Chelsea Retirement System
CHELSEA, Mass. - The Chelsea Retirement System hired Phoenix Investment Counsel to manage $3.5 million in active domestic small-cap to midcap value equities for its $35 million defined benefit plan. Funding came from a terminated active domestic all-cap value and growth equities portfolio managed by Standish, Ayer & Wood.
The move was the result of an asset allocation study.
COLORADO SPRINGS, Colo. - The Communications Workers of America/International Typographical Union Negotiated Pension Plan committed $25 million to Kennedy Associates Real Estate Counsel's Multi-Employer Property Trust Fund, said John Foss, administrator for the $1 billion plan. Funding will come from cash.
East Bay Municipal Utility
OAKLAND, Calif. - The $600 million East Bay Municipal Utility District Employees' Retirement System hired TCW to manage $25 million in active domestic small-cap value equities and Mazama Capital to run $25 million in active domestic small-cap growth equities, said Lloyd Sawchuk, treasury manager for the $600 million plan.
Funding comes from a $33 million active domestic small-cap value equity portfolio run by Crabbe Huson Group, which was terminated because of performance and personnel changes. The remainder will come from reducing to $33 million a passive S&P 400 portfolio managed by Northern Trust. That allocation was $50 million.
A spokeswoman at Crabbe Huson declined to comment .
PITTSBURGH - Federated Investors hired Deutsche Asset to manage a total of $2.5 billion in Federated's Max Cap, Mid-Cap, and Mini-Cap index funds, which are benchmarked to the S&P 500, S&P 400 and Russell 2000, respectively. Deutsche replaces Northern Trust.
Maine State Controller's Office
AUGUSTA, Maine - The Maine State Controller's Office hired Buck Consultants to review its $190 million 457 plan, said Carol Whitney, state controller. The review might lead to negotiating lower fees with vendors and reducing the number of investment options per vendor, she said. Each of the vendors - Aetna, Hartford Investment Management, State Street Global Advisors and VALIC - offers up to 55 separate investment choices.
New York Common Fund
ALBANY, N.Y. - New York State Common Retirement Fund increased its active domestic small-cap growth equity allocation with Brown Capital Management by $150 million, bringing its total to about $370 million. Funding comes from a similar portfolio managed by J.&W. Seligman, which was terminated in a consolidation of the $120 billion fund's active domestic small-cap equity managers, said Jeffrey Gordon, spokesman.
The system also made commitments of $125 million to the Perseus-Soros Biopharmaceutical Fund; $100 million to GM Capital Partners, part of a co-investment with General Motors Asset Management; $94 million to Bridgepoint Capital's Second European Private Equity Fund; and $15 million to Ascend Ventures.
New York State Teachers'
ALBANY, N.Y. - New York State Teachers' Retirement System committed $50 million to VantagePoint New York Fund, said John Cardillo, spokesman for the $85 billion system. The new fund will focus on in-state startup companies specializing in innovative technology.
Oklahoma Public Employees
OKLAHOMA CITY - Oklahoma Public Employees' Retirement System hired Delaware Investments to manage $210 million in active international equities as part of a shift away from dedicated emerging markets equities portfolios.
Funding comes from termination of Genesis Asset Managers, which ran $28 million in a dedicated emerging-markets equity portfolio, and Zurich Scudder, which ran $206 million in a large-cap international equity portfolio.
NEW YORK - Philips Electronics North America Corp. added five active funds to the menu of mainly passive investment options offered by its $977 million 401(k) plan, said Lisa Pyne, director of benefits and compensation program.
The plan added Fidelity Investments Magellan and Company Growth funds, and Vanguard PRIMECAP, Explorer and Windsor II funds. The fund already offered 10 index and lifecycle options from Vanguard.
Portland General Holdings
PORTLAND, Ore. - Portland General Holdings Inc. Pension Plan, the holding company for Portland General Electric Co. hired Osprey Partners to run $40 million in active domestic large-cap value equities, said Mahendra Shah, director of investments for the $425 million pension plan. Funding will come from trimming the plan's four large-cap core equity allocations.
Schwabe Williamson & Wyatt
PORTLAND, Ore. - Schwabe Williamson & Wyatt PC hired Security Trust as trustee of the firm's $65 million 401(k)/profit-sharing plan. Plan executives intend to offer participants a set of core mutual fund investments, separately managed accounts and individually directed brokerage accounts with more than 10 brokerage firms.
SANTA ROSA, Calif. - The $875 million Sonoma County Employees' Retirement System hired Capital Guardian Trust to manage $79 million in active international core equities and Reams Asset Management to run $120 million in active domestic core-plus fixed income, said Greg John, assistant administrator.
Funding for the international equity manager will come from rebalancing; funding for the fixed-income manager will come from termination of an active core-plus fixed-income portfolio run by Zurich Scudder, said Mr. John.
Virginia Retirement System
RICHMOND, Va. - The $37.5 billion Virginia Retirement System approved a $50 million commitment to First Reserve IX, a private equity fund. The system already has $2.9 billion invested in private equity. Funding comes from cash, said Bill Sullivan, spokesman.