SAN JOSE, Calif. -- Adobe Systems Inc. added the Vanguard Total Bond Market Index Fund as an investment option in its $160 million 401(k) plan, said Helen Hauge, senior manager-equity compensation. The plan now has 12 options.
Lawrence Johnson & Associates is investment provider, record keeper and administrator; Charles Schwab is trustee.
SPOKANE, Wash. -- Avista Corp. added the Dodge & Cox Stock, Sterling Small-Cap Value, and Vanguard Value Index and Small-Cap Value Index funds as investment options in its $151 million 401(k) plan, said Mary Trudel, manager-corporate benefits. The plan now offers 14 options. Vanguard is bundled provider.
Arnerich, Massena & Associates advised.
OAK RIDGE, Tenn. -- BWXT Y-12 LLC made several alternatives commitments for its $2.6 billion pension fund. It committed $50 million to HarbourVest Partners and $25 million to Adams Street Partners for private equity investments, and $50 million to J.P. Morgan Fleming and $50 million to Prudential for commingled real estate funds, said Maureen Williams, manager-investments.
Partial funding came from selling the company's shares of Prudential demutualized stock for $60 million. The plan also reduced an active domestic fixed-income portfolio managed by State Street Research, leaving it with $600 million, and an active domestic fixed-income portfolio managed by Jennison, leaving it with $500 million. Ms. Williams would not give the amounts of the reductions.
The move was made for diversification.
BETHESDA, Md. -- Calvert Group hired Grantham, Mayo, Van Otterloo and State Street Global Advisors as subadvisers on separate mutual funds. GMO will manage the Calvert World Values International Equity Fund, replacing Aberdeen Asset Management, formerly Murray Johnstone. SSgA will manage the Calvert Social Investment Balanced Fund, replacing NCM Capital Management. SSgA will manage the equity portion of the fund with Brown Capital Management.
GMO's style better fit the goals of high total return with limited volatility, according to SEC filings. SSgA was a better fit with Brown because of its more quantitative, low-risk approach, according to the filings.
PORTSMOUTH, N.H. -- Citizens Funds hired State Street Global Advisors as subadviser of the $190 million Citizens Global Equity Fund and the $3 million International Growth Fund. SSgA had been interim subadviser of the socially responsible mutual funds since October, when Citizens Funds terminated Clemente Capital.
Delaware County Employees
MEDIA, Pa. -- Delaware County Employees' Retirement System hired Cooke & Bieler to manage $5 million in active domestic midcap value equities, said John Spagnola, president of consultant Spagnola-Cosack. Funding came from reducing the $261 million plan's fixed-income portfolios. The move was made for diversification.
ROCHESTER, N.Y. -- Eastman Kodak Co. hired T. Rowe Price Retirement Plan Services as record keeper and administrator for its $5.6 billion 401(k) plan, said George Dascoulias, plan project manager. Mr. Dascoulias said Kodak has an unbundled plan structure and already uses four T. Rowe Price mutual funds in its lineup of 36 fund options.
Boston Safe Deposit & Trust is trustee.
Electrical Workers, IBEW
ROSSFORD, Ohio -- Electrical Workers, IBEW, Local 8, hired active domestic equity managers Select Equity and Fox Asset Management to run $27 million in large-cap value and $19 million in small-cap growth, respectively, said Charlene Dee, pensions administrator at the $189 million pension plan.
Funding for the Select hire came from a portfolio managed by Cutler & Co. in a similar style; funding for Fox came from a portfolio managed by Kayne Anderson Rudnick in a similar style.
National Fiduciary Advisors advised.
Gainesville City Employees
GAINESVILLA, Fla. -- Gainesville City Employees' Pension Fund hired Silchester to manage $14 million in active international value equities and Dresdner RCM to handle $10 million in active international growth equities, said Tim Christiansen, pension management analyst.
The $155 million pension plan terminated Zurich Scudder, which managed $16.5 million in active international core equities, because plan officials wanted to move away from the asset style. The balance will come from other portfolios across the board, he said.
Summit Strategies advised.
Grey Wolf Drilling
HOUSTON -- Grey Wolf Drilling Co. hired American Express Retirement Services as bundled provider for its $18 million 401(k) plan. The plan will provide 10 investment options from American Express, including a mutual fund window. American Express replaced PaineWebber; additional details weren't available.
LAKEVILLE, Minn. -- Hearth Technologies Inc. hired American Express Retirement Services as bundled provider of its new $60 million 401(k) plan, said Lisa Bensmiller, vice president of compensation and benefits at parent HON Industries Inc. The new plan combined the retirement plans of four companies HON acquired and merged to create Hearth Technologies. American Express will provide 11 investment options, she said.
