MILPITAS, Calif. -- Adaptec Inc. hired Putnam as bundled provider of its $90 million 401(k) plan, said Karen Wiens, senior benefit analyst. Putnam replaced Hewitt. Investment options increased to 16, from 12, she said.
University of Akron
AKRON, Ohio -- The $51 million University of Akron endowment hired Deutsche Bank Alex. Brown as custodian of pooled investments, replacing Key Bank, said Elizabeth Voth, budget analyst. Key Bank remains custodian of the endowment's separately invested assets.
Alliance Benefit Group
ALBERT LEA, Minn. -- Alliance Benefit Group hired Morningstar Associates as the online retirement planning and advice provider for its more than 700 plan sponsors and 60,000 participants, according to Brad Arends, Alliance Benefit CEO.
American Capital Access
NEW YORK -- American Capital Access hired Dreyfus Investment Advisors to manage $150 million in active domestic fixed income and Stephens Capital Management to manage $75 million in U.S. Treasury securities for its insurance investment portfolio, said Adam R. Willkomm, vice president of finance. The $225 million portfolio was handled by two managers who each ran $112.5 million in active domestic fixed income; Mr. Willkomm would not name the managers or say why they were terminated. No consultant was used.
Applied Micro Circuits
SAN DIEGO -- Applied Micro Circuits Corp. hired four active domestic fixed-income managers for its $1 billion operating fund, said Scott Dawson, treasury director. The firms are: Metropolitan West Asset to manage $90 million; Strong Capital and M.D. Sass, $75 million each; and Sit Investment, $60 million, The four managers replaced three passive fixed-income managers that ran the entire portfolio; Mr. Dawson would not name the terminated managers but said the firm wanted active management.
Arkansas Diamond Deferred
LITTLE ROCK, Ark. -- Arkansas Diamond Deferred Compensation Fund hired CitiStreet as bundled provider of its $215 million 457 plan, said Ashli A. Davis, communications director. The plan replaced two bundled providers: Diversified Investment Advisors, which provided 17 options, and VALIC, which offered 45 options, she said. CitiStreet will maintain the previous options and add 21 more. Stephens Inc. advised.
ATU, Local 1575
SAN RAFAEL, Calif. -- Amalgamated Transit Union, Local 1575, San Rafael, Calif., is finalizing a contract with KPMG to provide consulting services for the $101 million pension plan, said Robin Davis, administrator. The plan previously did not use a consultant, he said.
BURLINGTON, Vt. -- Banknorth Group Inc. added the Dodge & Cox Stock Fund as an option in its $136 million 401(k) plan, said Kevin Brown, vice president. The plan also dropped the CSFB Emerging Growth and the Banknorth Large-Cap Value funds as options, he said.
Briggs & Stratton
MILWAUKEE -- Briggs & Stratton Corp. committed $10 million to Oaktree Capital for investment in a mezzanine fund, said Michael Juneau, director of pension benefits. The $900 million pension fund will pare fixed income to fund the commitment, but it has not been determined which manager will be affected, Mr. Juneau said.
He noted that the new commitment will be considered part of fixed income and not private equity in its asset allocation. No consultant was used.
Cadence Design Systems
SAN JOSE, Calif. -- Cadence Design Systems Inc. hired Financial Engines to provide investment advice for its $250 million 401(k) plan, said Cindy Conway, group director of corporate benefits. Cadence will pay for the advice service during its first year, she said. Cadence's 401(k) plan has 13 investment options and a self-directed brokerage account, Ms. Conway said.
SACRAMENTO, Calif. -- California State Teachers' Retirement System hired McKinsey & Co. as its alternative investment consultant, providing strategic advice to the board of the $100 billion.
CARBONDALE, Ill. -- Carbondale Firemen's Pension Fund hired Banc One as investment manager for the $11 million pension plan, said Ernie M. Tessone, finance director. Salomon Smith Barney was dropped.
Champaign Police & Fire
CHAMPAIGN, Ill. -- Champaign Police & Fire Pension Fund hired Goldstein & Associates as actuary for its police and fire pension plans, each with $38 million, said Richard A. Schnuer, finance director. Previous actuary Watson Wyatt was dropped because it no longer provides actuarial services for public plans, Mr. Schnuer said. Watson Wyatt's public plan actuarial business was sold last year to Gabriel Roeder Smith, said Robert McKee, Watson Wyatt marketing director.
