Asbestos Workers, Local 17
CHICAGO - Asbestos Workers, Local 17, Chicago, invested $5 million in a real estate investment trust managed by Capri Capital, said Terry Lynch, chairman of the $130 million pension plan. He did not provide further details. Becker, Burke Associates assisted.
SACRAMENTO, Calif. - CalSTRS picked nine firms to join its pool of independent real estate fiduciaries.
The $101 billion California State Teachers' Retirement System intends to hire Westwood Consulting; Courtland Partners; Granite Partners; Bard Consulting; Sarofim Realty Advisors; David L. Bonuccelli & Associates; Miller Capital Advisory; Kennedy Associates Real Estate Counsel; and Principal Capital Management. Existing real estate fiduciaries for the system are PCA, McMahan and Pacific Corporate Group.
Separately, CalSTRS hired CitiStreet as third-party administrator for the system's $58 million Voluntary Investment Program, formerly known as its 403(b) program. The new contract would run for five years; CitiStreet's current contract expires June 30.
Catholic Financial Services
MILWAUKEE - Catholic Financial Services hired Mellon Equity Associates as subadviser to the Catholic New Equity Fund, which it is creating by merging three equity mutual funds, according to an SEC proxy filing.
The company is seeking shareholder approval to merge the $5.7 million Catholic Equity Income Fund, subadvised by Todd Investment Advisors; the $6.3 million Catholic Large-Cap Growth Fund, subadvised by Peregrine Capital; and the $5 million Catholic Disciplined Capital Appreciation Fund, subadvised by Vantage Global Advisors.
AMHERST, N.Y. - Columbus McKinnon Corp., Amherst, N.Y., added three investment options to both its $72 million non-union 401(k) plan and its $12 million union 401(k) plan, said Gigi Grizanti, manager-employee benefits.
The new mutual funds are AIM Midcap Equity Growth and Basic Value, and PIMCO Renaissance. The plans have the same 13 options. Fleet is investment provider and record keeper for both plans.
SAN DIEGO - Construction Laborers' Pension Trust Fund hired Putnam to manage a $20 million active international value equity portfolio benchmarked to the EAFE index, said Frank Fordham, chief financial officer. Funding comes from terminating a $20 million portfolio managed by Merrill Lynch in a similar style. Merrill Lynch was dropped because people with whom the $214 million plan had worked for years had left the firm, he said.
Fremont Investment Advisors
SAN FRANCISCO - Fremont Investment Advisors hired Northstar Capital Management to manage the new Fremont New Era Growth Fund, a portfolio that invests in large-cap U.S. growth stocks with good long-term prospects in specific industries.
SAN FRANCISCO - Gensler hired Fidelity as bundled provider for its $14 million 401(k) plan, replacing Zurich Scudder, said Denis Ducey, chief financial officer. Fund officials chose Fidelity because it had a broader spectrum of funds and better education services, and its website provided easier employee access, he said. The plan now has 18 options, all new, up from 11.
Georgia Higher Education
ATLANTA - The Georgia Higher Education Savings Plan, the state's new 529 college savings plan, hired TIAA-CREF as manager, said Chuck Penuel, plan director. The plan should be operational by the end of March.
Lathers, Local 68
LARKSPUR, Calif. - Lathers, Local 68, committed $1 million each to hedge funds run by Harris & Associates and Ivy Asset, said Eric Sutter, spokesman for the $110 million pension plan. Funding will come from cash. Wurts & Associates advised.
University of Maine
BANGOR, Maine - The University of Maine System hired New England Pension Consultants as consultant for its $84.2 million endowment and $61.2 million pension plan, said Michael Soucy, financial systems analyst. Previous consultant Salomon Smith Barney was terminated after 10 years with the university; Mr. Soucy said the school wanted a "fresh perspective."
McLeod Medical Center
FLORENCE, S.C. - McLeod Regional Medical Center of the Pee Dee hired Morningstar ClearFuture to provide online investment advice for participants in its 401(k) and 403(b) plans, which total $100 million, said Timothy Hess, director of compensation and benefits.
Participants who use the investment advice service will pay for it outright, Mr. Hess said, adding, "Legally, we were advised to keep it at arm's length."
Morningstar has an alliance with INVESCO, McLeod's bundled service provider, offering advice and guidance to INVESCO's plan sponsor clients.
