Brockton Contributory
BROCKTON, Mass. - The $185 million Brockton Contributory Retirement System committed $4 million to Intercontinental Real Estate Investors, $3 million to SSR Realty Advisors and $3 million to TA Associates Realty, said Harold P. Hanna Jr., executive director. Funding will come from maturing commitments to the L&B Property Fund IV and the SSR Realty MAC Trust Fund. Wainwright advised.
CalPERS
SACRAMENTO, Calif. - The $149 billion California Public Employees' Retirement System allocated $100 million to LM Capital for an active domestic fixed-income portfolio as part of CalPERS' and Strategic Investment Group's joint venture manager-development program.
CalSTRS
SACRAMENTO, Calif. - CalSTRS hired Principal Capital Real Estate Investors to manage a $100 million core portfolio, said Sherry Reser, system spokeswoman. Funding will come from cash. The $99.3 billion California State Teachers' Retirement System now has 10 real estate advisers managing a total of $5.2 billion.
Carpenters, Southern Illinois
BELLEVILLE, Ill. - Carpenters, Southern Illinois hired Cutler to manage $5 million each in active domestic value equities and active domestic fixed income for its $105 million pension plan, said Thomas K. Eversmann, administrator.
Funding came from terminating Merrill Lynch, which had managed $3 million in active domestic midcap growth equities. The remainder came from rebalancing. Fiduciary Consultants advised.
CH2M Hill
DENVER - CH2M Hill Inc. added the Ariel Fund and the Domini Social Index Fund as options in its $500 million 401(k) plan, said E. Rudd Little, director of benefit planning. The plan increased its options to 12 funds, from 10. Watson Wyatt advised
Citizens Financial Group
PROVIDENCE, R.I. - Citizens Financial Group hired Mellon Financial to manage an international equity portfolio of undetermined size for its $390 million pension plan, using a blend of growth and value styles, including emerging markets.
The Boston Co. will handle the value and emerging markets portions, while Newton Investment Management will subadvise the growth assets; the split will be roughly 50-50. Both managers are Mellon subsidiaries. The assets were managed internally.
Colorado County
DENVER - The Colorado County Official and Employees Retirement Association added the ABN AMRO Veredus and the Artisan midcap growth fund as options in its $480 million defined contribution plan, said Rick Rodgers, association director of marketing and client services.
The funds replaced the BlackRock small-cap growth and Morgan Stanley institutional midcap growth funds, respectively.
Contra Costa County
CONCORD Calif. - Contra Costa County Employees' Retirement Association hired Innovest Strategic Value Advisors and Aeltus Investment Management for a $150 million socially and environmentally screened enhanced index fund, said Chuck Barron, assistant retirement administrator of the $2.7 billion fund.
Innovest will provide the screen for Aeltus, which will manage the portfolio.
Separately, the association hired Advanced Investment Management and INTECH for enhanced domestic equity index funds, running $300 million and $150 million, respectively.
Funding will come from terminating Alliance Capital, which ran a $300 million S&P 500 index fund and a $300 million enhanced S&P 500 index fund. Milliman assisted.
Denver Public Schools
DENVER - The $2.5 billion Denver Public Schools Retirement System hired Callan Associates to conduct an asset-liability study, to be finished in mid-August, said David A. Stella, executive director. The plan conducts a study every five years, he said.
Fleetwood Enterprises
RIVERSIDE, Calif. - Fleetwood Enterprises Inc. invested $10 million in the Shenkman Capital Management Primus High Yield Bond Fund for its $220 million money purchase plan, said Betsy Gealogo, retirement plan manager.
Funding came from terminating Penn Capital Management, which ran $10 million in active domestic high-yield fixed income. Salomon Smith Barney advised.
Herff, Jones
INDIANAPOLIS - Herff, Jones Inc. hired New York Life as bundled provider of its $100 million 401(k) plan, said Robert C. Brown, retirement plan administrator. Plan officials wanted to see what else was available, he said; previous bundled provider Merrill Lynch was asked to rebid. The plan will offer 11 investment options, up from seven, he said. Defined Contribution Advisors assisted.
