BRISTOL, Conn. — The $414 million Bristol General Retirement System hired Mariner Investment Group to run $10 million in a hedge fund of funds. The hiring is part of the system's plan to allocate 5% to 15% of total assets to alternative investments. Consultant Merrill Lynch assisted.
MILWAUKEE — Brady Corp. rehired PNC Bank to provide record-keeping and administrative services for its 401(k) and money purchase plans, which have combined assets of $150 million, said Gary Vose, director of compensation and benefits. PNC also is the record keeper and administrator for Brady's combined $10 million deferred compensation plans. Francis Investment Counsel assisted.
TORONTO — CPP Investment Board committed C$318.76 million (US$261.15 million) to the Macquarie European Infrastructure Fund. The board also will co-invest C$151.41 million, along with the Macquarie fund, in the Wales & West gas distribution network. The investments bring the CPP Investment Board's total infrastructure commitments to C$670 million. CPP Investment Board has allocated up to 10% of its C$75.2 billion reserve fund for infrastructure assets.
The board manages assets of the C$75.2 billion Canada Pension Plan, Ottawa.
ATLANTA — Coca-Cola Co. added the Thornburg International Value fund as an option in its $1.3 billion 401(k) plan, replacing the Fidelity Advisor Diversified International fund, said Racquel White, spokeswoman. The plan's asset review committee froze the Fidelity fund to new investments as of Dec. 31 because the fund "applied redemption fees in all situations," Ms. White said. She said there is currently no plan to terminate the Fidelity fund.
SOUTH ELGIN, Ill. — Hoffer Plastics Corp. will add the Neuberger Berman Socially Responsible Trust fund as a large-cap blend option for the company's $42 million 401(k) plan, said Stan Schambach, controller. The plan will freeze the existing large-cap blend option, the Neuberger Berman Focus Trust fund, to new investments.
Mr. Schambach said plan officials decided to switch funds to lower volatility. Wayne Hummer Investments assisted.
RESTON, Va. — Hunter Associates Laboratory Inc. hired Diversified Investment Advisors as bundled provider of its $8 million 401(k) plan, said Trisha Juerling, human resources manager.
Great-West was the previous bundled provider; Ms. Juerling said officials at Hunter were unhappy with Great-West's reporting and record-keeping services. Lisa Gigax, spokeswoman for Great-West, did not return calls by press time.
NORTH BRUNSWICK, N.J. — International Brotherhood of Electrical Workers, Local 456, hired PFM Advisors as investment consultant for its pension plan and annuity fund, which total $200 million in assets, according to Joe Egan, the union's business manager.
PFM replaces Dahab Associates; Mr. Egan said the union had used Dahab "for a long number of years" but trustees decided to explore other options.
BOISE, Idaho — The $7.9 billion Public Employee Retirement System of Idaho hired bond managers Bridgewater Associates, Fidelity Management Trust and Western Asset Management, said Robert Maynard, chief investment officer. Bridgewater will handle $250 million in international inflation-indexed securities, while Western Asset and Fidelity will run $200 million each in core plus, the fund's first investments in these areas. Funding for the new allocations came from cash and reductions to passive index funds. Mercer Investment Consulting assisted.
IOWA CITY — Iowa State Bank, Iowa City, hired Northern Trust as custodian for its $535 million in assets, replacing SunGard, said Larry Cobb, senior vice president of the bank. Northern also will provide trust and accounting services.
LANSING, Ill. — The $340 million Iron Workers Mid-America Pension Fund hired AllianceBernstein and Delaware Investments to run $20 million each in active international equities, a new asset class for the fund, said Joseph Burke, administrator. Consultant Marco Consulting recommended the move. Funding came from rebalancing; no managers were terminated.
Separately, Harris Investment Management was hired to run $11 million in active domestic small-cap growth equities. Columbia Management was terminated for organizational reasons, Mr. Burke said.
JACKSONVILLE, Fla. — The Jacksonville General Employees' Pension Fund hired UBS Realty Investors to manage about $50 million in core commingled real estate, said Camille Cossa, pension administrator.
The allocation is the $1.6 billion system's first real estate investment. Funding will come from reducing fixed-income assets. No managers will be terminated.
Consultant Merrill Lynch assisted.
EDINBURGH — Lothian Pension Fund rehired Hymans Robertson as investment consultant and actuary, said Britt Melville, city council communications officer.
Officials at the £2 billion ($3.74 billion) plan had issued an RFP because Hymans Robertson's contract was to expire. Hymans Robertson's "robust advice has proved invaluable by controlling risk through proper diversification of the fund's assets," Donald McGougan, director of finance for the Edinburgh City Council, said in a statement.
WILKES-BARRE, Pa. — Luzerne County Retirement Board hired PENN Capital Management to run $5 million in a core defensive high-yield strategy, said Steve Flood, county comptroller and member of the retirement board that oversees the $180 million pension fund. Mr. Flood said funding came from the active domestic small-cap equity portfolios of Westcap Advisors and Emerald Advisors, which were terminated about a month ago. Merrill Lynch assisted.
