LITTLETON, Colo. - Arapahoe County hired Barclays Global Investors to manage $15 million in passive global large-cap equity; Artisan, $10 million in active international all-cap equity; Brazos, $9 million in active domestic microcap equity; and Royce, $5 million in active domestic small-cap equity, said Bernie Ciazza, treasurer and chairman of the pension board.
He said the $138 million plan funded BGI by reallocating $15 million from a $44 million active domestic large-cap growth equities portfolio managed by Fayez Sarofim. Artisan's funding came from terminating a $10 million active international all-cap equities portfolio managed by Brinson Partners; he said the investments were too similar to the plan's other active international all-cap manager. Brinson continues to manage $10.5 million in active domestic midcap to large-cap value equities and $25 million in active domestic fixed income.
Mr. Ciazza said the plan funded the hires of Brazos and Royce by terminating a $14 million active domestic midcap growth equities portfolio managed by Denver Investment Advisors. He said board members felt small-cap investments would have better returns.
Watershed Investment Consultants assisted.
Briggs & Stratton
MILWAUKEE - Briggs & Stratton Corp. committed $10 million to Oaktree Capital for its international convertible bond fund, said Michael Juneau, director of pensions. The $920 million plan will fund the commitment by trimming an active domestic fixed-income fund managed by Baird Advisors to $140 million. The change was made because the international allocation fell to 6% from its 10% target, Mr. Juneau said. Callan assisted.
LYNDHURST, N.J. - Curtiss-Wright Corp. hired Artisan to manage $13 million in active international all-cap growth equities for the $225 million pension plan, said Gary Benschip, treasurer. He said the plan terminated an unidentified manager for performance reasons. Evaluation Associates assisted.
Delaware Public Employees
DOVER, Del. - The $5.1 billion Delaware Public Employees Retirement System hired Armstrong Shaw to manage about $150 million in active domestic large-cap value equities. Funding will come from reducing a Russell 1000 fund run by Barclays Global Investors, said A. Dale Stratton, pension board chairwoman. BGI retained $230 million in two index funds. "We're essentially moving the money from passive to active," Ms. Stratton said. Ashford Capital assisted.
TWO RIVERS, Wis. - Eggers Industries hired Strong Retirement Plan Services as semibundled investment provider, record keeper and administrator for its $16 million 401(k) plan, said Richard T. Forsythe, vice president-finance and secretary/treasurer. He said the plan is replacing ING Aetna because of the proximity and convenience of the Strong office as well as the sophistication of its website.
The plan will increase its options to 12 funds from eight.
Fairfax City Supplemental
FAIRFAX CITY, Va. -The $90 million Fairfax City Supplemental Retirement Plan hired M.W. Post Advisory Group to manage a domestic high-yield bond portfolio and Grantham, Mayo, Van Otterloo to run an international equities portfolio, both new asset classes, said Laura Sitrin, finance director. Each manager will get about $9 million. Assets for the new managers will come from scaling back a domestic large-cap value portfolio managed by Standish Mellon. New England Pension Consultants assisted.
HealthNow New York
BUFFALO, N.Y. - HealthNow New York Inc. added the MM Value Equity (Fidelity) Fund as an investment option in its $40.2 million 401(k) plan and dropped the MM Core Value Equity Babson Fund, said Bruce Morlock, corporate manager-compensation and benefits. The plan has 13 options and a self-directed brokerage account. MassMutual is investment provider, record keeper and administrator for the plan, which is self-trusteed.
Knox County Retirement System
KNOXVILLE, Tenn. - The $150 million Knox County Retirement System hired T. Rowe Price as manager of $12 million in domestic small-cap equity and committed $7 million to a REIT with Lend Lease, said Kimberly Bennett, executive director.
The hires are the latest in a series resulting from a decision last year to terminate sole manager Frank Russell. Earlier, the fund hired Putnam, BlackRock, Martin & Co. and State Street Global Advisors.
Wilshire Associates advised.
Lansing Retirement Systems
LANSING, Mich. - The $500 million Lansing Retirement Systems will commit a total of $20 million to two commingled real estate partnerships; one with UBS and one with Clarion Partners. Douglas Rubley, deputy finance director, said the plan has not decided on how the money will be divided between the two. Assets most likely will come from fixed income, which Mr. Rubley said is overweighted. Asset Consulting Group advised on the hires.
SPRINGFIELD, Mass. - MassMutual made subadviser changes to two of its institutional mutual funds, according to SEC filings. Alliance Capital was hired as co-subadviser on the MassMutual Core Value Equity fund, joining David L. Babson. Alliance was added for its conservative value approach, which MassMutual hopes will balance out Babson's more aggressive relative value approach. Babson previously was the sole adviser. MassMutual also hired Wellington Management to replace J. P. Morgan Fleming as co-subadviser on the MassMutual Small-Cap Growth fund. Wellington was selected because its style was a better fit with co-subadviser Waddell & Reed, according to the filings. J.P. Morgan Fleming officials could not be reached for comment.
COLUMBIA, Mo. - MFA Inc. hired State Street Global Advisors to manage $30 million in active domestic large-cap growth equities for its $150 million pension plan, said Carol Winkler, plan administrator. Most of the funding came from terminating Mellon Equity Associates, which managed $25 million in a similar style, because it was not meeting its S&P 500 index benchmark, she said. The remaining $5 million came from reducing an active domestic midcap value equity portfolio managed by Southeastern Asset Management, leaving it with $30 million. The reduction was due to rebalancing, she said. Towers Perrin assisted.