Hobart & William Smith Colleges
GENEVA, N.Y. -- The $115 million endowment of Hobart & William Smith Colleges, Geneva, N.Y., committed $5 million to Sage Capital Management, $2.5 million to Mezzacappa Partners and $2 million to Lighthouse Diversified for hedge fund investments, said Peter Polinak, budget director.
Funding came from taking $1 million each from an active domestic large-cap growth equity portfolio run by Cohen, Klingenstein & Marks, reducing it to $15 million, and an active domestic large-cap value equity mandate with DePrince, Race & Zollo, trimming it to $17 million. The plan also cut $2.5 million from an international equity portfolio run by Putnam, leaving it with $6.5 million, and $5 million from an active domestic fixed-income portfolio run by PIMCO, leaving it with $12 million, he said.
The plan made the changes for diversification, Mr. Polinak said.
Evaluation Associates advised.
IBEW-NECA, Dakotas Areawide
FARGO, N.D. -- Electrical Workers, IBEW-NECA, Dakotas Areawide hired Security Trust as trustee and custodian of its money-purchase and 401(k) plans, which have a combined $130 million in assets, said Robert Snyder, president of Chartwell Benefits Consulting. Previous custodian and trustee Northern Capital Trust is being replaced because the plan wanted a more technologically advanced firm, Mr. Snyder said.
The plans also will add the Dodge & Cox Stock Fund and the MFS Midcap Stock Fund as investment options. They also will add the Vanguard Total Bond Index Fund, replacing the Fidelity U.S. Bond Index Fund, and the Vanguard 500 Index Fund, replacing the Deutsche Equity Index Fund, he said. The plans will have eight options, up from six.
The changes will be effective April 1.
Milliman USA is record keeper and service provider; Benefit Plan Administrators is administrator.
BOISE, Idaho -- Idaho Power Co. added the Dodge & Cox Income Fund as an investment option in its $195 million 401(k) plan, replacing the PIMCO Total Return Fund, said Toni Olson, human resources analyst. The plan has 11 core options, 35 core-plus options and a brokerage window, she said.
Putnam is investment provider, trustee and record keeper; administration is handled internally.
Bidart & Ross advised.
CHICAGO -- Information Resources Inc. added the Morgan Stanley Institutional Value Equity Portfolio and the MS Institutional Small Company Growth Portfolio as fund options in its $85 million 401(k) plan, said Michael J. Samuels, treasurer. The plan now offers 13 fund options.
Lawrence Retirement Fund
LAWRENCE, Mass. -- Lawrence Retirement Fund hired Freedom Capital to manage $10 million in active domestic large-cap growth equities and Hartford Institutional Trust to manage $5 million in active domestic high-yield fixed income for its $100 million pension plan.
An official at the plan, who asked not to be identified, said funding for the Freedom hire came from reducing other portfolios. The Hartford hiring was funded by reducing a Wellington Management Lehman Aggregate index portfolio to $25 million. The moves were made for diversification.
New England Pension Consultants advised.
SALEM, Va. -- Lewis-Gale Clinic hired INVESCO as administrator of its retirement, profit-sharing and trust plans, with a combined $43 million in assets. Plan participants will have 13 investment options from AIM, INVESCO, Neuberger Berman, Janus and PIMCO.
First Union was the previous administrator, said Gail Gilbert, director of employment.
ST. LOUIS -- Lindner Asset Management hired GAMCO as subadviser of the $11 million Lindner Communications Fund, replacing temporary subadviser Argent Capital Management, said Nancy Kreusser, Lindner spokeswoman. Argent continues to subadvise the $272 million Lindner Growth and Income Fund.
NEW YORK -- MetLife Investors hired State Street Corp. for fund accounting, administration, custody, securities lending services and transfer agent for the Met Investors Series Trust. The trust includes 23 portfolios and has $2.5 billion in assets. The work was done in-house.
CHARLOTTESVILLE, Va. -- The Nature Conservancy hired Mellon Global Securities Services as custodian, said John Wood Bolton, director of investments. The $635 million endowment replaced previous custodian Deutsche Asset Management.
N.Y.C. Deferred Compensation
NEW YORK -- New York City Deferred Compensation Plan added a small-cap investment option comprising the Vanguard Small Cap Index Fund and three separate accounts: Ariel Capital, value; T. Rowe Price, growth; and Wellington, core. The option replaces the T. Rowe Price New Horizons Fund, which was the $4.6 billion plan's sole small-cap option. Consultant William M. Mercer will determine the weightings and change them quarterly as needed.
Ohio Public Employees
COLUMBUS, Ohio -- Ohio Public Employees Retirement System hired Townsend Group as its real estate consultant. The $54 billion system has $4.5 billion in real estate, and its target allocation is 9% of total assets, said Neil Toth, director of investments.
