheimer Capital. Oppenheimer was terminated for performance, said Glenn Shaffer, union administrator.
Robert Hausler, executive director and CIO at Oppenheimer, could not be reached for comment by press time.
Idaho Deferred Compensation
BOISE, Idaho -- The Idaho Deferred Compensation Committee added seven Hartford investment options to the state's $190 million 457 plan, said Ben Ysursa, chairman of the committee. The options were added for more diversification, he said. This brings the plans options to 26.
National Retirement Services is the plan's bundled provider.
Iowa Peace Officers
DES MOINES, Iowa -- The Iowa Peace Officers' Retirement System hired Alliance Capital Management to run $35 million in active domestic large-cap growth equities and State Street Global Advisors to manage $30 million in a passive Russell 3000 index fund, pending contract negotiations, said Michael Cumming, investment officer for the $235 million fund. The new hires are the system's first growth and passive managers, he said.
Funding comes from a $65 million active domestic large-cap core equity portfolio managed by Loomis Sayles, said Mr. Cumming. Loomis Sayles will continue to manage $88 million in domestic core fixed income for the system.
Mr. Cumming cited an equity reallocation as the reason for the change.
Buck Consultants assisted.
Lincoln Fire and Police
LINCOLN, Neb. -- The Lincoln Firemen's and Policemen's Retirement System hired Smith Hayes Financial Services as bundled provider for its deferred retirement option plan, offering 20 investment options, said Paul Lutomski, pension officer. Smith Hayes was hired because of its commitment to customer service, reasonable terms, fund selections and low fees, he said.
The addition of the DROP plan is contingent on an IRS letter of determination, he said.
Los Angeles City Employees
LOS ANGELES -- The Los Angeles City Employees' Retirement System hired Marvin & Palmer and TT International to run $100 million each in active EAFE core equities. The $7.7 billion system will fund the allocations from cash.
BATON ROUGE, La. -- Louisiana Firefighters Retirement System hired Putnam to manage $20 million in active international large-cap core equities for its $649 million defined benefit plan, said Mike Hemphill, chairman of the board of trustees. Partial funding comes from a $12 million Louisiana insurance premium tax that helps fund public safety retirement systems; the additional $8 million will come from rebalancing, said Mr. Hemphill. The domestic equity industry is not performing so well, so the board decided to try international equities, he said.
Maryland Teachers & State
BALTIMORE -- The $1.6 billion Maryland Teachers & State Employees Supplemental Retirement Plan hired Aetna as a stable-value manager for the state's 457, 401(k) and 401(a) plans. The stable value option previously was managed internally. The system also hired consultants The Segal Co. and Segal Advisors, replacing William M. Mercer, whose contract expired recently.
NEW YORK -- Memorial Sloan-Kettering Cancer Center's $1.5 billion endowment committed $10 million to HarbourVest International Private Equity Partners IV, an international fund of funds, said Michael Gutnick, chief investment officer at the cancer center. Also, Memorial Sloan-Kettering's $200 million pension fund committed $10 million to Chase Capital Global 2001 Fund, which will invest in private equity and venture capital, he said. Funding for both investments will come from cash.
Mohegan Sun Casino
UNCASVILLE, Conn. -- The Mohegan Sun Casino hired Fleet Retirement Plan Services as administrator for its new employer-paid retirement savings plan, set to launch July 1. The plan will accompany Mohegan Sun's $30 million 401(k) plan. Bill Lofgren, Mohegan Sun spokesman, said Fleet was selected for its products, services and flexibility. Merrill Lynch is bundled provider of the 401(k) plan, said Mohegan Sun spokeswoman Donna St. German. Bill Velardo, president at Mohegan, said in a statement that the new retirement plan is part of an effort to attract and retain staff.
National Express Group
LONDON -- The National Express Group Pension Plan hired William M. Mercer as actuary and investment consultant, replacing Entegria, said Janny Casson, pensions administrator for the £15 million ($22 million) defined benefit plan. Mercer already advises the defined contribution plan of subsidiary West Midlands Travel Ltd., Birmingham.
Brittanic Investment Management manages all of the National Express plan's assets in a balanced portfolio, and there are no immediate plans to change the investment management arrangements.
New York State Teachers
ALBANY, N.Y. -- New York State Teachers' Retirement System committed $100 million to Capital Trust's C.T. Mezzanine Partners II at its quarterly board meeting. Funding will come from cash.
The $80 billion system also rehired the following managers, renewing their contracts for one year each: Capital International, which manages $334.5 million in emerging markets equities; Cohen & Steers, $66.8 million in a REIT income fund and $125.67 million in a non-income-bearing REIT fund; Lend Lease Rosen, $125.6 million in a REIT fund; RREEF, $116.2 million in a REIT fund; and Morgan Stanley Dean Witter, $908.3 million in international equities.
