NORWALK, Conn. - Arch Chemicals Inc. hired Northern Trust Global Investments to manage $57 million in an S&P 500 index fund for its $110 million pension plan, said Paul Bush, vice president and treasurer. Funding came from terminating a manager he declined to identify.
BRAINTREE, Mass. - The $84 million Braintree Contributory Retirement System hired EBS Asset Management and J.L. Kaplan Associates to manage $4 million each in active domestic small-cap to midcap value equities, said Doug Moseley, senior consultant at New England Pension Consultants. The assets came from terminating an firm he wouldn't identify.
Bowling Green State University
BOWLING GREEN, Ohio - Bowling Green State University Foundation hired Richmond Capital Management to run $10 million in active domestic core fixed income, said John T. Cuckler, foundation controller. Funding will come from eliminating the fixed-income portions of two balanced portfolios totaling $35 million, Mr. Cuckler said. The managers, INVESCO and AllianceBernstein, will continue to run active domestic large-cap value equity portfolios, he said. Officials at the $46 million endowment wanted to spread the assets among more managers, he said. Hartland & Co. advised.
Separately, the university hired seven managers to run the university's $150 million in operating funds, said Gaylyn J. Finn, associate vice president for finance and treasurer. INVESCO and AllianceBernstein will manage active domestic large-cap equities in growth and value styles, respectively; Kayne Anderson Rudnick and Batterymarch, active domestic small-cap core equities; Banc One and Richmond Capital, active domestic core fixed income; and Sky Bank, cash. Portfolio sizes have not been finalized.
ATLANTA - Coca-Cola Co. replaced the John Hancock Small Cap Value Fund with the PIMCO NFJ Small Cap Value Fund as an investment option in its $1.4 billion 401(k) plan, said Raquel White, a Coca-Cola spokeswoman. The John Hancock fund recently changed its name to the Small Cap Equity Fund and changed its investment style to be more growth-oriented, Ms. White said.
SPRINGFIELD, Mo. - Drury University will invest $5 million in the Vanguard S&P 500/BARRA Growth index fund, said Raymond Worley, vice president for administration. Prime Buchholz advised.
CHICAGO - The $30 million Gateway Foundation hired Fiduciary Management to handle $7 million in active domestic small-cap equities, said George Vargas, vice president of finance. Funding came from cash, and the change was the result of an asset allocation study. Marquette Associates advised.
GE Asset Management
NORWALK, Conn. - GE Asset Management hired BISYS Retirement Services to provide record keeping for the $1.5 billion in 401(k) plans it services, said Tim Benedict, GE Asset spokesman. Incumbent CitiStreet was terminated by mutual agreement, he said.
CHARLOTTE, N.C. - Goodrich Corp. hired three managers to run up to £175 million ($275 million) in U.K. pension assets the firm inherited after it purchased TRW Corp.'s aeronautical division last year. Wellington International will run £75 million in global equities; Merrill Lynch will manage £75 million in U.K. equities; and Deutsche Asset Management will handle £25 million in U.K. fixed income, confirmed Houghton Lewis, Goodrich assistant treasurer. He would not give further details. Hewitt Bacon & Woodrow advised.
Greater Gwent Pension Scheme
PONTYPOOL, Wales - Greater Gwent Pension Scheme, hired Threadneedle Asset Management to run £260 million ($405 million) in active U.K. equities, and Baring Asset Management to run a total of £50 million in active emerging markets and Asia Pacific ex-Japan equities, said Philip Nash, finance director. Funding fcame from terminating Gartmore and reducing a £145 million Barclays Global Investors passive global equities portfolio. BGI continues to run £100 million in passive U.K. equities. Officials at the £730 million scheme are moving away from passive mandates, Mr. Nash said.
Mercer Investment Consulting assisted.
MIAMISBURG, Ohio - Huffy Corp. hired SEI Investments as manager of managers of its $60 million pension plan, said Robert Lafferty, chief financial officer. The move resulted in the firing of "a handful" of equity and fixed-income managers, Mr. Lafferty said. He declined to identify the managers.
ISIS Asset Management
LONDON - ISIS Asset Management hired J.P. Morgan Investor Services as custodian for $12 billion in retail collective investment funds. ISIS was created by the purchase last year of Royal & Sun Alliance Investment Management by Friends Ivory & Sime. J.P. Morgan was custodian for Royal Alliance; Citigroup was the custodian for FIS, said Bronwyn Daly, an ISIS spokeswoman.
LONDON - Kingfisher PLC Pension Scheme and Retirement Trust hired State Street Global Advisors to run £400 million ($610 million) in passive balanced assets, said Colin Hately, Kingfisher pensions manager. Funding came from passive portfolios run by Barclays Global Investors and Legal & General Investment Management. "We have consolidated all of our passive investments into one mandate under State Street," a Kingfisher spokesman said, but he declined to say if the firms still managed money for the £900 million plan. Watson Wyatt advised.
Lincoln Memorial University
HARROGATE, Tenn. - Lincoln Memorial University hired Balentine & Co. as manager of managers for $5 million of its $15 million endowment, confirmed D.D. Thompson, vice president for finance. Balentine is also the endowment's consultant. Plan officials terminated INVESCO, which ran the money in active domestic large-cap growth equities, for performance. Bill Hensel, INVESCO spokesman, did not return calls seeking comment by press time.
