PASADENA, Calif. — J.G. Boswell Co. hired Wells Capital Management as investment adviser to its $40 million pension plan, said Steve Burish, chief financial officer. Wells replaced U.S. Trust, which was not among the six firms considered in the shortlist search, Mr. Burish said.
CHARLOTTE, N.C. — Carlisle Cos. Inc. hired Wachovia Retirement Services as bundled provider for its $217 million in 401(k) assets, according to Carol Lowe, treasurer. Carlisle consolidated its 16 separate plans; each had separate providers, Ms. Lowe said.
ST. PAUL, Minn. — CHS Inc. added the Wells Fargo Stable Return, Dreyfus Bond Market Index, American Funds Growth Fund of America, Fiduciary Management FMI Focus and American Century Small-Cap Value funds as investment options in its $201 million 401(k)/profit-sharing plan, said Dick Baldwin, vice president-human resources.
The plan dropped the Vanguard Extended Market Index, Short-Term Bond Index, Intermediate-Term Bond Index, Long-Term Bond Index and High-Yield Corporate Bond funds; and Eclipse Asset Manager, Value Equity and Growth Equity funds, Mr. Baldwin said. Plan officials wanted to eliminate overlap and offer "more clear-cut investment choices," he said. The plan hadn't offered small-cap growth or small-cap value options, he added.
The plan offers 14 investment options, including a self-directed brokerage window. Defined Contribution Advisors assisted.
DENVER — The Colorado Public Employees Retirement Association added the Dodge & Cox Stock Fund as an investment option in its $849 million 401(k) plan, dropping the Morgan Stanley Institutional Fund Trust U.S. Mid-Cap Core Portfolio and the Janus Enterprise Fund, said Katie Kaufmanis, spokeswoman. Assets in the Enterprise Fund were moved to the Janus Fund, an existing option, she said.
OMAHA, Neb. — Electrical Workers, IBEW, Local 22, hired AllianceBernstein to manage $7 million in active domestic large-cap value equities, said Ron Miller, plan administrator. The $36 million pension plan terminated previous portfolio manager Chartwell Investment, which had been on watch for six months, because of performance, Mr. Miller said. Maria Pollack, Chartwell spokeswoman, did not return calls seeking comment by press time. Asset Consulting Group assisted with the shortlist search.
RICHLAND, Wash. — Energy Northwest added the American Funds Washington Mutual and three strategic allocation funds, along with the T. Rowe Price Small-Cap fund, as investment options in its $70 million 401(k) plan, said Rich Bresnahan, chairman-401(k) administrative committee. The plan dropped the American Century Balanced fund, Mr. Bresnahan said. Committee members wanted to offer the full spectrum of investment options, he said; the plan had not previously offered a large-cap or small-cap fund. No consultant was used.
SPRINGFIELD, Va. — Fairfax County Educational Employees' Supplemental Retirement System hired active domestic large-cap relative value equity managers Dodge & Cox and Aronson + Johnson + Ortiz to run $104 million and $78 million, respectively. The $1.37 billion system will partially fund the hirings with $160 million that was parked in a Mellon Russell 1000 value index fund after it terminated Oppenheimer last year, said Alan Belstock, finance director. The balance will come from trimming other portfolios, he said. The hirings were prompted by an asset-liability study completed late last year.
GAINESVILLE, Fla. — Gainesville General Employees' Pension Plan rehired Actuarial Concepts as actuary, said Brian Sergeant, pension management analyst. The firm is coming to the end of its three-year contract, and a city ordinance requires the $209 million plan to issue RFPs every three years, with one three-year extension allowed. The search was handled internally.
LAKEWOOD, Colo. — Gambro Inc. added the TCW Galileo Select Equities fund as an investment option in its $200 million 401(k)/profit-sharing plan, and it dropped the Janus Mercury fund, said Brenda Lindsay, retirement plan administrator. Plan officials had been watching the Mercury fund for the past year because of "corporate instability" at Janus Capital, Ms. Lindsay said. The plan offers 15 investment options. Watson Wyatt Investment Consulting assisted.
SAN FRANCISCO — Heller Ehrman White & McAuliffe LLP added the American Funds AMCAP and Vanguard Inflation-Protected Securities funds as investment options in its $60 million 401(k) plan, said Carol Budinger, senior benefits specialist. The plan dropped the Janus Mercury and Vanguard Short-Term Bond funds; it has 19 investment options. Schultz Collins Lawson Chambers assisted.
BATON ROUGE, La. — Louisiana Municipal Employees' Retirement System hired State Street Global Advisors to manage $20 million in an S&P 500 index fund, the first such investment for the $499 million system, said Virginia Freshwater, interim director. Funding came from an active domestic fixed-income portfolio run by Orleans Capital, leaving it with $260 million, Ms. Freshwater said. The firm will also continue to manage about $130 million in active domestic large-cap core equities for the plan. UBS Financial Services assisted.
