HARTFORD, Conn. - Aetna Inc. hired Financial Engines as the first investment advice provider for its $2.5 billion 401(k) plan, said Theresa Kelley, manager of 401(k) and pension plans.
Alternative Investment Partners
CHAPPAQUA, N.Y. - Alternative Investment Partners hired four hedge fund managers to manage assets in long-short and absolute-return strategies for its new Alpha Strategies I Fund, said Lee Schultheis, AIP chief investment officer. They are: Capitalworks Investment Partners, Twin Capital Management and Zacks Investment Management for long-short equity, and Smith Breeden Associates for fixed income. The assets for the no-load mutual fund will be invested separately from the managers' hedge funds.
BIRMINGHAM, Mich. - Birmingham Employees' Retirement System hired Ariel Capital Management to manage $3 million in active domestic midcap value equities for the $81 million pension plan and the $7 million retiree healthcare fund, said Thelma Golden, treasurer. The plans, which share the same managers, funded the hire by reducing an active domestic midcap growth equity portfolio managed by Forstmann-Leff.
Bremer Financial Services
ST. PAUL. Minn. - Bremer Financial Services Inc. added the Delaware REIT, Lord Abbett Midcap Value and Franklin Midcap Growth funds as investment options in its $78 million 401(k) plan, said David J. Melroe, treasurer.
Carpenters, Local 94
WARWICK, R.I. - Carpenters, Local 94, committed an undisclosed amount to two REITs, one managed by the AFL-CIO Building Investment Trust and the other by ULLICO, pending contract negotiations, said Valerie E. Campana, co-administrator. Funding came from rebalancing, she said. Segal Advisors advised the $141 million pension plan.
FLINT, Mich. - Citizens Bank added four investment options to its $125 million 401(k)/ESOP plan, said Kurt A. Schulze, human resources vice president. Plan officials added the Templeton Foreign, Fidelity Advisors Small-Cap and Capital Resources Balanced and Washington Mutual funds to broaden the plan's scope, he said.
NEW YORK - Cluett American Inc. will add the Capital Resources Washington Mutual, Growth Fund of America and Investment Company of America; AIM Midcap A; and Dodge & Cox Balanced funds as options in its $30 million 401(k) plan, said Judith P. Hobson, benefits manager. The plan dropped the Putnam Equity Income, Growth Opportunities, Investors, OTC, George Putnam, Vista, and Growth and Income funds, she said. A.G. Edwards advised.
Crown Cork & Seal
PHILADELPHIA - Crown Cork & Seal Co. Inc. hired the Clifton Group to manage $40 million in an enhanced S&P 500 index portfolio for its $850 million pension plan, according to James Malek, director of pension fund investments. Funding will come from terminating a $50 million domestic active large-cap growth equity mandate run by Goldman Sachs Asset Management.
HOUSTON - Enbridge Energy Partners LP added the T. Rowe Price Blue Chip and Small-Cap funds to its $65 million 401(k) plan, said Glen R. Tannas, manager, pension investments.
HOUSTON - The $1.8 billion Houston Police Officers' Pension System hired Barclays Global Investors to run $50 million in active core fixed income, said Tim Ng, chief investment officer.
McLEAN, Va. - KPMG Consulting hired Financial Engines to provide investment advice for its $280 million 401(k) plan, said Rob Paczkowski, company spokesman. Financial Engines is the first adviser hired by KPMG.
Separately, the plan added nine investment options. They are: Franklin Small-to Mid-Cap Growth and Balanced; Merrill Lynch Fundamental Growth and Small Cap Value; Oppenheimer International Growth and Global; PIMCO Total Return; and Lord Abbett Affiliated funds, as well as a self-directed brokerage account from Merrill Lynch, he said. Phased out were: Merrill Lynch Institutional; MFS Bond and Emerging Growth; Lord Abbett Developing Growth; and the Munder NetNet Fund.
LUBBOCK, Texas - Lubbock Firemen's Relief & Retirement Fund hired State Street Research to manage $10 million in active domestic small-cap blended equities for the $105 million pension plan, pending contract negotiations, said Mark Miller, administrator. Dorn, Helliesen & Cottle advised.
Mazda North American
IRVINE, Calif. - Mazda North American Operation will invest $9 million in the PIMCO Total Return Institutional mutual fund for its $48 million pension plan, said Jan Futak, benefits manager. Funding will come from reducing an Allegiance Capital domestic fixed-income fund. Canterbury Consulting advised.
OAK BROOK, Ill. - McDonald's Corp. hired Financial Engines to offer investment advice to participants in its $1.63 billion combination profit-sharing, ESOP and 401(k) plan, said a source at McDonald's who did not want to be named. McDonald's will begin offering advice to its 30,000 participants Jan. 1. The company also renewed its agreement with American Express Retirement Services for financial education and planning services.
MADISON HEIGHTS, Mich. - McNaughton-McKay Electric Co. hired Merrill Lynch as bundled provider for its newly converted $30 million 401(k)/profit-sharing plan, said Donald D. Slominski, CFO. It was converted from a profit-sharing plan to allow for employee contributions, he said. The plan will offer 19 investment options.
