Anne Arundel County
ANNAPOLIS, Md. - The $834 million Anne Arundel County Retirement Systems retained Lazard Asset Management as manager of a $38 million active domestic small-cap value equity portfolio. New England Pension Consultants assisted.
BANGOR, Maine - Bangor Publishing Co. added Fidelity Institutional Retirement Services' Freedom Funds as an investment option in its $8 million 401(k) savings plan, said Robert Stairs, vice president for administration.
SACRAMENTO, Calif. - The $131 billion California Public Employees' Retirement System approved a $200 million investment in a Japanese corporate governance fund run by Taiyo Fund Management, a joint venture between Taiyo Pacific Partners and Wilbur Ross. The deal would involve CalPERS buying a 20% stake in the manager.
Catholic Health East
NEWTOWN SQUARE, Pa. - Catholic Health East hired Northern Trust as global custodian for its pension and other funds, replacing Deutsche Bank, said Paul Klinck, vice president-treasury services. "It's our habit to test the market periodically, not because we had any problems with Deutsche," he said. Catholic Health East funds include $400 million in pension assets and $800 million in other investment funds.
Evaluation Associates Capital
NILES, Ill. - Fort Dearborn Co. hired Strong Retirement Plan Services as bundled provider of its $21 million 401(k)/profit-sharing plan, replacing Transamerica, said William C. Samuels, human resources director. Grey Investment Planning advised.
Fremont Investment Advisors
SAN FRANCISCO - Fremont Investment Advisors hired Alliance Capital Management as subadviser of the $7.6 million Fremont Large Cap Value Fund, formerly the New Era Value fund. Fremont changed the fund's investment objective and style. The fund's benchmark now is the Russell 1000 Value index, according to SEC filings; it had been benchmarked to the S&P 500. The fund had been internally managed.
RYE, N.Y. - Gabelli Funds hired Ned Davis Research as subadviser of the Ned Davis Research Asset Allocation Fund, a new mutual fund available to retail and institutional investors.
Hartford Financial Services
HARTFORD, Conn. - The HartHartford Financial Services Group hired Neuberger Berman to offer independent fiduciary services to Hartford's 401(k) plan sponsor clients through the new program, Neuberger Berman Plan IQ, said Christine Chaia, Hartford assistant director-corporate marketing.
Neuberger Berman will choose investment options from the 19 money managers in the Hartford program; Neuberger Berman funds will not be offered in the program.
Illinois State Universities
CHAMPAIGN, Ill. - The $9 billion Illinois State Universities Retirement System hired Payden & Rygel to run a $50 million synthetic Russell 3000 enhanced index fund, said John R. Krimmel, chief investment officer. The assets came from reducing a Barclays Global Investors S&P 500 index fund to $600 million.
SPRINGFIELD, Ill. - The $21.3 billion Illinois Teachers' Retirement System committed $20 million to HealthPoint Partners, a private equity partnership specializing in orthotics and surgical supplies, said John Day, acting chief investment officer and assistant executive director. Funding came from cash.
Independence Community Bank
BROOKLYN, N.Y. - Independence Community Bank hired SEI Investments as manager of managers for its $40 million defined benefit plan. SEI replaces U.S. Trust Co.
ING U.S. Financial Services
HARTFORD, Conn. - ING U.S. Financial Services hired Wellington Management as subadviser of the $168 million ING Large-Cap Growth Fund, pending shareholder approval, according to a filing with the SEC. The fund has been internally managed.
BEVERLY HILLS, Calif. - Kennedy Wilson Inc. hired U.S. Bank Retirement Solutions as bundled provider for its 401(k) plan, replacing Morgan Stanley, said Jim Ozello, human resources manager.
Los Angeles City Deferred Comp.
LOS ANGELES - The Los Angeles City Deferred Compensation Board added the Neuberger Berman Socially Responsible Fund to its lineup of 22 investment options, said Steven Montagne, senior personnel analyst for the $1.4 billion 457 plan. The Capital Guardian U.S. Equity Fund, a collective trust, will replace a large-cap growth equity portfolio managed by Aeltus; the Lotsoff Capital Small Cap Equity Fund will replace the Diversified Special Equity collective trust. The two managers' contracts were nearing the end of their three-year terms, and the subsequent searches produced other funds that were "more in line with what the plan wanted to offer," Mr. Montagne said.
Los Angeles County Employees
PASADENA, Calif. - The $24 billion Los Angeles County Employees Retirement Association hired MW Post Advisory Group to manage $250 million in high-yield fixed income, said Juan M. Almaguer, senior investment officer, fixed income. Funding comes from terminating Loomis Sayles, which ran $300 million in a similar style, because of performance; the remaining $50 million will go to cash, he said. Chris Lazzaro, vice president, public relations at Loomis Sayles, said the company had no comment.
CINCINNATI - Mayfield Clinic added the Fremont Micro-Cap Fund as an investment option in its $11 million 401(k)/profit-sharing plan, replacing the Fremont Small-Cap Fund, said Michael Gilligan, president and CEO. Asset Performance Partners advised.
