Minnesota State Board of Investments, St. Paul, will hire Pension Consulting Alliance as its special-projects consultant. The $38 billion system also retained general consultant Richards & Tierney. Both consultants will have five-year contracts beginning in July 2002.
The system retained Lincoln Capital Management, which runs $633 million in active domestic equities; the manager had been reviewed because of poor performance. Staff and investment committee members said they were satisfied with changes Lincoln Capital made to portfolio management strategy and personnel. Lincoln also manages $1.7 billion in active domestic fixed income for the system.
The board also moved New Amsterdam Partners, which ran $166 million in active domestic equities for the system as an emerging manager, to its regular roster of equity managers. The change in status is because the firms assets under management grew to $1.2 billion from $28 million when the board first hired it in 1994.
In addition, the board selected the MAS Mid-Cap Value Fund as its seventh option in the states $902 million 457 plan.