CHEEKTOWAGA, N.Y. — Buffalo Laborers Pension Fund Local 210 hired Victory Capital Management to run about $7 million in active domestic large-cap core equities and LSV Asset Management to run $6 million in active international equities, said Tom Panek, administrator. Partial funding for the new portfolios will come from the performance-related termination of AllianceBernstein, which ran a $4 million active domestic large-growth portfolio for the $120 million plan. The balance of the funding will come from reducing a $16.6 million active domestic large-cap value equity portfolio run by NWQ Investment Management and a $13.6 million S&P 500 index fund run by State Street Global Advisors; the specific amounts have not been determined. Marco Consulting is assisting. John Meyers, AllianceBernstein spokesman, did not return a call seeking comment by press time.
Hirings
SACRAMENTO, Calif. — The California Savings Plus Program rehired Nationwide Retirement Solutions as third-party administrator for the program, according to Lynelle Jolley, spokeswoman for the $5.4 billion defined contribution plan.
SACRAMENTO, Calif. — The $126.9 billion California State Teachers' Retirement System committed $150 million each to the Canyon-Johnson Urban Fund II and Pyramid Hotel Opportunity Venture; $50 million to Southern California Smart Growth Fund; and $21 million to Riley Property Holdings.
Also, CalSTRS made private equity commitments of $150 million to Spectrum Equity Investors V, a communications industry buyout fund; €15 million ($19 million) to CDR Ray Co-Investor, a co-investment vehicle formed by Clayton, Dubilier & Rice to participate in the purchase of a 75% stake in Rexel SA; and $20 million to invest alongside Welsh, Carson, Anderson & Stowe IX in its purchase of Select Medical Corp.
CHARLOTTESVILLE, Va. — Charlottesville Retirement Fund hired Independence Investments to manage $3 million in active domestic small-cap growth equities, said Gregory A. McNeillie, senior vice president at plan consultant Dahab Associates.
Officials at the $70 million plan initiated the search to replace small-cap growth manager Constitution Research & Management. Mr. McNeillie said Constitution underperformed its Russell 2000 Growth index benchmark over the last couple years. Richard M. Drury, partner at Constitution Research & Management, did not return a call by press time seeking comment.
TORONTO — CIBC Asset Management hired NWQ Investment Management as subadviser to the firm's Talvest Global Equity and Renaissance Tactical Allocation funds, effective May 1, said Allison Mudge, spokeswoman. NWQ will replace Capital Guardian Trust. CIBC officials declined to say why CapGuardian was replaced.
DENVER — The Public Employees' Retirement Association of Colorado approved a $50 million investment in Miller Global Fund V, said Katie Kaufmanis, plan spokeswoman. The board of the $32.3 billion fund also renewed its contract with investment consultant Ennis Knupp for three years. The previous contract expired at the end of February, Ms. Kaufmanis said.
HARTFORD, Conn. — The State of Connecticut Retirement & Trust Funds committed $200 million to venture capital fund-of-funds manager Fairview Capital Partners, according to Robyn Belek, spokeswoman for the $20.2 billion system.
ATLANTA — Delta Air Lines Inc. hired Fidelity Institutional Retirement Services as record keeper and trustee for its new defined contribution plan for pilots, said Benet Wilson, spokeswoman for the airline.
Information on assets in the new defined contribution plan is not yet available. Karen Miller, spokeswoman for the Delta pilots' Master Executive Council, said Delta is "still working through" getting the new plan finalized.
HONG KONG — Enhanced Investment Products hired BNY Asset Management as subadviser for three of its international funds, with a total of $93 million in assets, confirmed Kevin Heine, a Bank of New York spokesman. The funds are the Enhanced Taiwan Index, the Enhanced India Index and the Enhanced China Index.
FORT LAUDERDALE, Fla. — The Fort Lauderdale General Employees' Retirement System hired Global Capital Management to run $8 million in active domestic small-cap to midcap growth equities, said David Desmond, administrator. It is a new allocation for the $296 million pension plan. Funding will come from reducing an $81 million active domestic large-cap growth equity portfolio run by Davis Hamilton Jackson. Dahab Associates assisted.
FORT MYERS, Fla. — The Fort Myers General Employees Retirement System hired Financial Counselors to run about $5 million in active domestic fixed income, said Debra Emerson, pension specialist. The firm replaces AllianceBernstein Regent, which was terminated because it changed some components of its portfolio in ways that aren't allowed under the retirement system's investment policy, Ms. Emerson said. She could not provide specifics. UBS, consultant to the $45 million fund, conducted the search.
GLOUCESTER, England — The Gloucestershire County Council Pension Fund hired Standard Life Investments to run £130 million ($246.87 million) in active U.K. equities, according to its pension accountant, Ruth Henson. The move was part of the £630 million plan's efforts to replace its balanced managers with specialist money managers; Ms. Henson would not give further details. Bfinance assisted in the search.
HARTFORD, Conn. — Hartford Life hired five fixed-income subadvisers for its new unit-linked investment bond product for U.K. pension clients. Barclays Global Investors, Schroder Investment Management North America, INVESCO, Investec Asset Management and New Star Asset Management will run assets from U.K. pension plans across various strategies, said Lincoln Collins, Hartford's chief executive officer. Old Broad Street Research assisted in the search.