Merced County Employees
MERCED, Calif. - Merced County Employees' Retirement Association hired Wasatch Advisors to run $10 million in active domestic small-cap growth equities for its $360 million pension plan, said Richard Stensrud, chief executive officer. Funding came from terminating Wells Capital. Dorn, Helliesen & Cottle advised.
JACKSON, Miss. - The $14.5 billion Mississippi Public Employees' Retirement System hired Artisan Partners to manage $300 million in active domestic midcap growth equities, said Frank Ready, executive director. Artisan replaces Morgan Stanley. Callan assisted.
NATICK, Mass. - The $58 million Natick Contributory Retirement System hired State Street Global to run $11.5 million in active domestic large-cap growth equities, said Kevin Leonard, the Segal Advisors consultant who assisted. Funding came from terminating an unidentified manager.
New Jersey Education
TRENTON - New Jersey Education Association hired Dimensional Fund Advisors to manage $9 million in active domestic small-cap core equities for its $85 million pension plan, said Leonard D. Koch, personnel manager. Funding came from reducing domestic equities. Marco Consulting Group advised.
New York State Common
ALBANY, N.Y. - The $112 billion New York State Common Retirement Fund committed $25 million to DeltaPoint Capital Management for a private equity partnership investing in companies based in New York state, according to H. Carl McCall, state comptroller.
Ohio State Teachers
COLUMBUS, Ohio - The $45 billion Ohio State Teachers Retirement System hired Barclays Global Investors, Goldman Sachs, Jacobs Levy and Intech to run a total of $1 billion in S&P 500 index portfolios, said Herb Dyer, executive director. Exact allocations have not been determined, he said.
OKLAHOMA CITY - The $1.1 billion Oklahoma Firefighters' Pension & Retirement System hired Systematic Financial and Bank One to manage $57 million each in active domestic small-cap to midcap value equities, said Herb Bradshaw, deputy director. Funding came from the termination of David L. Babson. Asset Consulting Group advised.
Oklahoma Law Enforcement
OKLAHOMA CITY - The $500 million Oklahoma Law Enforcement Retirement System hired Crossroads Group to manage $10 million in private equity, said Lawrence F. McCullock, executive director. Funding will come from rebalancing. Asset Consulting Group advised.
OKLAHOMA CITY - The $1.1 billion Oklahoma Police Pension & Retirement System committed $50 million to a hedge fund run by Pacific Alternative Asset Management, said Robert J. Wallace, executive director. Funding will come from rebalancing domestic equity and domestic fixed-income portfolios. Asset Consulting Group advised.
Salt Lake City Plumbers
SALT LAKE CITY - Salt Lake City Plumbers Locals 19, 57, 348 hired Alta Capital and Furman Selz to manage $10 million each in active domestic large-cap growth equities for the $90 million pension plan, said Larr
Funding came from terminating a $14 million portfolio run in the same style by Trust Fund Advisors and by reducing an active domestic midcap value equity portfolio managed by Dana Investment.
Prudential Securities advised.
Sheet Metal Workers
ALEXANDRIA, Va. - Sheet Metal Workers National Pension Fund hired Strong Capital Management to run $61 million in domestic midcap growth equities, according to a release from Strong. Merrill Lynch assisted. Marc Le Blanc, pension fund administrator, could not be reached for comment. The fund had $4.7 billion in assets, according to the 2002 Money Market Directory.
NORTHAMPTON, Mass. - The $850 million Smith College endowment committed $8 million each to the Forestland Group and TA Associates Realty, said Jay Yoder, director of investments. Funding will come from rebalancing.
Stanislaus County Employees
MODESTO, Calif. - The $900 million Stanislaus County Employees' Retirement Association hired Charlotte Capital to manage $62 million in active domestic relative small-cap value equities, said Robert Harmon, administrator. Partial funding will come from reducing an active domestic large-cap value portfolio managed by Dodge & Cox. Strategic Investment Solutions advised.
Teamsters, Local 142
GARY, Ind. - Teamsters, Local 142, hired Eubel, Brady & Suttman to manage $10 million in active domestic midcap value equities for its $290 million pension plan, said Jay R. Smith, fund manager of pension welfare and training trust funds. Funding will come from reducing its investment in Prudential PRISA I. Segal Advisors advised.
COLLEGEVILLE, Pa. - The $100 million Ursinus College endowment is investing $25 million in a State Street Global Advisors indexed bond fund benchmarked to the Lehman Brothers Aggregate Bond index, said Winfield Guilmette, vice president for finance and administration. The endowment dropped the Metropolitan West Total Return Bond Fund. Hewitt Investment Group advised.
University of Utah
SALT LAKE CITY - The University of Utah invested 5% of assets in Commonfund's real estate securities fund, its first real estate allocation, said Dave Heaps, investment manager. No details were available.
City of Wilmington
WILMINGTON, Del. - The City of Wilmington hired Manning & Napier to manage $7 million in active international large-cap growth equities for its $155 million pension plan, said Jerry J. Nagle, deputy city treasurer. Funding came from reducing an active domestic large-cap growth equity portfolio with Marvin & Palmer. Peirce Park Group advised.
Wisconsin Public Service
GREEN BAY, Wis. - Wisconsin Public Service Corp. will add American Funds Growth Fund A as an investment option in its $200 million 401(k) plan, said Jerry Myers, assistant treasurer. Wells Fargo assisted.