Alameda-Contra Costa Transit
OAKLAND, Calif. - The Alameda-Contra Costa Transit District hired Dimensional Fund Advisors to manage $10 million in active domestic small-cap core equities for the $270 million pension plan, said Hugo M. Wildmann, retirement system manager. Funding came from terminating Dresdner RCM, which ran $10 million in active domestic small-cap growth equities, because of performance. Dawn Vroegop, Dresdner RCM marketing director, did not comment by press time. Dresdner RCM continues to manage $30 million in active domestic large-cap growth equities for the plan, Mr. Wildmann said.
The plan's asset allocation is 60% equity and 40% fixed income. Callan Associates advised.
ALBANY, Ga. - The $107 million Albany Employees' Pension Fund hired Swerdlin Co. as actuary, said Phil Roberson, plan chairman. Previous actuary Qualified Pension Consultants was terminated because the plan's account supervisor retired. Merrill Lynch assisted.
LITTLETON, Colo. - Arapahoe County committed $5 million to TA Associates Realty to invest in small to midsized properties, said an official with the $135 million pension plan, who asked not to be identified. Funding will come from cash. The plan's asset allocation is 48% domestic equity, 13% international equity, 37% fixed income and 2% cash. Watershed Investment Consultants assisted.
Arnhold & S. Bleichroeder
NEW YORK - Arnhold & S. Bleichroeder Inc. added the First Eagle U.S. Value Fund as an option in its $20 million 401(k) plan, replacing the First Eagle International Fund, said Michael P. Higgins, vice president. The plan has 13 fund options. Charles Schwab is record keeper; administration and trustee services are handled internally.
GARDEN CITY, N.Y. - Avis Inc. hired Merrill Lynch as bundled provider of its $180 million 401(k) plan, said Mark Flynn, manager of retirement benefits. The plan replaced Hewitt Associates as record keeper and administrator, and Deutsche Bank as trustee, in order to simplify things for its parent company, Cendant Corp., which also uses Merrill Lynch as bundled provider of its $460 million 401(k) plan, he said. Mr. Flynn said Merrill Lynch's highly developed website services also figured in the move.
The Avis plan increased its investment options to 26 funds, up from 14 funds, he said. Hartland & Co. advised.
HOUSTON - Baker Botts hired CitiStreet as bundled provider of its $250 million 401(k) plan, said James R. Raborn, partner. Incumbent Fidelity was replaced because the plan wanted the investment advice provided by Salomon Smith Barney, which is offered through CitiStreet.
The plan now has 15 investment options, including an individual brokerage account, up from 11.
ANN ARBOR, Mich. - Borders Group Inc. added the PIMCO Renaissance Fund, Nations International Value Fund and Merrill Lynch Small-Cap Value, Goal Manager Conservative/Moderate and Goal Manager Moderate/Aggressive funds as investment options for its $80 million 401(k) plan, said Susan Mann, director-benefits. It increased options to 17, from 12. Merrill Lynch is bundled provider.
University of Cincinnati
CINCINNATI - The $940 million University of Cincinnati endowment invested $50 million in the BlackRock Core Bond Total Return Fund. The endowment received the assets from a benefactor, said Linda Graviss, associate treasurer.
The search was conducted internally.
CM Investment Management
TORONTO - CM Investment Management hired McLean Budden, TAL Global Asset Management, Capital Guardian and Oppenheimer Investment Advisers to subadvise several of its Renaissance Mutual Funds, according to Raza Hasan, president of CM.
The Renaissance Mutual Funds were known as Merrill Lynch Funds, but Merrill Lynch pulled out of the Canadian market and in February sold its Canadian subsidiary to Canadian Imperial Bank of Commerce, which renamed it CM Investment Management.
PROVIDENCE, R.I. - Rhode Island's 529 plan, the CollegeBoundfund, added a stable-value investment option managed by AEGON Institutional Markets. The plan is managed by Alliance Capital and offers investors nine Alliance mutual funds as well as six core and lifestyle portfolio options.
OKLAHOMA CITY - Devon Energy Corp. added the Neuberger Berman Genesis Fund as an investment option in its $170 million 401(k) plan, replacing the Fidelity Small-Cap Growth Fund, said William Peterson, manager employee benefits. The plan offers 19 options. Fidelity is bundled provider.
RANDOLPH, Mass. - Dunkin Donuts, Baskin Robbins & ToGos Inc. hired Diversified Investment Advisors as bundled provider of its $83 million 401(k) plan, said Maureen Malone, total rewards retirement plan specialist. DIA replaces Milliman USA as record keeper and administrator and Charles Schwab as trustee.
Plan officials selected the firm because of its updated technology, she said. The plan now offers 12 options, up from six, Ms. Malone said.
Empire District Electric
JOPLIN, Mo. - Empire District Electric Co. hired Vanguard as bundled provider of its $36 million 401(k) plan, said Judy Baker, compensation and benefits manager. The plan terminated American Express Retirement Services because of poor investment performance and administrative services, and inadequate technology and investment education. The plan now has 18 investment options, up from five, she said.
Defrain Mayer advised on the change.
A spokesman at American Express said the firm is revamping its portfolio management and fund offerings.
LINWOOD, Pa. - Foamex International Inc. hired Aon Investment Consulting as actuary for its $62 million pension plan, replacing PricewaterhouseCoopers, said Thomas A. McGinley, director of compensation and benefits. The plan wanted lower fees, he said. Resources for Retirement Plans assisted.
FRANKLIN, Ind. - The $65 million endowment of Franklin College committed $1.2 million to the Aurora Hedge Fund, said Larry Griffith, vice president for business and finance. The endowment made the move for diversification. Funding came from rebalancing, he said. Oxford Group assisted.
