AUBURN, Ala. - Auburn University hired INVESCO to manage $33 million in active domestic large-cap value equities for its $250 million endowment fund, said Sylvia Huggins, manager. Funding came from terminating Zurich Scudder because of a change in investment strategy.
BEAVER, Pa. - The $129 million Beaver County Employees' Retirement Fund hired RRZ Investment Management to run $12 million in active domestic large-cap growth equities, said Carla Zurich, second deputy controller. Funding came from reallocating $4 million each from current investment managers MDL Capital, which manages about $25.8 million; C.S. McKee, which manages about $31 million; and CIM Investments, which manages about $60.6 million for the fund.
EBENSBURG, Pa. - Cambria County Employees' Retirement System hired active domestic large-cap equity managers Crawford Investment Counsel and Chase Investment Counsel to manage $15 million each in value and growth styles, respectively, said Antoinette Sherry, deputy controller.
Funding came from terminating a $30 million active domestic large-cap growth and value portfolio managed by 1838 Investment Advisors.
Consultant Legg Mason recommended the $122 million pension plan get separate managers for value and growth investments.
College of Holy Cross
WORCESTER, Mass. - The College of Holy Cross hired Dalton Greiner to manage $10 million in active domestic small-cap value equities for its $363 million endowment, said Carol Arakelian, manager of investments.
Funding came from reducing a $25 million active domestic small-cap growth equity portfolio managed by Essex Management, leaving it with $10 million. The remaining $5 million was converted to cash.
CARMEL, Ind. - Conseco hired Harris Investment Management to subadvise its new Conseco Small-Cap Growth Fund, according to SEC filings. It also hired Boston Partners to subadvise the new Conseco Large-Cap Value Fund.
DALLAS - Freeman Decorating Co. hired Putnam as semibundled provider for its $90 million 401(k) plan, said Celia Burkheimer, administrator of retirement plans. The plan will offer 13 new investment options, up from 12, she said.
Plan officials replaced previous bundled provider Principal Financial because they wanted better communication, a more sophisticated website and funds that had competitive performance and fees, Ms. Burkheimer said.
COLUMBIA, S.C. - FUTUREScholar, South Carolina's new 529 college savings plan, hired Bank of America as program manager. Final details about the investment options are being decided.
PROVIDENCE, R.I. - Gilbane Building Co. hired Fidelity as bundled provider for its 401(k)/profit-sharing plan, said Wes Cotter, director of corporate communications. He declined further comment. The plan has $152 million in assets, according to the Money Market Directory.
Hayes Lemmerz International
NORTHVILLE, Mich., - Hayes Lemmerz International Inc., added a J.P. Morgan/American Century self-directed brokerage account to its $240 million 401(k)/profit-sharing plan, said Kurt Suckow, director of compensation & benefits. The plan now offers 13 investment options.It also added the BGI Equity S&P 500 index fund Q, replacing the Vanguard S&P 500 index fund.
IBEW-NECA, Dakotas Areawide
FARGO, N.D. - The Electrical Workers, IBEW-NECA, Dakotas Areawide hired Milliman USA as record keeper for its money-purchase and 401(k) plans, which have a combined $125 million in assets, said Robert Snyder, president at consultant Chartwell Benefits Consulting. The fund replaced Northern Capital Management because it wanted a more technology-based firm.
PROVIDENCE, R.I. - LIN Television Corp. hired CIGNA to manage all of the assets of its $65 million cash balance plan, which was converted from a defined benefit plan Jan. 1, said Peter Maloney, vice president of finance.
NORWALK, Conn. - Managers Funds hired Rorer Asset Management to run Managers' two new mutual funds, the Rorer Large-cap Fund and the Rorer Midcap Fund.
Plumbers & Steamfitters 219
AKRON, Ohio - Plumbers & Steamfitters Local 219 hired National City Bank as record keeper, custodian and investment provider for its $40 million participant-directed annuity plan, said John Wagner, business manager for the fund. He said the plan will offer 10 investment options, up from four. D.A. Hudson & Associates assisted.
NEWARK, N.J. - Target Portfolio Trust's Large Capitalization Value Portfolio and the Strategic Partners Large Capitalization Value Fund hired Hotchkis & Wiley as a subadviser, according to SEC filings. The funds are offered by Prudential Investments. H&W replaces Mercury Advisors, a subsidiary of Merrill Lynch. Principals of H&W purchased Mercury's domestic equity business in October.
ROANOKE, Va. - The $306 million Roanoke City Pension Plan hired Nicholas-Applegate to manage $9 million in active domestic large-cap growth equities and $9 million in active domestic midcap growth equities, said James D. Grisso, treasurer and finance director. Funding came from reducing an active domestic large-cap value equity portfolio managed by INVESCO, leaving it with $25 million. Fiduciary Capital Advisors assisted.
South Carolina Retirement
COLUMBIA, S.C. - The South Carolina Retirement System invested $36 million in a temporary Russell 2000 fund run by State Street Global Advisors while the $21 billion system looks for a new manager, said Michael Sponhour, spokesman. The system terminated Farrell-FS Investment Management, which ran the money in small-cap core equities, because of concerns about the firm's ownership. The system has a shortlist of managers from consultant William M. Mercer and is not accepting proposals.
MENTOR, Ohio - STERIS Corp. hired Bank of New York as trustee for its $33 million pension fund, effective April 1, said Robert Becker, employee benefits director. Previous trustee PNC Bank was asked to rebid. STERIS officials chose Bank of New York because it had lower costs. William M. Mercer advised.
Separately, STERIS added Dodge & Cox Balanced Fund as an investment option in its $156 million 401(k) plan, replacing the Victory Balanced Fund. The plan offers nine options, including a stock index and a GIC fund from Victory, he said.
Summit Medical Group
SUMMIT, N.J. - Summit Medical Group, replaced two of the investment options for its $60 million 401(k) plan, said Michael O'Hea, director of human resources. It replaced the Glickenhaus Summit Medical Group Privately Managed Fund, and the Fidelity Advisor Growth Opportunities T-Fund with the MFS Value Fund, the T. Rowe Price Small-Cap Value Fund and the Baron fund.
MONTPELIER, Vt. - The $1.1 billion Vermont Teachers' Retirement System hired Putnam to run $80 million in an active international core equity portfolio with a growth tilt, said James H. Douglas, treasurer. Funding came from an active international growth equities portfolio run by Zurich Scudder, which was terminated for performance, Mr. Douglas said. A spokeswoman for Zurich Scudder confirmed the termination but declined comment.
Washington State Board
OLYMPIA, Wash. - The $41.2 billion Washington State Investment Board committed $400 million to Lone Star Fund IV, a real estate opportunity fund that seeks to raise $3.5 billion to $4 billion.