Cooper Consultants assisted.
Ohio School Employees
COLUMBUS, Ohio -- The $7.9 billion Ohio School Employees' Retirement System hired Fuller & Thaler to manage $50 million in active domestic small-cap value equities, a new allocation. Douglas Sisson, director of investments, said funding will come from rebalancing.
Omaha Police & Firemen
OMAHA, Neb. -- Omaha Police & Firemen's Retirement System hired Fidelity Management Trust to run $39 million in risk-controlled domestic large-cap value equities for the $350 million system, said Stanley P. Timm, finance director and administrator. Funding came from reducing a balanced portfolio run by INVESCO. Additional money also was moved from that portfolio to a small-cap equity portfolio run by INVESCO, and to several other equity managers. The system wanted to move more funds into equities, Mr. Timm said.
DeMarche Associates assisted.
Pennsylvania State Employees
HARRISBURG, Pa. -- The $24 billion Pennsylvania State Employees' Retirement System committed up to $30 million to AG Capital Recovery Partners III and up to $25 million to Alloy Ventures 2002, said Sean Sanderson, a spokesman for the system. Funding will come from cash.
Plumbers, Local 267
SYRACUSE, N.Y. -- Plumbers, Local 267, hired HSBC Bank USA as custodian of its $75 million pension plan, $40 million annuity plan, $10 million health and welfare plan and $2 million personal account plan, said Terry Musto, union local CFO. He said the plan replaced Investors Bank & Trust because of poor service and an uncorrected error in custody statements.
Virginia Kelly, director of marketing for Investors Bank, said that IBT "inherited the mistake from a previous custodian." IBT "deeply regrets" that the mistake was not resolved right away, but when the situation came to the attention of senior management, Investors Bank immediately took corrective action. She declined to name the previous custodian.
Mr. Musto said the board of trustees added Morley Financial's Taft-Hartley Stable Value Fund and the Vanguard Total Bond Market Index Fund as investment options for the annuity plan, which now offers eight options.
Record keeping, administration and trustee services for all plans are handled internally.
Rohm & Haas
PHILADELPHIA -- Rohm & Haas Co. hired Mellon Global Securities Services as master trustee for its $1.7 billion pension fund. The firm had two separate defined benefit pension plans, which have been combined into one with Mellon as custodian.
Citibank and Northern Trust provided custody services for the two separate plans.
Mellon was selected on the strength of its technology platform, said Robert Worthington, Rohm & Haas manager of corporate finance.
TACOMA, Wash. -- Frank Russell hired RREEF to manage $250 million in real estate for its manager-of-managers program. RREEF joins AEW Capital Management and Security Capital in running the $669.6 million Frank Russell Investment Real Estate Securities Fund and the $117.5 Russell Insurance Funds' Real Estate Securities Fund; both are mutual funds. Steve Claiborne, Russell spokesman, declined to name the manager RREEF replaced.
University of San Francisco
SAN FRANCISCO -- University of San Francisco hired Dodge & Cox to manage $15 million in active domestic large-cap value equity and Jennison Associates to manage $12 million in active domestic large-cap growth equity for its $130 million endowment, said Michael J. Lochhead, assistant vice president for business and finance.
Funding came from terminating two passive portfolios managed by Commonfund, a $15 million Russell 1000 Value index account and a $12 million Russell 1000 Growth index portfolio. The changes were made because "the board believes it will be a stock-pickers' market," he said.
Commonfund will continue to manage $35 million in international equity and $15 million in domestic equity for the plan.
Canterbury Consulting advised on the changes.
NORTHAMPTON, Mass. -- Smith College committed $10 million each to J.W. Childs Fund III, a middle-market buyout fund, and to Yorktown Energy Partners V, which concentrates on the energy sector.
Jay Yoder, director of investments at the $900 million endowment, said funding will come from rebalancing.
Washington State Investment
OLYMPIA, Wash. -- Washington State Investment Board committed $250 million to Cherokee Investment Partners III, a real estate equity fund. The $53 billion fund also committed $102 million to Charterhouse Capital Partners VII, a private equity fund.
Pacific Corporate Group advised.
FOREST CITY, Iowa -- Winnebago Industries Inc. added the American Century Small-Cap, Dodge & Cox Stock and RS Diversified Growth funds as investment options in its $155 million 401(k)/profit-sharing plan, said Marcia Gerdes, personnel benefits administrator.
The plan dropped the J.P. Morgan U.S. Small Company Fund. The plan now offers 14 options, up from 12, she said.
J.P. Morgan/American Century is administrator, record keeper and investment provider; Chase Manhattan Bank is trustee.