CARLSBAD, Calif. — K2 Inc. hired NYLIM Retirement Plan Services as bundled provider for its newly consolidated $48 million 401(k) plan, according to Beth Karns, benefits manager. NYLIM replaced Merrill Lynch Retirement Group, which was allowed to rebid.
Fund officials issued an RFP last summer because K2 had recently made several acquisitions and wanted to merge 10 401(k) plans into one.
LOS ANGELES — The Los Angeles City Employees' Retirement System hired RhumbLine to manage $500 million in an S&P 500 index fund.
Fund officials also renewed the contracts of Fiduciary Trust, which manages $220 million in active domestic small-cap growth equities for the $8.4 billion fund, and Alliance Capital Management, which runs $206 million in active domestic large-cap growth equities benchmarked to the Russell 1000 growth index. The contracts were renewed for three years each.
ATLANTA — Morehouse College hired Strategic Investment Group as equity manager of managers for its $115 million endowment, said Shirley Williams, vice president for business and finance.
The firm was selected as part of a shortlist search conducted internally; it replaced JPMorgan Fleming Asset Management, which is leaving the manager-of-managers business.
ERWIN, Tenn. — Nuclear Fuel Services Inc. hired Hotchkis and Wiley to run about $1 million in active domestic large-cap equities for the company's two defined benefit plans, said Andy Landers, director of compensation and benefits.
The plans, which have about $65 million in combined assets, terminated previous Wellington Management for underperformance. John Steinberg, Wellington spokesman, declined to comment on the matter.
Separately, the company added the PIMCO Total Return fund as an investment option in its $40 million salaried and $10 million hourly workers 401(k) plans, said Mr. Landers. The fund replaced the Dreyfus Intermediate-Term Income fund, which plan officials terminated for performance. Patrice M. Kozlowski, Dreyfus spokeswoman, did not return a call seeking comment by press time.
The plans, which mirror each other, offer nine investment options. SunTrust Bank is record keeper, and the plans are administered in-house.
Mercer Investment Consulting assisted with both hires.
OKLAHOMA CITY — The $628 million Oklahoma Law Enforcement Retirement System hired Artisan Partners to manage $50 million in active domestic small-cap growth equities, said Lawrence McCullock, executive director. The fund's board initially reconsidered current manager Constitution Management & Research, which rebid, but ultimately chose a slightly different management style, said Mr. McCullock.
Asset Consulting Group assisted.
OKLAHOMA CITY — The Teachers' Retirement System of Oklahoma hired Smith Asset Management Group to run $150 million to $160 million in active domestic small-cap growth equities, said Bill Puckett, chief investment officer.
The firm replaced Artemis Investment Management, which the board of the $7.3 billion system terminated earlier this year.
Consultant gregory.w.group assisted.
TIGARD, Ore. — Oregon Investment Council which oversees the $49 billion Oregon Public Employees Retirement Fund, Salem, voted to commit $100 million to the Fortress Investment Group Residential Investment Deutschland Fund, said Kevin Max, spokesman. Funding will come from cash distributions, Mr. Max said.
PINELLAS PARK, Fla. — The Pinellas Park Police Officers' Pension Plan hired Sawgrass Asset Management to run $2.5 million in active domestic small-cap growth equities, said Denise Cowdrick, pension specialist. Officials of the $25.8 million plan terminated the Lord Abbett Growth Opportunities fund to move to separate accounts.
The $29 million Pinellas Park Firefighters' Pension Plan invested $2.2 million in the Calamos Growth fund, taking the money from the Lord Abbett Growth Opportunities fund, which plan officials terminated in search of lower fees, Ms. Cowdrick said.
Consultant Merrill Lynch assisted in shortlist searches for both plans.
DES PLAINES, Ill. — Schawk Inc. added the MainStay Balanced, Goldman Sachs Large Cap Value, Goldman Sachs Mid Cap Value and Fidelity Advisor Diversified funds as investment options for its $55 million 401(k) plan, said Christopher Mead, vice president of business development. The funds replaced four others in the same asset classes; two had underperformed and two had drifted from their targeted asset classes. Mr. Mead declined to identify the funds.
TAMARAC, Fla. — The $19 million Tamarac General Employees' Retirement System hired Boston Co. Asset Management to run $2 million in active international equity, said Gregory A. McNeillie, senior vice president at Dahab Associates, consultant to the plan.
The $10 million Tamarac Police Officers' Pension Fund hired Templeton Investment Counsel to manage $1 million in active international equities, said Mr. McNeillie.
The two funds issued a single RFP in November after plan officials decided to replace active international manager State Street Global Advisors for performance, Mr. McNeillie said. Arlene Roberts, SSgA spokeswoman, said the firm doesn't comment on client matters.
WORCESTER, Mass. — The $596 million Worcester Regional Contributory Retirement System hired PENN Capital Management to run $12 million in active domestic opportunistic small-cap equities and INVESCO to manage $15 million in an open-end real estate fund, said Jim DelSignore, chairman of the plan's board.
PENN Capital replaces incumbent Loomis Sayles, which was terminated for performance of a similar-style portfolio. INVESCO was hired to help the fund attain its 10% real estate allocation. Chris Lazzaro, Loomis Sayles spokesman, said the firm has no comment. Meketa Investment Group assisted.