Illinois Teachers
SPRINGFIELD, Ill. - The $22.6 billion Illinois Teachers' Retirement System committed $50 million to Banc Funds VI, a private equity fund. Funding came from cash, said Charles Self III, chief investment officer.
The pension fund also added a total of $100 million to investments with minority-owned managers it hired in February: $50 million to Earnest Partners, split evenly between active domestic equities and active domestic fixed income; $25 million to MDL Capital Management for active domestic fixed income; and $25 million to Holland Capital Management for active domestic equities. Funding came from cash, Mr. Self said.
New York State Teachers
ALBANY, N.Y. - New York State Teachers' Retirement System committed $200 million to HarbourVest Partners VII and $40 million to The Shansby Group's TSG IV, both private equity funds. The $78 billion system also authorized up to $50 million to implement a program with the New York Business Development Corp. that will provide financing to small businesses.
Operating Engineers, Central
WASHINGTON - The Central Pension Fund of the International Union of Operating Engineers and Participating Employers hired Bolton Offutt Donovan as actuary, said Michael Fanning, chief executive officer. The $7 billion pension fund replaced Watson Wyatt Worldwide after Watson asked its pension fund clients to limit the actuary's liability to one year's fees or no more than $250,000.
Rochester Hills
ROCHESTER HILLS, Mich. - City of Rochester Hills hired Diversified Investment Advisors as semibundled provider for its $17 million 403(b) plan and increased the plan's investment options to 17 from 12, said Robert Spaman, financial director. Diversified replaces Salomon Smith Barney, he said.
Rudolph-Libbe
WALBRIDGE, Ohio - Rudolph-Libbe Cos. hired Diversified Investment Advisors as semibundled provider for its newly consolidated $22 million 401(k)/profit-sharing plan and increased investment options to 19 from 12, said Robert Pruger, chief financial officer. The company consolidated three defined contribution plans, which had the same investment options, and replaced Aetna, its provider for 35 years, after issuing an RFP, Mr. Pruger said. Company executives selected Diversified as the best provider to offer an investment mix that included non-proprietary funds, he said.
St. Paul Electrical
ST. PAUL, Minn. - St. Paul Electrical Construction hired Clover Capital Management to run $3.25 million for its $85 million construction pension plan and $2.5 million for its $75 million supplemental pension plan, both in active domestic midcap value equities, said Donald H. Callies Jr., administrator.
Funding came from terminating Wright Investors' Service, which ran $7.5 million for the construction pension fund and $5 million for the supplemental pension fund, both in active domestic large-cap value equities. The remaining money from those portfolios was allocated to Northern Capital Management, increasing the active domestic large-cap growth equity portfolios it runs for each plan to $14.6 million and $10.9 million, respectively, he said.
Alpha Investment Consulting assisted.
Sarasota Firefighters
SARASOTA, Fla. - Sarasota Firefighters' Pension Plan hired DePrince, Race & Zollo to manage $8 million in active domestic small-cap value equities, said Benita Saldutti, plan administrator for the $80 million fund. Funding came from cash. The move was made for diversification. Merrill Lynch assisted.
Services Group of America
SEATTLE - Services Group of America Inc. added four Frank Russell mutual funds to its $77 million 401(k) plan, said Ronald A. Shiley, benefits manager. The plan now offers eight investment options, up from four. Prime Asset Consulting assisted.
Southern Union
AUSTIN, Texas - Southern Union Co. hired Merrill Lynch/Howard Johnson as semibundled provider of its $101 million 401(k) plan, said Ronald A. Weaver, director of benefits. The previous provider, Administrative Management Group, asked to be replaced because of the complexity of the plan, which has divisions in several states, Mr. Weaver said. The plan now offers 11 fund options, up from 10, he said. Wells Fargo remains trustee.
The plan also hired Merrill Lynch/Howard Johnson as actuary for its $316 million pension plan, replacing Rudd and Wisdom, said Mr. Weaver.
Vermont Deferred Compensation
MONTPELIER, Vt. - The Vermont Deferred Compensation Plan picked Benefits Corp. as administrator for the $140 million 457 plan, said James H. Douglas, state treasurer. The previous administrator was CitiStreet, whose contract expired. New England Pension Consultants assisted.