New Orleans Sewerage & Water
NEW ORLEANS - The $172 million New Orleans Sewerage & Water Board Employees Pension Fund hired Zazove to manage $17 million in convertible bonds, a new allocation, said Marcia St. Martin, deputy director. Funding came from reducing a core fixed-income portfolio; she would not provide further information. The move followed an asset allocation study. Prudential Securities advised.
MIAMI - PBS&J Inc. hired INVESCO as bundled provider of its $105 million 401(k) plan. The plan, which had been managed internally, will offer 16 options.
Pipefitters, Local 597
CHICAGO - Pipefitters, Local 597, Retirement Fund hired Strategic Capital Investment Advisors as the pension plan's first external consultant, said Ross Klicker, financial secretary-treasurer. He declined further comment. The plan has $712 million in assets, according to the Money Market Directory.
Plumbers & Steamfitters
ROCHESTER, Minn. - Plumbers & Steamfitters, Local 6, hired Putnam as bundled provider for its $16 million participant-directed defined contribution plan, said Dean Dornack, business manager. The union changed from a trustee-managed defined contribution annuity plan. The new plan will offer eight investment fund options.
San Francisco City & County
SAN FRANCISCO - San Francisco City & County Employees' Retirement System hired Pacific Corporate Group as its alternative investments consultant, replacing Cambridge Associates. PCG will advise the $10.6 billion system on its 12% alternatives allocation.
Separately, the system retained Angeles Investment Advisors as its general consultant.
Both contracts are for five years. Cooper Consultants assisted.
Santa Clara University
SANTA CLARA, Calif. - Santa Clara University hired Allegiance Capital as manager of $35 million in active domestic fixed income for its $430 million endowment, said Harry Fong, associate vice president for finance. Funding will come primarily from reducing a portfolio run by the endowment's existing fixed-income manager, which he would not identify. Canterbury Consulting assisted.
Sheet Metal Workers, Local 9
LAKEWOOD, Colo. - Sheet Metal Workers, Local 9, hired State Street Global to run $12 million in active domestic fixed income for its $100 million pension fund, said Dwayne Stephens, business manager.
Funding came from reallocating $5 million from an active domestic fixed-income portfolio managed by TFA, leaving it with $7.5 million, and $7 million from an active domestic fixed-income portfolio managed by Pacific Life, leaving it with $13 million, he said.
The change was made for diversification, Mr. Stephens added. Meketa Investment Group assisted.
PASADENA, Calif. - Tetra Tech Inc. added eight investment options to its $110 million 401(k) plan, said Mel Fleeman, manager of retirement programs. The new funds are: Franklin U.S. Government Security and Balance Sheet Investment; American Funds Balanced, Growth and Cap World Growth and Income; PIMCO Renaissance; Putnam International Growth; and INVESCO Retirement Trust Income. The plan dropped the INVESCO Select Income, Putnam OTC and Emerging Growth, and AIM International Equity funds.
CHICAGO - TRUSERV Corp. added three investment options to its $120 million 401(k) plan and dropped two others, said Bill Evans, director of employee benefits. The plan added the Dreyfus Founders, Alliance Growth and Income, and Janus Advisor International funds; it eliminated the Fidelity Growth and Income Portfolio and Templeton Foreign funds.
SAN FRANCISCO - Wilbur Ellis Co., San Francisco, hired Putnam as bundled provider for its $50 million 401(k) plan, said Ofelia Lee, human resources manager. Previous bundled provider Merrill Lynch declined to rebid, she said.
Wisconsin Public Service
GREEN BAY, Wis. - Wisconsin Public Service Corp. will add the Dodge & Cox Stock Fund and five Wells Fargo Outlook lifestyle funds as options for its $200 million 401(k) plan, said Jerry Myers, assistant treasurer of the plan. The plan will drop the Fidelity Growth & Income Fund because it is similar to another option, the Fidelity Magellan Fund. Wells Fargo is semibundled provider for the plan.
College of Wooster
WOOSTER, Ohio - The $215 million endowment of the College of Wooster committed $22 million to four alternatives partnerships. They are: RHG Advisors, $10 million; Pennant Capital, $5 million; DMG Legacy, $5 million; and Aragon Global, $2 million, said Timothy Tegtmeier, treasurer. Funding comes from terminating two active domestic equity managers that ran a combined $10 million, and reducing the portfolios of three alternatives managers. Mr. Tegtmeier would not provide further details.