Los Angeles Water & Power
LOS ANGELES - The $5.3 billion Los Angeles Department of Water & Power hired Merrill Lynch and Northern Trust to run $700 million each in Russell 1000 index funds, said Duamel Vellon, retirement plan manager. No managers were terminated.
Louisiana State Employees
BATON ROUGE, La. - Louisiana State Employees' Retirement System hired Chicago Equity Partners and Goldman Sachs to run $87 million each in active domestic large-cap growth equities, said Bobby Beale, investment officer. The $5 billion system funded the portfolios by terminating American Express, which ran the money in a similar style. New England Pension Consultants assisted.
MADISON, Wis. - Marshall Erdman & Associates hired Lord Abbett to manage a domestic small-cap to midcap value equity portfolio for the $53 million defined contribution/profit-sharing plan, said Alan Hembel, senior vice president, secretary and treasurer. The size of the portfolio has not been determined. Funding will come from terminating J&W Seligman, which ran active domestic midcap equities, and TCW, which handled active domestic small-cap equities, he said. Further details about the terminated portfolios were not available.
OXFORD, Ohio - Miami University hired Strong Capital Management to run a total of $8 million in active domestic small-cap to midcap growth equities for the university's foundation and endowment, confirmed Cynthia Ripberger, manager of treasury services. Smith Barney advised.
University of Montana
MISSOULA, Mont. - The University of Montana hired Boston Co. to run $7 million in active international value equities for the school's $73 million long-term investment portfolio, which includes operating funds and endowment assets, said Ted Delaney, vice president for operations. Funding will come from dropping the Vanguard Total International Stock Index Fund; foundation officials want international equity to be actively managed, he said. Calibur Consulting Associates advised.
Nevada Public Employees
CARSON CITY, Nev. - The $12.8 billion Nevada Public Employees Retirement System hired Western Asset Management to run $500 million in active domestic core fixed income, said Ken Lambert, assistant investment officer. The move was made for diversification. Funding will come from cash. Callan Associates advised.
New York City Teachers
NEW YORK - The $21 billion New York City Teachers' Retirement System hired three enhanced high yield managers, said Nicole Lise, spokeswoman. Shenkman and T. Rowe Price will manage $200 million each, and Citigroup, $100 million.
Officials also retained two existing enhanced yield managers: W. R. Huff, which now runs a $250 million portfolio, reduced from $308 million; and Credit Suisse, which now runs $250 million, down from $311 million.
Funding comes from high yield bond managers Alliance Capital and Loomis, Sayles, whose contracts expired.
Pennsylvania State Employees
HARRISBURG, Pa. - Pennsylvania State Employees' Retirement System hired Great-West Benefit Services as administrator of its $896 million 457 plan, replacing CitiStreet. CitiStreet's contract ends in July; it rebid but was not chosen because fees were too high, according to Nicholas Maile, board chairman.
Roseville City Employees
ROSEVILLE, Mich. - The $116 million Roseville City Employees City Employees Retirement System hired Seizert Hershey to manage $13 million in active domestic large-cap value equities, said Gerald Alsip, chairman. Funding came from terminating Aeltus Investment, which ran the money in a similar style, for performance, Mr. Alsip said.
Aeltus spokeswoman Arleen Driscoll did not return calls seeking comment by press time.
TEMPE, Ariz. - Rugby IPD Corp. hired Charles Schwab as investment provider; Scott, Tellier & Co. as administrator and record keeper; and Benchmark Financial as investment adviser of its new 401(k) plan, said Andy Shier, president. The company started the plan after it separated from parent RMC Group PLC, Surrey, England.
NEWTOWN SQUARE, Pa. - SAP America Inc. hired SEI Investments as manager of managers for its $70 million defined benefit plan, Kirste Meyers Davis, senior benefits analyst for SAP. Investment management had been handled internally.
San Bernardino County
SAN BERNARDINO, Calif. - San Bernardino County Employees' Retirement Association hired New England Pension Consultants as the $3 billion fund's general investment consultant, said Donald Pierce, investment analyst. Ennis Knupp, the previous consultant, was terminated in October.
Texas Tomorrow Funds
AUSTIN - Texas Tomorrow Funds hired Westwood Management to run a new $55 million active domestic large-cap core value equity portfolio for the $800 million prepaid college fund. Funding came from cash.
Watson Wyatt assisted.
CINCINNATI - Touchstone Investments hired Brown Brothers Harriman to provide custody, securities lending and brokerage services for its 26 mutual funds.
Virginia Retirement System
RICHMOND, Va. - The $32.5 billion Virginia Retirement System committed up to $20 million each to alternative investments Aurora Funds and Natural Gas Partners VII. Assets will come from cash.
ST.LOUIS - Washington University in St. Louis hired Mellon Global Securities Services as custodian for its $4 billion endowment, said Patricia F. Campbell, manager-investments. Deutsche Bank was the previous custodian. She declined to give the reason for the change.
YMCA Retirement Fund
NEW YORK - YMCA Retirement Fund hired J.P. Morgan Investor Services as global custodian, replacing Northern Trust, said John Preis, president and chief executive officer.
Officials at the $3 billion fund selected J.P. Morgan because it offered deeper reporting capabilities, competitive pricing and proximity to the fund's headquarters.