MONTGOMERY, Ala. - Alfa Insurance Cos. hired SEI as bundled provider for its $100 million 401(k) plan, said Thomas E. Bryant, senior vice president of human resources. SEI replaced INVESCO, he said.
American Express Financial
MINNEAPOLIS - American Express Financial hired Wellington and Franklin Templeton Investment to run the new AXP Partners International Small Cap Fund.
Separately, Putnam Investments and Boston Co. were hired to subadvise the new AXP Partners International Core Fund.
SHELTON, Conn. - American Skandia hired BISYS Retirement to perform record keeping for the defined contribution plan sponsors serviced by American Skandia, said Marianne V. Stochmal, American Skandia spokeswoman. BISYS replaces Trustar, which is leaving the defined contribution full-service record-keeping business.
BOISE, Idaho - Boise Cascade Corp. hired Harris Associates to manage $30 million in active international value equity and Southeastern Asset to run $20 million in its Longleaf Partners International mutual fund, said Wayne Rancourt, director of retirement funds. The $1 billion pension plan funded the hires through rebalancing. Strategic Investment Solutions advised.
Briggs & Stratton
MILWAUKEE - Briggs & Stratton Corp. committed $10 million to athe Oaktree Capital Opportunities distressed debt fund, said Michael Juneau, director of investments. The $800 million pension plan will fund the commitment from reducing the portfolio of an unidentified domestic fixed-income manager.
Central Illinois Light
PEORIA, Ill. - Central Illinois Light Co. picked the AIM Small-Cap Growth Fund as an investment option for its $87 million 401(k) plan, effective Nov. 1, said Douglas M. Mech, pension and benefits administrator. It will replace the Alliance Quasar Small-Cap Growth Fund. Wainwright advised.
Charles Machine Works
PERRY, Okla. - Charles Machine Works Inc. hired Commerce Bank as investment provider, trustee and administrator, and BISYS as record keeper, of its 401(k) plan, which will become active Jan. 1, said Michael F. Stodola, trust administrator.
CHICAGO - The $880 million Chicago Firemen's Annuity & Benefit Fund hired Aeltus Investment to run $20 million in active domestic large-cap growth equities, replacing American Express Asset , said Michael Moran, comptroller. American Express was terminated for performance, Mr. Moran said. Officials at American Express Asset did not return a call seeking comment by press time. Mercer advised.
SAN ANTONIO - Clarke American Checks Inc. added the Federated Midcap Index Fund as an investment option to its $75 million 401(k) plan, said Christi L. Tysarczyk, benefits manager. Salomon Smith Barney advised.
ATLANTA - Coca-Cola Co. hired Financial Engines to provide investment advice for participants in the company's $1.4 billion 401(k) plan, said Dwight Williams, spokesman.
MEMPHIS, Tenn. - Conwood Co. LP added the Neuberger Berman Genesis Fund and the Alliance Growth & Income Fund as investment options in its $114 million 401(k)/profit-sharing plan, said Wally Phillips, corporate personnel manager. Mercer advised.
CPP Investment Board
TORONTO - CPP Investment Board committed C$20 million (US$12.5 million) to the Celtic House venture capital fund, according to the C$13 billion board. The fund will invest in early stage Canadian high-tech companies, according to a news release from the board.
Dallas Deferred Compensation
DALLAS - Dallas Deferred Compensation's $104 million 457 plan hired Fidelity as bundled provider, said Nancy Buschmann, treasury manager. Incumbent Great-West Life declined to rebid, she said.
PURCHASE, N.Y. - Diversified Investment Advisors hired Seneca Capital as a co-manager of Diversified's Special Equity Fund, said Pat Advaney, Seneca spokeswoman. Seneca will manage the fund's growth component.
BOISE, Idaho - Idacorp Inc. added four investment options to its $200 million 401(k) plan, said Ronald Meyers, pension and investment administrator for subsidiary Idaho Power Inc., Boise. They are: AIM Small-Cap Growth; Causeway International Value; Artisan International; and Harbor Capital Appreciation. Bidart & Ross advised.
NORWALK, Conn. - The Managers Funds hired Loomis Sayles as subadviser of the Managers Intermediate Bond Fund, replacing Metropolitan West Asset, according to SEC filings. Peter Lebovitz, president of The Managers Funds, did not return a call by press time seeking a reason for the termination.
NEW YORK - The $1.7 billion endowment of Memorial Sloan-Kettering Cancer Center hired Grantham Mayo Van Otterloo to manage $100 million in active domestic large-cap core equities; Westport Investments, $50 million in active domestic small-cap value equities; and State Street Global Advisors, $75 million in TIPS, said Mike Gutnick, CIO. Funding for all came from rebalancing.
The endowment also committed $10 million each to secondary partnerships Dover Street Fund of Funds and Landmark Equity Partners XI. Funding came from cash.
Cambridge Associates assisted.
Montana Board of Investments
HELENA, Mont. - The $49 billion Montana Board of Investments committed $75 million to Oaktree Capital's Opportunities Fund IVb, a private equity fund, said James R. Penner, CIO. The commitment will be funded from cash and the system's internally managed fixed-income portfolio, he said.
