DALLAS — ALON USA hired Principal Financial Group to manage its $20 million defined benefit plan and to serve as bundled provider for its $10 million defined contribution plan, according to Eric Nystrom, manager of benefits and payroll for ALON. The company replaced Mellon's Human Resources & Investor Solutions "because four years had passed and it was time to do a search," Mr. Nystrom said. Mellon chose not to rebid.
JOHANNESBURG — Barloworld Ltd. hired Baring Asset Management to run a £34 million ($63.1 million) active aggregate U.K. fixed-income portfolio for the firm's primary £260 million pension fund, said P. Mark Drewell, Barloworld spokesman. Baring will replace Deutsche Asset Management, which the plan terminated for performance reasons, Mr. Drewell said. Mercer Investment Consulting assisted.
Rosalia Scampoli, DeAM spokeswoman, did not return a call by press time.
CHICAGO — Boeing Co. hired Arden Asset Management to invest $275 million in a hedge fund of funds for Boeing's $38.5 billion pension fund. Anne Eisele, Boeing director-finance communications, wouldn't provide details.
BROCKTON, Mass. — Brockton Retirement System hired Evaluation Associates as general consultant to the $231 million pension plan, said Harold P. Hanna Jr., executive director. The firm's contract is for three years; it replaces Wainwright Investment Counsel.
SACRAMENTO, Calif. — CalPERS committed $300 million to Carlyle Partners IV and $75 million to Oak Hill Capital Partners II, both buyout funds. The $182.9 billion California Public Employees' Retirement System also committed $50 million each to Parish Capital I and Prospect Venture Partners III, $45 million to Clearwater Capital Partners II, $25 million to Lime Rock Partners III and $5 million to Healthpoint Capital Partners. All of the commitments were made through the Sacramento-based fund's Alternative Investment Program, according to staff reports to the fund's investment committee.
LONDON — CB&I John Brown Ltd. hired Investment Solutions to provide investment and administration services to the company's new defined contribution pension plan, according to Helen Elworthy, an assistant to Andy Braddel, CB&I human resources manager. The company started the plan after closing its defined benefit pension plan. Lane Clark & Peacock assisted. Further information was not available.
CLEVELAND — Chart Industries Inc. hired NYLIM Retirement Plan Services as bundled provider of the firm's $47 million 401(k) plan and to manage its $25 million defined benefit plan, according to Mark Ludwig, vice president of human resources at Chart. Fidelity was the previous administrator and record keeper for the 401(k) plan, Mr. Ludwig said. Key Bank was trustee of the defined benefit plan, Aon was the actuary, and McDonald Investments was the investment manager. "There were big synergies by bundling all the services with one provider. It was very cost effective," said Mr. Ludwig.
CHICOPEE, Mass. — The $119 million Chicopee Contributory Retirement System hired Independence Investments to run $6 million in active domestic small-cap growth equities, subject to contract negotiations. Funding will come from the portfolio's current manager, which has not yet been terminated, said Kevin Leonard of Segal Advisors, the system's consultant. He would not identify the firm.
COCOA, Fla. — Cocoa Firefighters' Pension Fund hired active domestic large-cap equity managers Buckhead Capital and Capital Management Associates to manage roughly $3 million each in value and growth, respectively, subject to final contracts, said Gregory A. McNeillie, senior vice president at plan consultant Dahab Associates. The $10 million fund also selected Richmond Capital to manage about $3 million in active domestic fixed income, also subject to contract negotiations. The pension fund issued an RFP for both asset classes in the fourth quarter.
The firms replace Freedom Capital, which ran a $9 million balanced portfolio for the pension fund and had been on watch for performance. Michael Spencer, chief investment officer of Freedom Capital, declined to comment on the matter.
John Titkanich, the city's economic development director and a member of the pension board, did not return a call seeking comment by press time.
GRANVILLE, Ohio — Denison University hired Cliffwater as general consultant for its $470 million consolidated endowment. Cliffwater replaced another firm which Michael Horst, director of finance, declined to identify. Mr. Horst said that although Cliffwater specializes in alternative investments, the fund's board members were impressed enough with its asset allocation research to hire it as its general consultant. The endowment allocates 25% of its assets to hedge funds and 9% to private equity. "Cliffwater's initial focus will be to review the portfolio, especially our alternatives managers," said Mr. Horst, although he emphasized that there are no initial plans to search for managers or increase the fund's alternatives portfolio.
The school's consultant was Fund Evaluation Group, according to the Money Market Directory. Calls to Scott Harsh, FEG's president, were not returned by press time.
CHAMPAIGN, Ill. — The $13.28 billion Illinois State Universities Retirement System hired RREEF and UBS Realty Advisors to run $150 million and $120 million, respectively, in direct real estate investments, said James M. Hacking, executive director of the fund. Previously, the system had 2.9% of assets allocated to real estate, all in real estate investment trusts. Sources of the funding could be decided in March, when trustees review target asset allocations for rebalancing, he said.
TACOMA, Wash. — Russell Investment Group hired Transamerica Investment Management to handle two active domestic large-cap growth equity portfolios as part of Russell's multimanager separate accounts program, said Jennifer Tice, spokeswoman.
Transamerica will manage assets in Russell's Large Cap Diversified Plus Mix and Large Cap Growth Diversified Plus Mix separate accounts, which are benchmarked to the Russell 1000 index and Russell 1000 Growth index, respectively. Transamerica replaced Marsico Capital because Transamerica "was a better fit," Ms. Tice said. Marsico still manages "several institutional fund assignments" in the program, she said. The Russell Managed Portfolios program, which comprises 15 money management firms, has about $650 million in assets under management.
SHREWSBURY, England — The Shropshire County Council Pension Fund hired Goldman Sachs Asset Management and Majedie Asset Management to run £110 million ($206.5 million) and £55 million, respectively, in active U.K. equities, said Graham Chidlow, head of finance for the county.
The managers replace Deutsche Asset Management, State Street Global Advisors and Barclays Global Investors, which each ran about £55 million in U.K. equities for the %£670 million pension fund. DeAM and BGI managed active mandates and SSgA managed a passive portfolio for the plan. Mr. Chidlow said the changes were not performance-related.