DENVER -- Colorado County Official & Employee Retirement Association added the Artisan Midcap and Veredus Aggressive Growth funds and a Harris Direct self-directed brokerage account as options in both its $410 million 401(a) plan and its $63 million 457 plan, said Mary E. Johnson, pension administrator. The plan is dropping the Morgan Stanley Midcap Growth and BlackRock Small-Cap Growth funds, she said. Innovest advised.
Colorado Fire & Police
ENGLEWOOD, Calif. -- The Colorado Fire & Police Pension Association committed $20 million each to the RREEF America II Fund and J.P. Morgan Fleming's Strategic Property Fund, said William Morris, chief investment officer. He said funding came from liquidating $40 million in a core portfolio managed by PMRealty.
Separately, the $2.3 billion pension plan terminated an $85 million enhanced S&P 500 index fund run by J.P. Morgan Fleming; the termination was for performance and because plan officials wanted a more active approach, Mr. Morris said. The money will be parked in a $398 million S&P 500 index fund run by State Street Global Advisors until plan officials conclude a review of the plan's domestic equity allocations in July, he said. It is too early to predict any other changes in investment managers, he said.
A spokeswoman for J.P. Morgan Fleming, who did not want to be identified, declined comment.
PHILADELPHIA -- Comcast Corp. added the PIMCO Total Return; Harbor Capital Appreciation and Ariel funds as investment options in its $400 million 401(k) plan, said Maria Doley, benefits specialist. The plan dropped the Putnam Investors Fund. Putnam is bundled provider for the plan, which now has 10 investment options, up from eight.
Contra Costa County
CONCORD, Calif. -- The $2.7 billion Contra Costa County Employees' Retirement System hired PIMCO and Western Asset to run $310 million each in enhanced core fixed income, said Marilyn Leedom, assistant retirement administrator. The pension fund terminated Zurich Scudder, which ran $315 million in core fixed income, and Barclays Global Investors, which handled $330 million in an index fund tracking the Lehman Aggregate, Ms. Leedom said. It has not been decided where any residual assets will be invested.
DENVER -- The $14 billion Denver Employees' Retirement Plan hired NCM Capital to manage $30 million in active domestic fixed income, said Michael P. Heitzmann, executive director. The allocation was funded from cash. Callan Associates advised.
First Financial Bancorp
HAMILTON, Ohio -- First Financial Bancorp hired BISYS to provide fund administration, fund accounting, transfer agency and distribution services for The Legacy Funds, the bank's three new proprietary mutual funds representing a combined $650 million in assets.
CINCINNATI -- Fluor Fernald Inc. added the PIMCO Total Return Fund as an option in its $73 million 401(k) plan, said Judy Donaldson, human resources specialist. The plan also put one option, the INVESCO Total Return Fund, on watch for performance, she said. Plan officials will decide whether to phase out the fund after a six-month probation period, she said. Shana Gorsky, an INVESCO spokeswoman, did not return calls seeking comment by press time.
The plan now has nine investment options, up from eight. INVESCO is bundled provider.
HOUSTON -- Fugro USA hired CitiStreet as bundled provider for its $50 million 401(k) plan, said Tom Hamilton, president. CitiStreet replaces MetLife, which exited the large plan market, Mr. Hamilton said.
The plan offers 10 investment options, he added.
Hawaii Employees' Retirement
HONOLULU -- The $8 billion Hawaii Employees' Retirement System hired State Street Corp. as custodian, replacing Deutsche Bank. State Street will provide custody, securities lending, performance and analytics as well as cash management services, according to State Street executives.
Hawaii officials did not respond to telephone calls seeking comment.
The $6.5 billion pension plan funded the move by terminating Columbus Circle, which ran $200 million in active domestic small-cap equities, because of personnel changes. Mr. Maynard would not say where the remaining $25 million was placed.
R.V. Kuhns advised.
Los Angeles County
PASADENA, Calif. -- The $26 billion Los Angeles County Employees' Retirement Association hired Emmes Asset Management and Capri/Capital Advisors to run $50 million each in emerging real estate, said Gloria B. Gil, senior investment officer for real estate. The allocation is new.
The system committed $10 million to Mediphase Ventures, a private equity health-care fund, said Chris Wagner, investment officer, alternative assets.
New Orleans Fire Fighters
NEW ORLEANS -- The New Orleans Board of City Trusts hired nine managers for the $145 million New Orleans Fire Fighters Pension Plan for employees who retired before 1968, said Michael Lewis, trust secretary.
