Hirings

ANNAPOLIS, Md. — Anne Arundel County Retirement System's investment committee recommended hiring active equity managers Buckhead Capital to run domestic small-cap value, Grantham Mayo van Otterloo to handle international small caps and Sands Capital to manage domestic large-cap growth.

Thomas Mullinex, personnel manager at the $1.05 billion system, said the size of each firm's portfolio is "fairly large," but he did not know the exact amounts being considered. Funding would come from rebalancing and from cash. A decision on the recommendation will be announced at the Sept. 9 board meeting.

SAN FRANCISCO — AssetMark Investment Services hired Goldman Sachs and Western Asset Management to subadvise its $300 million AssetMark Core Plus Fixed Income fund, said Ronald Cordes, chairman. The fund is part of the multimanager family of AssetMark Funds, which now has $1.6 billion in assets. Wilshire Associates assisted.

LONDON — The Associated British Ports Group Pension Scheme hired Schroders to run a £60 million ($107.5 million) specialist U.K. equity portfolio, according to a Schroders news release. Schroders will manage the portfolio with the goal of topping the FTSE All Share index by two percentage points annually. The £400 million pension fund made the selection after reviewing its investment management arrangements earlier in the summer. Margie Collins, corporate communications manager at the scheme, could not be reached by press time for details.

FRANKLIN PARK, Ill. — A.M. Castle & Co. added the Janus Mid-Cap Value fund to its $90 million 401(k) plan, said Nick DelGiudice, corporate benefits and compensation manager.

The fund is the first midcap value equity option for the plan, which has 10 investment options. J.H. Ellwood & Associates assisted.

LONG GROVE, Ill. — CF Industries Inc. hired a division of New York Life Investment Management to manage a $19 million S&P 500 large-cap enhanced index portfolio for the firm's $150 million pension plan, said Dennis Baker, treasurer.

He declined to name the previous manager or say why the change was made.

DENVER — Colorado County Officials & Employees Retirement Association, Denver, added the American AAdvantage Small-Cap Value fund to both its $520 million 401(a) and $80 million 457 plans, said Tom Krushensky, association director of client services. The plan's other small-cap value option, Fidelity's Low-Priced Stock fund, was closed to new participants in July. The Fidelity fund remains open to existing shareholders who are participants, said Jacob P. Kuijper, executive director.

The two plans, with 14 options each, mirror each other, Mr. Kuijper said. InnoVest Portfolio Solutions assisted.

ARNHEM, Netherlands — Stichting Flexibel Uittreden Nutsbedrijven hired Barclays Global Investors to run a €175 million ($212.7 million) balanced portfolio, according to a joint news release. The portfolio will comprise global active equities, U.S. and European active fixed income, active global tactical asset allocation overlay, passive overlay currency hedge and cash. Rob Schippers, finance director of the €280 million scheme, said in the release that BGI was able to provide "global reach with investment strength in all asset classes." Further information was not available by press time.

LOS ANGELES — Los Angeles City Employees' Retirement System's board plans to decide on Sept 14 whether to make a commitment to Parish Capital I as part of a new 0.7% allocation to specialized, non-traditional private equity. The amount to be invested has not been determined. Consultant Pathway Capital assisted.

LOS ANGELES — The $1.8 billion City of Los Angeles Deferred Compensation Plan hired Nationwide Retirement Solutions as record keeper, effective Jan. 1, confirmed an official at the plan who asked not to be identified. Incumbent Great-West was the other finalist. Nationwide will also provide enrollment and marketing services to plan participants, said Hillary Jeffers, Nationwide spokeswoman. The RFP was issued in March.

The plan official said the board approved Nationwide's hiring although staff in the city's personnel department, which administers the plan, and consultant Mercer Investment Consulting recommended retaining Great-West. Stephanie Poe, Mercer spokeswoman, said the company does not comment on client matters.

BATON ROUGE, La. — The $160 million Louisiana District Attorneys' Retirement System hired active domestic value equity managers Brandes Investment Management and Eubel Brady & Suttman to run $15 million each, said John Vann, chief investment officer of consultant Rushmore Investment Advisors. Brandes will handle large caps and EBS will run midcaps.

