Worcester (Mass.) Retirement System is searching for a private equity manager to invest $5 million in a mezzanine debt limited partnership, a new mandate, said Chris Welch, private equity analyst at Meketa Investment Group, consultant for the $599 million system.
Proposals are due July 25 and should be sent to Mr. Welch by mail to 35 Braintree Hill Park, Suite 202, Braintree, MA 02184, or by e-mail to [email protected]
Rhode Island Employees Retirement System, Providence, hired MacKay-Shields and Shenkman Capital Management to manage $125 million each in high-yield fixed income, said Bill Bensur, the Wilshire Associates consultant who assisted. Funding came from terminating Loomis Sayles, which managed $250 million in a combination high-yield/convertible bond portfolio, for performance.
Chris Lazzaro, spokesman for Loomis Sayles, said it is the company's policy not to comment on client-related matters.
Separately, the $5.8 billion system likely will conduct a routine review of its strategic asset allocation targets after completing an actuarial valuation for the fiscal year ended June 30, he said. "We're always looking at the targets to make sure they make sense for the ongoing operations of the fund."
New York City Employees Retirement System increased its allocation to FIS Funds, an emerging managers program, to $100 million from $25 million, said Nicole Lise, spokeswoman at the $35.2 billion system. Funding will come from reducing accounts of the four managers - Barclays Global Investors, Deutsche Asset Management, Mellon Capital and Merrill Lynch - that run the system's Russell 3000 index fund, which had $15.9 billion in assets as of March 31.
University of Cincinnati placed $30 million in an S&P 500 index fund run by State Street Global Advisors, a new investment. The $940 million endowment fund's investment committee decided to index more assets, said Linda Graviss, associate treasurer. Funding will come from reducing large-cap domestic equity portfolios; further information wasn't available by press time. Fund Evaluation Group assisted.
Construction Industry, Locals 6, 11, 219, 790, 792 and 2158, hired Segal Advisors as consultant for its $135 million defined contribution money purchase plan, said Peggy Northrop, administrative manager. The Rockford, Ill.-based plan replaced Marco Consulting because plan officials thought its fees were too high, she said. The plan has 10 investment options, she said. Comerica is bundled provider.
Pensacola (Fla.) Firefighters Relief & Pension Plan hired three active domestic equity managers, said Cheryl Jackson, senior administrative officer. Davis Hamilton Jackson will run $10 million in large-cap growth; DePrince, Race & Zollo, $3 million in small-cap value; and J. & W. Seligman, $3 million in small-cap to midcap growth. Partial funding came from a $10 million active domestic large-cap growth equity portfolio, managed by Fleet Bank, terminated for performance; the remainder came from rebalancing, she said. Merrill Lynch advised.
Alison Gibbs, spokeswoman for Fleet, did not return calls seeking comment by press time.
Cooperative Banks Employees Retirement Association, Norwood, Mass., hired Batterymarch to manage $12 million in active domestic small-cap core equities, said Francis X. Maloney Jr., president. The $78 million pension plan funded the move in part by terminating Axe-Houghton Associates, which ran $8 million in active domestic small-cap growth equities, due to corporate changes and performance, Mr. Maloney said. The remainder came from reducing an active domestic large-cap value equity portfolio, he said; he declined to provide further information. New England Pension Consultants advised.
Robert P. Follert, executive vice president and director of marketing at Axe-Houghton, did not return calls seeking comment by press time.
University of the Ozarks, Clarksville, Ark., hired Dodge & Cox to handle $11 million in active domestic large-cap value equities for the $63 million endowment, said John D. Jones, provost and vice president for finance. Funding came from an active domestic large-cap core equity portfolio run by Chicago Equity Partners, which was terminated for performance and changes in investment strategy, he said. Mercer Investment Consulting Advised.
Lynne Kuntz, marketing director for Chicago Equity Partners, declined to comment.
Shiloh Industries Inc., Cleveland, hired Principal Financial Group as semibundled provider of its $60 million 401(k) plan and administrator of its defined benefit and cash balance plans, which total $15 million, said Stephen E. Graham, Shiloh CFO. Principal also will manage about $3 million for the pension and cash balance plans, said Thomas Dugan, Shiloh treasurer; further information wasn't available. USI was administrator for the plans; Riggs Bank was trustee.