NEWPORT BEACH, Calif. — Allianz Global Investors Fund Management hired Nicholas-Applegate and PEA Capital, both Allianz subsidiaries, to advise the new Nicholas-Applegate International & Premium Strategy Fund, according to an SEC filing. Nicholas-Applegate will manage the international equity portion of the fund; PEA Capital will run an "index option strategy."
DAYTON, Ohio — University of Dayton committed about $15 million in endowment assets to private equity and venture capital fund-of-funds managers J.P. Morgan Corporate Finance, Commonfund Capital and Abbott Capital Management, said Delanie Moler, investment officer. Officials of the $375 million endowment have not determined how much they will commit to each manager. Funding will come from rebalancing. DeMarche Associates is assisting.
SPRINGFIELD, Ill. — The $33 billion Teachers' Retirement System of the State of Illinois hired Western Asset Management to run $934 million in enhanced index equities, benchmarked to the S&P 500, said John Day, fund spokesman. Funding will come from trimming State Street Global Advisors' $5.2 billion S&P 500 index fund. Callan assisted.
Separately, the board committed $70 million to the Carlyle Realty Partners IV diversified real estate fund.
SYDNEY — Intech Investment Consultants hired Perennial Investment Partners to subadvise the A$300 million (US$229.4 million) active Australian fixed-income portion of the A$560 million Intech Australian Bonds Trust, said Jen Murray, Intech spokeswoman. Perennial replaced UBS. BT Funds Management runs the balance of the trust.
s'HERTOGENBOSCH, Netherlands — Laurus NV hired PIMCO to manage €240 million ($310.9 million) in active global bonds and AllianceBernstein to manage €100 million in active global equities that will be evenly split between growth and value, said Jerome Knikkink, Laurus' treasurer. He said the foundation that administers the €340 million pension fund hired the managers as part of a recent move to separate bond and equity mandates from balanced portfolios. Funding came from terminations of ING Investment Management and Robeco, said Mr. Knikkink. Each firm ran €170 million portfolios that were 75% bonds, 20% equities and 5% real estate. Watson Wyatt assisted.
NASHVILLE, Tenn. — David Lipscomb University hired RhumbLine Advisers to run $10 million in active domestic large-cap growth equities for the school's $65 million endowment, said Larry Cochran, associate vice president of finance and endowment. Endowment officials also increased an active domestic large-cap growth portfolio run by Trinity Investment Management to about $7 million, from $2.3 million. Funding will come from withdrawing money from a Vanguard 500 index fund, American Funds' Investment Co. of America fund and State Street Global Advisors' Large-Cap Index Plus fund; officials decided to seek more active management.
Separately, endowment officials will invest a combined $8 million in the J.P. Morgan Mid Cap Value, CRM Mid Cap Value, Royce Funds' Pennsylvania Mutual and American AAdvantage Small Cap Value funds. The endowment terminated the Weitz Partners Value fund, Delaware Investments' Delaware Small Cap Growth fund and Janus Small Cap Value fund.
JEFFERSON CITY, Mo. — The $25 billion Public School Retirement System of Missouri will invest about $100 million each in RREEF America II and Morgan Stanley Prime Property, both core open-end commingled funds, as part of the plan's $1 billion allocation to real estate, said Craig Husting, chief investment officer. Funding for the new hires will come from reductions to fixed income, but officials have not yet determined which portfolios will be trimmed. Townsend Group is assisting.
ALBANY, N.Y. — The $6.5 billion New York State Deferred Compensation Plan hired T. Rowe Price to manage a $250 million finite-term synthetic GIC portfolio, according to Julian Regan, executive director. T. Rowe Price already managed $250 million in GICs for the plan. Funding came from $177 million in GICs managed by Credit Suisse Asset Management that matured on March 31; the remainder came from cash. CSAM continues to run $120 million in GICs for the plan, Mr. Regan said; the hiring of T. Rowe Price "was not a comment on CSAM."
BALTIMORE — Old Mutual Financial Network hired JPMorgan Investor Services as global custodian for its $14 billion general account insurance portfolio. The contract of previous custodian Bank of New York expired, said Siobhan McNulty, director of corporate communications at Old Mutual Financial. Old Mutual Financial Network is the U.S. insurance subsidiary of Old Mutual PLC, London.
PLYMOUTH, Mass. — The $92 million Plymouth Contributory Retirement System hired Boston Advisors to manage $15 million in active domestic core equities, said Debra Sullivan, director-retirement. The previous manager, which she declined to identify, was terminated, said Ms. Sullivan.
ST. LOUIS — The City of St. Louis Employees Retirement System hired active domestic large-cap equity managers LSV Asset Management and CastleArk Management to run about $45 million in value and $38 million in growth, respectively, said Richard Frank, secretary of the $500 million pension fund. The managers replace Wellington Management for value and RCM for growth; Summit Strategies assisted.
SAN FRANCISCO — The San Francisco City & County Employees' Retirement System hired Wellington Management to manage $185 million in active domestic large-cap growth equities, replacing Transamerica Investment Management, said David Kushner, deputy director of investments for the $12.7 billion fund. Transamerica was terminated because four of the company's growth equity portfolio managers left in March, he said. The fund chose Wellington from finalists it picked late last year.
Separately, the fund will commit up to $15 million to Bay Partners XI, an early-stage venture capital fund. Funding will come from cash.
CHICAGO — S&C Electric Co. added the Vanguard Target Retirement funds to its $100 million 401(k) plan, said Mike Moses, financial services director. Officials are in the process of phasing out the Vanguard LifeStrategy fund in favor of the retirement-date targeted funds. Mr. Moses said he believes the Target Retirement funds are easier for participants to understand.
SIOUX FALLS, S.D. — The $6 billion South Dakota Retirement System hired Brandes Investment Partners to manage $30 million in active international equities and Sanford C. Bernstein to run $30 million in active global equities, said Matthew Clark, state investment officer. Funding came from reducing the system's $3.6 billion in internally managed global equities. The fund manages roughly 90% of assets internally, and fund officials hired the managers for further diversification and for the "educational benefits" outside managers can provide for staff members, Mr. Clark said.
MADISON, Wis. — Wisconsin Alumni Research Foundation hired Clifton Group Investment Management for overlay services, including asset allocation implementation, rebalancing and managing exposure to underlying asset classes, said Tom Weaver, director of investment for the $1.4 billion fund. Clifton will assist in rebalancing, using futures to immediate rebalance to policy asset allocation levels without affecting underlying portfolios. It will also assist in manager transitions.