It also renewed its contract for one year with general investment consultant Evaluation Associates.
ATLANTA -- Oglethorpe University, has hired a string of money managers to diversify its $25 million endowment following an asset allocation study last fall. They are: Golden Capital Management to manage $6 million in domestic large-cap value equities; Wasatch Advisors to run $2.2 million in domestic small-cap core equities; and American Funds Euro-Pacific Growth Fund to manage $2.2 million in international equities. Incumbent Trusco Capital Management, which had managed the entire endowment in a balanced portfolio, will run $6 million in a domestic large-cap growth equities portfolio and the remaining $8.6 million in fixed income, said John Knott, executive vice president. Morgan, Keegan assisted.
Ohio State Teachers
COLUMBUS. Ohio -- The Ohio State Teachers' Retirement System hired Nationwide Retirement Solutions as record keeper and administrator of its new defined contribution plan, scheduled to open in July. The new plan's nine investment options each will be a "unitized portion of our defined benefit plan," said Robert Slater, deputy executive director and chief financial officer.
New employees and employees with less than five years of service will have the option of joining the existing $55 billion defined benefit plan, the new plan or both, in which case members' contributions will be placed in the defined contribution plan and employer contributions, in the defined benefit plan.
Frank Russell Co.
TACOMA, Wash. -- Frank Russell Co. hired Fidelity Management Trust to subadvise $33 million in international growth equities for the $160 million Russell Insurance Fund and US$67 million for Frank Russell Canada's manager-of-managers program. Fidelity was hired for its focus on security selection, said Steve Claiborne, Frank Russell spokesman; he declined to comment on which manager Fidelity replaced.
S&K Famous Brands
RICHMOND, Va. -- S&K Famous Brands Inc. hired SunTrust as bundled provider for its combined $11 million 401(k) and profit-sharing plans, offering 12 investment options, said Gray Rawlings, vice president of administration at S&K. She would not disclose any information regarding the former service provider.
S&K made the change because of SunTrust's educational programs, which were customized to suit participants' needs, Robert Knowles, executive vice president at S&K, said in a news release.
Stamford Classified Employees
STAMFORD, Conn. -- The Stamford Classified Employees' Retirement Plan hired Putnam to run $12 million in active international large-cap core equities for its $180 million plan, said Barry Kaplan, benefits manager. Funding will come from reducing a $24 million active international large-cap value portfolio managed by Franklin Templeton, leaving it with $12 million. The move was made for diversification, he said.
AUSTIN, Texas -- The Texas Comptroller of Public Accounts hired 16 managers to help the state invest the initial $1.2 billion installment of a $15 billion settlement with the tobacco industry. The managers are: Banc One Investment Advisors, Putnam Fiduciary Trust and Alliance Capital Management for international equities; Fountain Capital Management, high-yield fixed income; Davis Hamilton Jackson, Palladium Capital and Travelers Investment Management, large-cap core equities; Chicago Equity Partners, midcap core equities; MFS Institutional Advisors, midcap growth equities; Equinox Capital Management and John A. Levin, large cap-value equities; Enhanced Investment Technologies and Vaughn Nelson, large-cap growth equities; J.P. Morgan, small-cap core equities; Valenzuela Capital Partners, midcap value equities; and Techxas Ventures II, venture capital fund. Exact allocations to each manager were unavailable at press time.
AUSTIN, Texas -- The $85 billion Texas Teachers' Retirement System is investing $100 million in a high-yield bond commingled fund offered by Criterion Investment Management. Funding will come from cash, said Howard Goldman, director of communications.
University of Kentucky
LEXINGTON, Ky. -- The University of Kentucky hired Capital Guardian to manage $50 million in active international all-cap core equities for its $431 million endowment fund, said a university spokeswoman. Funding came from an active international all-cap value portfolio managed by Delaware Investment, which was terminated because endowment trustees wanted a core investment style, she said, adding the board liked Capital Guardian's investment philosophy.
University of Memphis
MEMPHIS, Tenn. -- The University of Memphis Foundation hired Loomis Sayles to manage $4 million in active domestic small-cap growth equities for its $72 million endowment fund, replacing Liberty Acorn Funds, said Sabrina Qualls, business manager. Liberty Acorn, a unit of Liberty Wanger Asset Management, was terminated for performance, she said.
Marilyn Morrison, corporate communications representative at Liberty Wanger, did not return calls by press time.
University of Wyoming
LARAMIE, Wyo. -- The University of Wyoming hired active domestic all-cap managers Navellier and McKinley Capital Management each to run $1 million for its $50 million endowment fund, said Kathie Hull, university staff assistant. Funding will come from reallocations, said Ms. Hull.