Gregg Stein, Mellon spokesman, said that "over the last year we've made enhancements to our quantitative process for the benefit of all products and have seen some early yet significant indications of improved performance."
New Hampshire Retirement
CONCORD, N.H. - The $4.5 billion New Hampshire Retirement System hired Independent Fiduciary Services to conduct a fiduciary audit of the system, said Ed Theobald, executive director. "They will do a comprehensive review of the entire system, including investments and employee contracts, something we have never done before," he said. The audit is slated to begin in April and take about 18 months to complete.
New York City Carpenters
NEW YORK - The New York City District Council of Carpenters' Annuity Fund hired CIGNA Retirement and Investment Services as manager of the $650 million plan, said Stuart GraBois, director of benefit plans. The fund is switching to a participant-directed plan from a trustee-directed program. Consultant Evaluation Associates conducted the search. Mr. GraBois declined to name the plan's previous managers, who have all been terminated.
North Dakota State
BISMARCK, N.D. - North Dakota State Investment Board hired three active international equity managers to run $34 million each, said Steve Cochrane, executive director and chief investment officer for the $2.5 billion pension fund. Wellington Management will run a small-cap growth-bias core portfolio; Lazard Asset Management, small-cap value-bias; and Bank of Ireland, concentrated large-cap. Funding will come from reducing an active/passive country selection portfolio managed by State Street Global Advisors, which was cut to $68 million. Capital Guardian will continue to manage $170 million in international large-cap core equities.
BRIARCLIFF MANOR, N.Y. - Pace University committed $4 million each to Commonfund and FBR Arbitrage for alternative investments for its $93 million endowment, said Ronald A. Nahum, associate vice president of finance and administration and assistant treasurer. Funding came from terminating T. Rowe Price, which ran $8 million in international equities. Steven Norwitz, vice president of public relations at T. Rowe Price, declined to comment. KPMG advised.
Philharmonic Symphony Society
NEW YORK - The Philharmonic Symphony Society of New York Inc. hired Bank of New York to manage $20 million in a collective trust S&P 500 index fund, and also committed $5 million to a Metropolitan West total return fund and $5 million to a PIMCO total return fund for the $30 million Orchestra Pension Plan, said William R. Thomas, chief administrative officer. He said the pension plan funded the new commitments by terminating Putnam as manager of $20 million in active domestic large-cap growth equity and $10 million in active domestic fixed income. Putnam continues to manage $21 million in active domestic equities for the $190 million endowment plan.
The termination was not a result of performance, he said. Rather, executives no longer wanted a growth-oriented strategy for equity and also wanted the "best of breed" for fixed income.
PITTSFIELD, Mass. - The $82 million Pittsfield Contributory Retirement System hired State Street Bank as custodian, said Karen Lancto, acting executive director. State Street replaces IBT Investor Bank and Trust, she said. Ms. Lancto declined further comment.
Portland Cement Association
SKOKIE, Ill. - Portland Cement Association hired Wilmington Trust as trustee and custodian of its $33 million 401(k) plan, said Phillip Riskin, director of human resources. Those services had been conducted internally. Administrative Management Group is record keeper; administration is handled internally.
The plan also added the Dodge & Cox Stock Fund, American Century Small-Cap Value Fund, American Funds EuroPacific Growth A Fund, and three Fidelity Freedom Funds, Mr. Riskin said. The plan now has 14 options, up from eight. DiMeo Schneider advised.
University of Puget Sound
TACOMA, Wash. - The University of Puget Sound hired Fund Evaluation Group as consultant for its $180 million endowment, replacing Frank Russell, said Cheri Finnegan, senior accountant. Ms. Finnegan said school officials felt the endowment was too small for Russell and Russell would not do searches for private equity managers. The new consultant will begin an asset allocation study in the next few months, she said, adding it's too early to predict if manager changes will be made. The current allocation is 53% domestic equity, 12% international equity, 27% fixed income, 5% private equity, 2% real estate and 1% cash.
PIEDMONT, Calif. - Quintara Funds hired Ironwood Capital Management, Harris Associates and MJ Whitman as subadvisers of its first mutual fund, the Quintara Small Cap Value Fund. Each co-manager may hold up to 18 stocks. The fund is available to institutional and retail investors.
O.C. Tanner Co.
SALT LAKE CITY - O.C. Tanner Co. added the Dodge & Cox Income Fund to its $130 million 401(k)/profit-sharing plan, and eliminated the PIMCO Total Return Fund, said Jeffrey Bedke, chairman of the retirement committee. He said the change was made to add a bond fund. There are eight fund options. Bidart & Ross advised.
Washington & Lee University
LEXINGTON, Va. - Washington & Lee University committed up to $5 million to the Tucker Anthony Private Equity Fund, said Larry Broomall, chief financial officer. Funding will come from the $430 million endowment's domestic equities allocation; Mr. Broomall would not provide details.
GREENSBURG, Pa. - Westmoreland County Employees' Retirement System hired CIM to run $18 million in active domestic large-cap core equities, and Marvin & Palmer to handle $15 million in active domestic large-cap growth equities, said Charles Gregor, principal at consultant Yanni Partners. The $300 million pension plan funded the moves in part by terminating the manager of a $15 million active domestic large-cap growth equity portfolio for performance reasons; he did not identify the manager.