BOSTON — Massachusetts Pension Reserves Investment Management Board hired New England Pension Consultants to help implement the $29 billion system's hedge fund strategies. The one-year contract has an option to be extended for two additional years.
SANTA FE, N.M. — New Mexico Educational Retirement Board hired Fidelity and J.P. Morgan Fleming Asset Management to run $180 million each in active core EAFE equities, said Frank C. Foy, chief investment officer. The $6.2 billion system funded the hirings by terminating Bank of Ireland, which ran the money in the same style, for performance, he said. Felicity Kostokis, vice president-sales for Bank of Ireland, didn't return a call seeking comment.
ELKHART, Ind. — NIBCO Inc. added eight funds as investment options in its $245 million 401(k)/profit-sharing plan, following an annual review, said Jeff Griffin, director of human resources. The new options are: American Express Trust Midcap Growth and Emerging Markets Growth funds; American Funds Growth Fund of America; Armada Small-Cap Value; AXP Midcap Index; Dodge & Cox Stock; Lord Abbett Midcap Value; and Morgan Stanley Institutional Fund International Equity, Mr. Griffin said. The plan dropped the Eclipse Midcap Value and Janus Worldwide funds, he said. The new funds were added for diversification; he declined to say why the Eclipse and Janus funds were dropped.
COLUMBUS, Ohio — The $8.2 billion Ohio Police & Fire Pension Fund hired Bridgewater Associates to manage $200 million in Treasury inflation-protected securities, said Amy Hoiland, spokeswoman. Funding came from an internally managed fixed-income portfolio the system had eliminated earlier this year, Ms. Hoiland said.
Separately, the system will invest $10 million in the Riverside Capital Appreciation Fund over the next five years, Ms. Hoiland said. Funding will come from cash.
OKLAHOMA CITY — Oklahoma City Employee Retirement System hired Grantham Mayo Van Otterloo to manage $15 million in active international value equities, said Rena Hutton, retirement system manager. The $357 million system will also begin a shortlist search this month for its first active international growth equity manager, which will run $15 million, Ms. Hutton said. Interviews have been tentatively scheduled for the Nov. 10 system board meeting, with a decision possible that day. Asset Consulting Group is assisting.
Ms. Hutton said funding for both active portfolios will come from terminating five passive international mutual funds in which the system has invested a total of $30 million: Scudder International; T. Rowe Price International; Templeton Foreign; Vanguard International Growth; and State Street Global Advisors EAFE Index. The funds will be dropped in January, she said.
Board members decided to move international equities into active management, Ms. Hutton said.
AVON LAKE, Ohio — PolyOne Corp. hired NYLIM Retirement Plan Services as bundled provider for its $283.5 million 401(k) plan assets. McDonald Financial Group assisted. Tricia Kelley, senior vice president at McDonald, would not identify the previous service providers.
DENVER — Regis University hired active domestic growth equity managers WCM Investment Management and State Street Global Advisors to manage a total of $6 million for the school's $25 million endowment, said Joseph Weber, chief financial officer and treasurer. WCM will run $5.9 million in large-cap equities; the previous manager, Rittenhouse Financial, was terminated for "general reasons," Mr. Weber said. SSgA will initially handle $90,000 in small-cap equities, funded from cash, he said. The portfolio will eventually be increased, but details on its final size and the funding source have not been determined. Smith Barney assisted.
ARCHBOLD, Ohio — Sauder Woodworking Co. added the RS Smaller Company Growth and the Fidelity Equity-Income and Low-Priced Stock funds as options in its $125 million 401(k)/profit-sharing plan, said Linda Damman, compensation and benefits administrator. Retirement committee members wanted the plan's options to cover all asset classes, Ms. Damman said. Fidelity, the bundled provider, assisted.
CAROL STREAM, Ill. — Sheet Metal Workers, Local 265, hired Kayne Anderson Rudnick to manage $5 million in active domestic small-cap to midcap value equities, a new asset class for the $140 million pension plan, said Erwin Pasch, administrative manager. Funding came from reducing an active domestic fixed-income portfolio run by Morgan Stanley to $45 million, Mr. Pasch said.
COLUMBIA, S.C. — South Carolina Budget and Control Board approved hiring Barclays Global Investors to run $300 million in active domestic large-cap core equities for the $21 billion South Carolina Retirement System, said Michael Sponhour, spokesman. Funding will come from an S&P 500 index fund run by State Street Global Advisors, where the money had been parked since previous portfolio manager J.P. Morgan Fleming Asset Management was terminated because of personnel turnover.
Separately, the board retained Wells Capital Management as manager of a $190 million active domestic small-cap value equities portfolio; the portfolio had been managed by Benson Associates, which was acquired by Wells Capital.
MADISON, Wis. — The University of Wisconsin System hired Grantham Mayo Van Otterloo to manage $25 million in emerging market equities, a new asset class for the school's $300 million endowment, said Doug Hoerr, treasury manager and assistant trust officer. No consultant was used.