QUINCY, Ill. - Gardner Denver Inc. added the Dodge & Cox Balanced Fund, Liberty Acorn Z Fund and American Century Small-Cap Value Fund as investment options in its $80 million 401(k) plan, said Frank Jamboretz, manager-employee benefits. The plan now has 12 options, up from nine, he said. J.P. Morgan/American Century is record keeper, administrator and investment provider; UMB Bank is trustee. Buck Consultants advised.
SAN ANTONIO - Harte-Hanks Inc. hired Ariel Capital Management to run $8 million in active domestic midcap value equities, a new investment style for its $82 million pension plan, said Jacques Kerrest, CFO. Funding came from rebalancing. UBS PaineWebber assisted.
KENNESAW, Ga. - Heidelberg USA Inc. added the Oppenheimer Capital Appreciation, Calvert Income and Merrill Lynch Small-Cap Value funds as investment options in its $143 million 401(k) plan, said Sharon Wilmot, benefits assistant.
The plan now offers 15 options, up from 12. Merrill Lynch is trustee, record keeper and investment provider; administration is handled internally.
College of Holy Cross
WORCESTER, Mass. - College of Holy Cross committed $10 million to the GSC Recovery Fund, a distressed debt fund, said Carol Arakelian, manager of investments for the $360 million endowment. Funding comes from cash and general rebalancing.
BRIDGEWATER, N.J. - ICI Americas Inc. added the Vanguard Total Bond Market Index Fund and five Fidelity Freedom Funds as options in each of its four defined contribution savings plans, which total $750 million in assets, said Timothy Brownlee, treasurer. Each plan now has 15 funds, up from nine, and a company stock option. Fidelity is bundled provider.
AUCKLAND, N.Z. - ING (NZ) hired Oppenheimer Capital, MFS and Fiduciary Trust to subadvise its active global (ex-New Zealand and Australia) equity strategies. Oppenheimer initially will manage US$20 million in superannuation, trust and mutual fund assets, but that amount is expected to increase soon, said Geoff Mullen, Oppenheimer managing director. Philip Houghton-Brown, strategy and quantitative manager for ING, declined to provide the amounts of the other managers' portfolios.
International Game Technology
RENO, Nev. - International Game Technology added the Fidelity Low Price Stock Fund and the Credit Suisse Capital Appreciation Fund as investment options in its $144 million 401(k)/profit-sharing plan, said Luisa Carmona, compensation and benefits analyst. The plan also will drop the INVESCO Growth Fund at the end of the year, when it will have 14 options, up from 12. Fidelity is bundled provider.
Kansas City Royals
KANSAS CITY, Mo. - The Kansas City Royals Major League Baseball Club hired Principal Financial Group as bundled provider of its new $1 million 401(k) plan. "Because this is our first 401(k) plan, we did some very careful scouting of 401(k) providers," said Tom Pfannenstiel, senior director of payroll, benefits and human resources.
Lincoln Firemen & Policemen
LINCOLN, Neb. - The $135 million Lincoln Firemen's & Policemen's Retirement System invested $8 million in the Calvert Income Fund, a corporate fixed-income mutual fund, said Paul Lutomski, pension officer. Funding comes from the sale of fixed income.
DEERFIELD, Ill. - Lindner Funds hired Standish Mellon as subadviser for the Lindner Market Neutral Fund. Standish Mellon replaces Ernst Research, which was let go for organizational reasons, said Al Pisterzi, Lindner spokesman.
BOSTON - The $29 billion Massachusetts Pension Reserves Investment Management Board committed up to $75 million in AG Capital Recovery Partners III, a distressed debt portfolio. The investment is part of the fund's high-yield debt allocation, which is 3% of total assets. One-third of that allocation goes to distressed debt, while the rest goes to high-yield bonds, said Stan Mavromates, senior investment officer at PRIM.
Northwestern Memorial Hospital
CHICAGO - Northwestern Memorial Hospital hired Capital Guardian to manage $25 million in active emerging markets equities for its four trust funds, with assets totaling $1.3 billion, said Thomas M. Satkus Jr., assistant treasurer. Funding came from reducing the portfolios of other international equity managers; he would not name the managers or provide their portfolio sizes.
LOS ANGELES - Occidental Petroleum Corp. added Vanguard's S&P 400 Mid-Cap Index and REIT Index funds as options in its $840 million 401(k) plan. The plan also replaced the MAF High Yield Fund with the Columbia CMC High Yield Fund and eliminated the Fidelity Contra Fund, said a plan spokesman
Pennsylvania 529 plan
HARRISBURG, Pa. - Pennsylvania's new 529 plan, being launched this spring, added the Calvert Social Equity and Social Bond funds as investment options. Delaware Investments manages the plan.
ROCHESTER, N.Y. - The Rochester-Genesee Regional Transportation Authority hired SEI Investments to run its $16 million pension plan in a manager-of-managers strategy, said Victor Galef, an SEI spokesman.
NASHVILLE, Tenn. - Tennessee Baccalaureate Education System Trust added an equity investment option managed by TIAA-CREF to the $3.4 million 529 fund, said Janice Cunningham, executive assistant to the state treasurer. The new fund will be a blend of 80% domestic and 20% international equities, both actively managed.
Texas Permanent School
AUSTIN, Texas - Texas Permanent School Fund hired State Street Analytics as the $19 billion plan's performance measurement consultant, said Danny A. Sachnowitz, deputy executive administrator. Previous performance measurement consultant First Union asked to have its contract terminated.
York County Retirement Fund
YORK, Pa. - York County Retirement Fund hired Allfirst Trust as custodian of its $105 million pension plan, replacing Mellon Bank, said Michael R. Gingerich, controller. Plan officials made the change because Mellon's fees were lower, he said. Peirce Park Group advised.