SMYRNA, Ga. - Murata Electronics North America Inc. added the Royce Low Priced Stock and Weitz Value funds as investment options in its $60 million 401(k)/profit-sharing plan, said Howard M. Whitehead, general manager human resources.
National Railroad Retirement
WASHINGTON - The $20 billion National Railroad Retirement Investment Trust hired Northern Trust as custodian, said Enos T. Throop Jr., CIO. The hiring was one of the first steps the new pension fund needed to take before it could start its investment program, Mr. Throop said.
New Mexico State Investment
SANTA FE, N.M. - The New Mexico State Investment Council committed $30 million to Coller International Partners IV and $20 million to Wellspring Capital Partners III, both private equity funds, said Greg Kulka, alternative investments portfolio manager for the $10.1 billion endowment. Pacific Corporate Group assisted.
New York City
NEW YORK - Four of New York City's employee pension funds invested a combined $135 million in the AFL-CIO Housing Investment Trust as part of the city's Community Investment Initiative, said William C. Thompson Jr., city comptroller. The $32.2 billion employees' retirement system and the $22.4 billion teachers' retirement system each committed $50 million; the $14 billion police pension fund committed $20 million; and the $5 billion fire department pension fund committed $15 million. Funding will come from domestic fixed-income programs.
New York Life
NEW YORK - New York Life Investment Management hired Jennison Associates as a second subadviser on the $450 million Mainstay MAP mutual fund, pending shareholder approval in November. Jennison will manage about 50% of the fund's assets, now managed entirely by Markston International.
NYLIM also will hire Merrill Lynch Investment to replace John A. Levin & Co. as co-manager of the $60 million Mainstay Research Value Fund, pending shareholder approval. Mark Sloss, head of product development, said NYLIM wanted to change the fund's investment mandate, making it somewhat more concentrated, with more equal weighting of stocks than Levin's style offered.
Oregon Public Employees
SALEM, Ore. - The $333 billion Oregon Public Employees Retirement Fund hired Putnam Advisory and Arrowstreet Capital to manage $175 million each in active international equities, said Mike Mueller, interim director of investments. Funding will come from reducing a nearly $2 billion passive MSCI EAFE plus Canada index portfolio run by Barclays Global Investors. Frank Russell assisted.
Separately, Oregon committed $100 million to Leonard Green Equity Investors, a middle-market buyout fund; PCG assisted.
Also, $50 million was committed to Fortress Fund II, a global distressed real estate fund, but staff can raise the commitment to $100 million, pending the outcome of due diligence. PCA advised.
The system's board also extended consulting contracts of Frank Russell, PCA and PCG for another year, through Dec. 31, 2003.
Pennsylvania Public School
HARRISBURG, Pa. - The $43 billion Pennsylvania Public School Employees' Retirement System hired Portfolio Advisors as its private equity adviser, said Alan Van Noord, CIO. Previous consultant Sovereign Financial Services was replaced because Sovereign changed its focus, Mr. Van Noord said. Katherine Cattanach, managing principal at Sovereign, did not return calls seeking comment by press time.
San Diego County Employees
SAN DIEGO - The $4 billion San Diego County Employees Retirement Board hired Rocaton Investment Advisors as its retainer general consultant. Brian White, the fund's executive director, did not return calls by press time seeking further details.
COLUMBIA, S.C. - The South Carolina Budget and Control Board hired active domestic small-cap equity managers TimesSquare Capital to run $100 million in growth and Benson Associates to handle $69 million in value for the $21 billion South Carolina Retirement System, said Michael Sponhour, spokesman. Funding will come from a temporary State Street Global Russell 2000 Growth index fund and reductions to fixed income.
ST. LOUIS - Sunnen Products Co. is making several changes to its $72 million 401(k)/profit-sharing plan's investment options, said Elizabeth A. Epps, payroll benefits manager. The new options are: Dodge & Cox Stock; Calamos Growth Class A; Oakmark Select; and Ariel Appreciation funds. The plan dropped Morgan Stanley Institutional Equity and Institutional Midcap Growth, and Strong Opportunity funds, she said. Whitelaw Associates advised.
TAUNTON, Mass. - The $115 million Taunton Contributory Retirement System hired Boston Co. to manage $4 million in active international value equities, pending contract negotiations, said Paul J. Slivinski, executive director. Segal Advisors advised.
CHATTANOOGA, Tenn. - Tri-State Carpenters & Joiners Pension Trust Fund hired Osborn, Carreiro as actuary and plan consultant for its $150 million pension plan, said Ronald E. Dixon, administrator. The plan terminated The Segal Co. as actuary and plan consultant but declined to comment on the reason. Investment Performance Services remains investment consultant.
Wichita State University
WICHITA, Kan. - The $77 million Wichita State University Foundation hired Dodge & Cox to manage $10 million in active domestic large-cap value equities and Lighthouse to run $4 million in a hedge fund of funds, said Patsy Selby, associate vice president for finance.
The equity hire was funded by terminating Oppenheimer Capital, which managed $10 million in the same style, for performance. Jeff Sheran, marketing director at Oppenheimer, declined to comment.
Lighthouse was funded by terminating Petros, which ran $4 million in a hedge fund, she said. Officials felt more comfortable investing in a hedge fund of funds, she said.
Fund Evaluation Group advised.