Previous large-cap value manager Fox Asset was terminated because of organizational changes and was not invited to rebid, Mr. Vann said. Funding for the midcap hiring came from a Jurika & Voyles Russell 2000 midcap value ETF that the firm closed, he said. The fund issued RFPs for both portfolios in April; Mr. Vann would not identify the other finalists.

MELROSE, Mass. — The $45 million Melrose Contributory Retirement System hired INTECH to run $8 million in active domestic large-cap growth equities, said Barbara Wells, town clerk. Funding came from terminating the portfolio's previous manager, MFS, for performance, Ms. Wells said. Segal Advisors assisted. John Reilly, MFS spokesman, said the firm does not comment on terminations.

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OAKLAND PARK, Fla. — The City of Oakland Park Retirement System hired Dana Investment Advisors to manage $12 million in active large-cap core equities, effective Oct. 1, said Margie Adcock, third-party administrator with Pension Resource Center.

Officials at the $20 million system terminated the portfolio's previous manager, INVESCO-NAM, for performance, Ms. Adcock said. INVESCO-NAM continues to manage $8 million in active domestic fixed income for the plan. Gabelli Asset Management and Neuberger Berman were the other finalists; INVESCO-NAM also rebid.

Bill Hensel, spokesman for INVESCO-NAM parent AMVESCAP, declined to comment.

Joe Bogdahn, principal with consultant Bogdahn Consulting, said searches for international equity and small-midcap equity managers might begin before the end of the year. Plan officials want to diversify the system's equity investments, which are in active large-cap core. Further details have not yet been decided.

COLUMBUS, Ohio — The Ohio Police & Fire Pension Fund added a combined $48.8 million to real estate portfolios run by RREEF and INVESCO Real Estate, said David Graham, spokesman. The assets had been run by Lowe Enterprises Investment Management, which resigned, Mr. Graham said. Lowe had been on the $8.1 billion fund's watchlist for performance and "had been given several stipulations to bring up their performance. After examining those, they chose to tender their resignation."

"We felt our resignation at this time would ensure a smooth transition of the portfolio, which would ultimately be in the best interest of the fund," according to a statement from Lowe.

Mr. Graham declined to provide details on the value of the RREEF and INVESCO portfolios.

As of July 31, the fund had 4.4% of its assets invested in real estate; its target is 8%, Mr. Graham said.

PHILADELPHIA — Philadelphia Public Employees' Retirement System hired Capital Prospects to manage $60 million in its emerging manager-of-managers program, said Erin Davis, an investment officer with the $3.8 billion fund. Capital replaces Fiduciary Investment Solutions, which resigned after it was appointed investment consultant for the system. The board also voted to renew the contract of PFM Advisors, which also manages $60 million in the emerging manager-of-managers program.

SANTA MONICA, Calif. — St. John's Health Center Foundation raised Northern Trust Global Investments' active domestic fixed-income portfolio by $8.5 million to $22.5 million, confirmed Robert O. Klein, vice president of foundation and health center relations at the $30 million foundation. The funds are from operating assets, which Mr. Klein said would be deployed over the next couple of years in conjunction with the foundation's facilities expansion program

TORONTO — Scotiabank hired Mellon Human Resources & Investor Solutions to provide administration services for the bank's C$3 billion (US$2.29 billion) pension plan, said Debbie Lomow, senior vice president, corporate pensions.

Mellon HRIS parent Mellon Financial currently provides consulting and administration services for Scotiabank's flexible benefits program in Canada.

The pension plan has 12 external managers and one manager related to Scotiabank, said Ms. Lomow.

TALLAHASSEE, Fla. — The $860 million Tallahassee City Employees' Pension Fund hired State Street Global Advisors to manage an enhanced S&P 500 index fund, said Jim Cooke, deputy city treasurer-clerk. Plan officials will determine the size of the investment "in the next month or so" with the assistance of consultant Segal Advisors, Mr. Cooke said. Funding will come from reducing a $148 million passive S&P 500 index fund managed by Barclays Global Investors. INTECH, Goldman Sachs and BGI were also finalists in the shortlist search.

The pension fund's asset allocation is 39% domestic equity, 39% domestic fixed income 10% international equity, 7% real estate and 5% cash.