Fred Alger will manage $10 million in active domestic midcap growth equities; NCM and MFS, $9 million each in large-cap growth equity; J.&W. Seligman and Cutler, $9 million each in large-cap value equities; Earnest Partners, $15 million in fixed income; Liberty Bank and Hancock Bank, $15 million combinedin fixed income as a partnership; and Ariel, $9 million in small-cap to midcap value equities.
UBS PaineWebber advised.
University of North Carolina
CHAPEL HILL, N.C. -- The $1 billion endowment for the University of North Carolina at Chapel Hill committed $10 million to Angelo Gordon Partners' absolute return distressed debt fund, and $13 million to Credit Suisse First Boston and $10 million to Resilience Capital for their private equity distressed debt funds, said Mark Yusko, chief investment officer.
The endowment also committed $5 million each to Colony Capital's real estate opportunity fund and Patron Capital's European real estate fund. All will be funded from cash.
Separately, the endowment committed $10 million each to Oaktree Capital and Schroder Investment Management for long-short emerging markets funds. Funding probably will come from active domestic equities, but Mr. Yusko declined to name the managers affected. The endowment cut its overall active domestic equity allocation to 10% of assets, from 15%.
Philadelphia Public Employees
PHILADELPHIA -- The $4.5 billion Philadelphia Public Employees Retirement System hired Wellington Management and Chicago Equity Partners to run $40 million each in active domestic midcap core equities, said Tony Johnson, chief investment officer. .
PITTSBURGH -- PNC Advisors hired Morningstar to offer ClearFuture online investment advice for purchase by sponsors of defined contribution plans administered by PNC, effective Sept. 1, according to Mary Lynn Salac, communications director of PNC Advisors.
TACOMA, Wash. -- Frank Russell hired John A. Levin to run three large-cap value equity assignments with Russell Managed Portfolios. Levin will manage assets in Russell's Value Diversified Mix, Value Diversified Plus Mix, and Bias Diversified Mix multimanager portfolios. Levin is replacing a manager Russell officials wouldn't name.
Snell & Wilmer
PHOENIX -- Snell & Wilmer Law Offices is adding the Dodge & Cox Stock and Fidelity U.S. Bond Index funds as investment options in its $65 million 401(k) plan, said Dean Armstrong, financial analyst. The plan will drop Fidelity Asset Manager and Ginnie Mae funds, INVESCO Dynamics and Papp America Abroad funds, he said. The plan now offers 12 investment options, down from 14.
STAMFORD, Conn. -- Stamford Police Pension Fund hired Victory Capital Management to run $5 million in investment-grade convertible securities, a new asset class for the $150 million system, said Frank Cronin, chairman.
Standard Motor Products
LONG ISLAND CITY, N.Y. -- Standard Motor Products Inc. added five investment options to its $120 million 401(k) plan, said Robert H. Martin, treasurer. They are: the Alliance Balanced Shares; Lord Abbett Midcap Value; Davis New York Venture; Janus Advisor Worldwide; and HSBC Stable Value funds. The plan dropped the T. Rowe Price Balanced, MFS Massachusetts Investors, MFS Emerging Growth and Janus Worldwide funds. It now has nine investment options, up from eight, he said. KPMG advised.
WAUKEGAN, Ill. -- StateWide Insurance Co. hired MPI Investment Management to run the firm's $35 million general fund in active domestic fixed income, said Ralph W. Swank Jr., president.
PAWTUCKET, R.I. -- Teknor Apex Co. hired Evergreen 401(k), a unit of First Union National Corp., as bundled provider of its $60 million 401(k) plan, said Edward Peter, manager of compensation, benefits and human resources information system. USI Consulting was terminated as record keeper and administrator, Mr. Peter said; the plan handled trustee services internally. The plan now offers 12 investment options, up from 11, he said. Salomon Smith Barney advised.
Wyoming Deferred Comp
CHEYENNE, Wyo. -- The Wyoming Deferred Compensation Plan replaced nine investment options in its $200 million 457 plan, said Kendra Friesen, administrative assistant to Polly Scott, plan administrator. Funds added were: Artisan International and Midcap Growth; GE Asset Management Strategic Investment and U.S. Equity; Berger Midcap Value; Dodge & Cox Income; INVESCO Stable Value; T. Rowe Price Small-Cap Value and Vanguard Life Strategy, she said. Dropped were: Dreyfus Premier Balanced, Disciplined Stock, Premier Third Century, New Leaders and Founders Discovery funds; Maxim Loomis Sayles Corporate Bond; Gartmore Total Return; Great West Life Strategy and Fidelity Advisor Growth Opportunity funds, Ms. Friesen said. The plan offers 21 investment options, she said.
R.V. Kuhns advised.