NEW YORK - Merrill Lynch hired CDC IXIS Asset Management to manage portfolios in its Merrill Lynch Consults separate account platform for high-net-worth investors. Four CDC affiliates will manage the portfolios: Loomis Sayles, core fixed income and large-cap growth equities; Reich & Tang, midcap value equities; Harris Associates, large-cap value equities; and Hansberger, international equities.
Miami Beach Fire & Police
MIAMI BEACH, Fla. - The $350 million Miami Beach City Pension Fund for Firefighters & Police Officers hired INVESCO to manage $12 million in the IRT International Equity Fund, a pooled account, said Celia B. Locke, executive director. Assets came from reducing an active domestic large-cap core equity portfolio run by Inverness Counsel, said George Ling, consultant with GRS Asset Consulting, the plan's adviser.
New Mexico State Investment
SANTA FE, N.M. - The 9.5 billion New Mexico State Investment Council committed $15 million each to Anila Fund III and ITU Ventures California, and $10 million to Altira Technology Fund IV, said Greg Kulka, alternative investments portfolio manager. Funding came from cash; Pacific Corporate Group assisted.
OKLAHOMA CITY - The $5.2 billion Oklahoma Teachers' Retirement System hired Capital Guardian and Causeway Capital to manage $100 million each in active international equities, said William Puckett, CIO. Funding will come from reducing other portfolios. Marquette Alliance advised.
NEWARK, N.J. - Prudential Financial hired Calamos Asset Management to run the $106 million Strategic Partners New Era Growth Fund, replacing Massachusetts Financial Services.
COLUMBUS, Ohio - Safelite Glass Corp. hired Strong Retirement Plan Services as bundled provider of its $41 million 401(k) plan, said Lisa Beaty, retirement plan and compensation administrator. Brooks Hamilton & Associates was the previous record keeper and administrator, and Bank One was trustee, she said. Morgan, Keegan advised.
San Francisco City & County
SAN FRANCISCO - San Francisco City & County Employees' Retirement System hired LSV Asset Management to run up to $150 million in an active EAFE value portfolio. Causeway Capital Management was hired by the $9.6 billion pension fund last month to manage a similar portfolio. Angeles was the consultant.
State Farm Investment
BLOOMINGTON, Ill. - State Farm Investment Management hired Barclays Global Investors to manage five asset allocation mutual funds, according to SEC filings. The LifePath Funds are age- and time-weighted mutual funds for use by retirement plans and retail investors.
Stratford Town Employees
STRATFORD, Conn. - Stratford Town Employees' Pension Fund hired State Street Global Advisors to run a $15 million S&P 500 index fund, said Dean Moore, director-finance and pension fund treasurer.
The $125 million plan funded the hiring by terminating Evergreen, which ran $25 million in a similar style.
The remainder of the Evergreen portfolio was assigned to Gabelli, an existing active domestic midcap value equity manager, raising its portfolio to $25 million.
Dahab Associates assisted.
Tampa City General Employees
TAMPA, Fla. - The $430 million Tampa City General Employees' Retirement Fund hired Mercator Asset Management and Fisher Investments to run a total of $60 million in international equities, said Paul M. Broughton, accountant.
Mercator will run a passive portfolio and Fisher, active; Mr. Broughton could not say how much each will manage.
Funding comes from terminating Fidelity Investments, which managed the money in an active domestic risk-controlled large-cap equity strategy, Mr. Broughton said.
GRONINGEN, Netherlands - TKP Pensioen hired J.P. Morgan Investor Services as global custodian for €2.1 billion ($2.2 billion) in pension assets. Incumbent Citibank Global Securities Services remained global custodian for another €2.1 billion in assets, said Jan Willem Baan, TKP director of investments.
The balance of the plan's €6 billion is invested in communal funds and have their own custody arrangements, he said.
RIJSWIJK, Netherlands - Stichtingpensioenfonds TNO hired MN Services to manage €30 million ($32 million) in real estate, said Eric van Ballegooigen, pension fund director.
The €1.3 billion plan is increasing its real estate exposure while cutting back on equities, he said.
Up to 10% of plan assets will now be invested in real estate, while equity exposure has been cut to 50%, from 55%.
NEW YORK - UBS PaineWebber hired Neuberger Berman to manage active U.S. all-cap and small-cap portfolios within ACCESS, UBS PaineWebber's retail separate account management program.
CHARLOTTE, N.C. - Wachovia Retirement Services hired Morningstar Associates to provide managed retirement portfolios to the 3,000 retirement plans it services. Wachovia will begin offering the services when it launches its AdviceTrack program later this month.
THORNWOOD, N.Y - Carl Zeiss Inc. hired Portfolio Evaluations to conduct a manager review for its $43 million pension plan, pending contract negotiations, said Ann M. Flannery, director of accounting. The review will begin in May or June; Bear Stearns Asset Management is the sole investment manager for the plan.