Arlington County Supplemental
ARLINGTON, Va. - The $1.1 billion Arlington County Supplemental Retirement System hired Alliance Capital to manage $50 million in active domestic large-cap growth equities; Abbott Capital to run a $50 million private equity fund of funds; and Oaktree to handle $10 million in a long-short emerging markets portfolio, said Bruce O. Kallos, administrator.
The system funded Alliance by terminating Trinity, which ran a core value portfolio; Mr. Kallos said the system "unwound" its value tilt in domestic equities.
Funding for Oaktree came from cutting back an emerging markets portfolio run by Schroders, leaving it with $15 million.
MONTGOMERY, Ala. - Blount International Inc. hired Fidelity as sole manager and actuary for its $94 million defined benefit plan, and as bundled provider of its $235 million 401(k) plan, said Mary Butler, manager of employee benefits.
SEI was manager of managers for the defined benefit plan, and Northern Trust was actuary. Ms. Butler said there were advantages to having a single firm provide all services.
Fidelity will manage the funds in active domestic and international diversified growth and value styles, she said. The plan's current allocation is 70% equity, 25% fixed income and 5% cash.
Fidelity replaces Northern Trust Retirement Services as bundled provider for the defined contribution plan, Ms. Butler said. She would not comment on why the change was made. Sixteen new options will be offered; Northern Trust had offered 10.
Deloitte & Touche advised on both hirings.
Officials at SEI and Northern Trust did not return calls seeking comment by press time.
Fort Lauderdale Police, Fire
FORT LAUDERDALE, Fla. - The $400 million Fort Lauderdale Policemen's and Firemen's Retirement System hired Stanley Holcomb & Associates to replace Gabriel, Roeder, Smith as actuary, said Lynn Wenguer, plan administrator.
The system changed actuaries because it likes to gain a different perspective every couple of years.
Greater Cleveland Hospital
CLEVELAND - The Greater Cleveland Hospital Association Commingled Retirement Plan Trust hired J.&W. Seligman to manage $4.2 million in active domestic small-cap value equities, said Richard A. Caja, vice president-pensions and investments.
The $66 million plan terminated a similar portfolio run by Disciplined Investment Advisors. Details of the termination could not be confirmed by press time.
McDonald Investments advised.
IDEX Mutual Funds
ST. PETERSBURG, Fla. - IDEX Mutual Funds hired Salomon Brothers Asset Management and American Century Investments as subadvisers on two of its mutual funds, effective March 1, according to SEC filings.
Salomon replaces NWQ as subadviser of the IDEX NWQ Value Equity Fund; its name will be changed to the IDEX Salomon Investors' Value Fund. American Century replaces GE as subadviser of the IDEX GE U.S. Equity Fund; its name will be changed to the IDEX American Century Income and Growth Fund. Both changes are subject to shareholder approvals.
Both NWQ and GE resigned as subadvisers after the funds underperformed their benchmarks and failed to attract enough assets, according to the filings.
Medford Retirement System
MEDFORD, Mass. - The $123 million Medford Retirement System hired Shenkman Capital Management to run $5 million in high-yield bonds, said Gilda Antolini, board administrator.
Funding for the new allocation came from reallocating a portion of the assets that were controlled by the fund's fixed income manager, which Ms. Antolini would not identify.
The system wanted to diversify its assets, she said.
New England Pension Consultants advised. The system's asset allocation is 70% equity, 20% fixed income and 10% real estate.
OKLAHOMA CITY - The $1.2 billion Oklahoma Firefighters' Pension & Retirement System hired three active domestic large-cap equity managers, said Robert Jones, executive director. Chase Investment Counsel and Holt-Smith & Yates will run $38 million each in a growth style, and Intech, $65 million in a core strategy.
Funding came from terminating two managers: Provident Investment Counsel, which managed $61 million in active domestic growth equities; and a manager that Mr. Jones would not identify.
Both were terminated because of performance, although Provident still manages $119 million in active domestic fixed income for the plan, he said. Officials at Provident were not available for comment about the termination.
TAUNTON, Mass. - Taunton Contributory Retirement System hired State Street Bank as custodian, replacing U.S. Trust, said Paul Slivinski, executive director. The $110 million pension fund needed global trading capabilities, he said. Segal Advisors advised.
Separately, the system issued an RFP for actuarial services. Officials want an analysis of the fund's current status and its liability and funding schedule, Mr. Slivinski said.
Virginia Retirement System
RICHMOND, Va. - The $36 billion Virginia Retirement System approved a $35 million commitment to Cerberus Institutional America, a distressed debt partnership.
The fund also approved commitments of $50 million to Oaktree OCM IV, another distressed debt fund, and $35 million to Brockway Moran II, a small-cap to midcap buyout fund, said Nancy Everett, chief investment officer.
Funding will come from cash.