MANCHESTER, N.H. — Manchester Employees' Contributory Retirement System hired hedge fund-of-fund managers Archstone Partners and Attalus Capital to run about $5 million each, said Gerry Fleury, executive director. The $100 million system is making its first hedge fund investments because fund officials are seeking some level of immunity from market volatility, Mr. Fleury said. Consultant Prime Buchholz assisted. Funding came from rebalancing; no managers were terminated.
BOSTON — The Massachusetts Pension Reserves Investment Management Board approved six new alternative commitments: up to $75 million to the Advent International GPE V midmarket buyout fund; up to $25 million to the Austin Ventures IX venture capital fund; up to $100 million to the Charlesbank Capital Partners VI middle-market buyout fund; up to $20 million to the El Dorado Ventures VII seed and early stage venture capital fund; up to $50 million to the Weston Presidio V fund; and up to $100 million to the TCW Shared Opportunity Fund V, a distressed debt fund.
ALBANY, N.Y. — New York State Teachers' Retirement System hired Fidelity Management Trust and JPMorgan Fleming to handle $750 million each in active international equities, said John Cardillo, spokesman. The $80 billion system also hired Gryphon International Investment, Walter Scott & Partners and Wellington Management to run $375 million each in absolute-return international equity strategies. Funding came from the 2003 terminations of active international equity managers Putnam Investments and Montag & Caldwell, as well as from reducing several passive equity accounts. The new hires are part of a restructuring of the fund's $14 billion international equity portfolio, recommended by consultant Callan Associates.
Separately, the system named Callan Associates as its real estate and private equity consultant, said Mr. Cardillo. The plan invests about $160 million in private equity and about $8 billion in real estate.
COLUMBUS, Ohio — Ohio Public Employees Deferred Compensation Fund added the Vanguard Small-Cap Index Fund as the 26th investment option. Paul Miller, finance director for the $5.2 billion 457 plan, said Vanguard already runs several options for the plan. Ennis Knupp assisted.
OKLAHOMA CITY — Oklahoma Public Employees Retirement System hired Northern Trust to provide comprehensive commission recapture services, subject to final contract negotiations, said Tom Spencer, executive director. He said officials of the $5.5 billion pension fund wanted to have "one point of contact" for the system's commission recapture brokerages. An RFP was issued in October. Strategic Investment Solutions assisted.
TIGARD, Ore. — The Oregon Investment Council, which oversees the $46.1 billion Oregon Public Employees Retirement Fund, Salem, approved a $100 million investment in Hicks Muse Tate & Furst's Europe Fund II, said spokesman Kevin Max. It also hired Marsico Capital Management to run an as-yet undetermined amount in active international equities.
HARRISBURG, Pa. — The $25.9 billion Pennsylvania State Employees' Retirement System committed up to €40 million (US$52 million) to Electra European Fund II; up to $10 million to Meridian Venture Partners II; and up to $5.85 million to Meritech Capital Partners, according to Sean Sanderson, fund spokesman.
The system also made follow-on commitments of up to $40 million to Austin Ventures IX, for a total of up to $61 million; up to €75 million to BC European Capital VIII, for a total of up to $133 million; and up to $50 million to JH Whitney VI, for a total of up to $110 million.
PHOENIX — Salt River Project added the Julius Baer International Equity fund as an option in its $412 million 401(k) plan, said Sue Ann Perkinson, assistant treasurer, funds administration. The fund replaced the American Century International Growth fund, which plan officials dropped for performance reasons, Ms. Perkinson said. J.H. Ellwood & Associates assisted.
Laura Kouri, American Century spokeswoman, could not comment on the matter by press time.
MEMPHIS, Tenn. — Shelby County Retirement System hired nine managers to further diversify assets and boost returns, said David Pontius, manager of pension investments. The $825 million pension fund selected hedge fund-of-funds managers ArchStone Partners to run $18.8 million; Ironwood International, Lazard Alternative and Gerber/Taylor Associates to run $16.9 million each; and Niagara Capital Advisors to run $5.6 million.
System officials hired Bridgewater Associates and Brandywine Asset Management to run $40 million each in active global fixed-income portfolios. They also hired Thornburg Investment Management to run $80 million in active international equities and MB Ventures to run $5 million in private equity.
Mr. Pontius said the system has $42 million in a Northern Trust EAFE account that will be moved to active management in an effort to increase returns; Northern Trust will be terminated. Funding for the remainder of the hires will come from rebalancing, Mr. Pontius said. Consulting Services Group assisted.
SWAMPSCOTT, Mass. — The $29 million Swampscott Contributory Retirement System hired US Bancorp to run $1 million in a private equity fund of funds. Funding will come from the system's fixed-income portfolio, said Richard DiPesa, retirement administrator. No managers will be terminated.
TAMARAC, Fla. — Tamarac General Employees' Retirement System hired Income Research and Management to run about $5 million in active domestic fixed income, said Gregory A. McNeillie, senior vice president at Dahab Associates, consultant to the $19 million plan. The pension board wants to invest in lower-tier bonds; outgoing manager Atlanta Capital Management invests strictly in higher-tier bonds and did not rebid, Mr. McNeillie said.