ARLINGTON, Va. — The $1.2 billion Arlington County Employees' Retirement System hired Mellon Capital to run a $100 million currency overlay portfolio, said Steve Watts, assistant director, pension investment. The strategy will overlay a $210 million domestic TAA strategy being run by Mellon.
DENVER — The Colorado Public Employees' Retirement Association will invest $225 million in the Warburg Pincus Private Equity IX. The $31.8 billion fund's alternatives asset allocation target is 8%, with a range of 5% to 11%; the current allocation is 9.2%.
CHELMSFORD, England — Essex County Council Pension Fund hired Martin Currie to manage £45 million ($85.9 million) in active U.K. equities, according to Martin Quinn, group manager of investments for the £2.2 billion pension fund.
The money had been parked in an equity index fund run by Legal & General.
SPRINGFIELD, Va. — The Fairfax County Educational Employees' Supplemental Retirement System hired Urdang Investment Management to run $60 million in real estate investment trusts for the $1.6 billion pension fund, said Alan Belstock, executive director. Funding will come from terminating Fidelity Investments, which ran a $100 million REIT portfolio. Of the remainder, $20 million will go to fund an existing Prudential open-end commingled real estate fund and the rest will be used for short-term cash flow needs.
"The board feels long-term performance prospects are better with Urdang than Fidelity," Mr. Belstock said. A Fidelity spokesman declined to comment. Mercer Investment Consulting assisted.
MUSCATINE, Iowa — HNI Corp. hired Fidelity Investments as bundled provider for the company's two 401(k) plans, said Dave Hoogheem, benefits manager. Fidelity is currently bundled provider for HNI's $571 million office furniture employees' plan; American Express was bundled provider for the $90 million hearth products employees' plan. American Express rebid. FiduciaryVest assisted.
PHILADELPHIA — Janney Montgomery Scott retained Placemark Investments as overlay manager for Janney's new Unified Managed Account program, said David Jacobson, spokesman for Placemark. The program, which is part of Janney's wealth management services division, will offer clients a single portfolio that combines multiple investment products, including separately managed accounts, exchange-traded funds and mutual funds.
PASADENA, Calif. — The $33 billion Los Angeles County Employees' Retirement Association committed €58 million ($75.49 million) each to CVC European Equity Partners IV and Montagu III, subject to approval of partnership agreements, said Christopher J. Wagner, senior investment officer, alternative assets. Funding will come from cash.
Separately, the system hired PENN Capital Management, Dolan McEniry Capital Management and Pugh Capital Management to manage $50 million each in the fund's fixed-income emerging manager program, said Juan M. Almaguer, principal investment officer, fixed income.
BATON ROUGE, La. — The Louisiana State Employees' Retirement System committed $50 million to private equity fund-of-funds manager Quellos Group, said Robert W. Beale, chief investment officer. Officials at the $7 billion system expect to commit another $50 million to another manager at the end of June; Mr. Beale declined to identify the finalists.. New England Pension Consultants is assisting
BATON ROUGE, La. — The Teachers' Retirement System of Louisiana hired Mellon Capital Management to run international indexed equities, subject to contract finalization, said Bonita B. Brown, director. Officials at the $12.4 billion plan will use the manager as needed, and Mellon might manage an EAFE index fund; the amount is dependent on the outcome of the pension fund's separate active large-cap international equity manager search, she said. Holbein Associates is assisting.
TRENTON, N.J. — The New Jersey State Investment Council, which oversees the state's $67.1 billion pension assets, hired Strategic Investment Solutions as its private equity consultant, said Kathy Hennessy, spokeswoman. The council on Jan. 20 decided to establish an alternative investment program, allocating 13% of fund assets over five to seven years to private equity, real assets and absolute return strategies.
NEWTON-LE-WILLOWS, England — Nichols PLC hired Investment Solutions to run its £12 million ($23 million) defined benefit plan, confirmed Richard Dinham, senior investment manager at Investment Solutions. Mr. Dinham said the firm would use an active liability-matching approach to managing the assets.
Investment Solutions is a unit of Alexander Forbes Ltd., which handles administration and actuarial services for Nichols, said Simon Nichols, director and company secretary.
Legal & General was the previous provider.
COLUMBUS, Ohio — The $64.5 billion Ohio Public Employees Retirement System made commitments to seven real estate funds, said Mary Beth Shanahan, assistant real estate investment officer. The plan committed $500 million to the closed-end Five Arrows IV fund; $200 million each to the JPMorgan Strategic Property Fund and Prudential's PRISA fund; $100 million each to the PRISA II and Fremont Strategic Property Partners II funds; $50 million to the Bryanston Realty fund and $30 million to the Och-Ziff Real Estate fund. The plan has about $705 million allocated to real estate. Its target is $2.8 billion, which plan officials intend to reach in 2008, she said.
TIGARD, Ore. — Oregon Investment Council approved $235 million in buyout fund and real estate investments for the $49 billion Oregon Public Employees Retirement Fund, Salem, said spokesman Kevin Max. The council committed $50 million to Littlejohn Fund III and $50 million to Markstone Capital Partners.
WASHINGTON — The Pharmaceutical Research and Manufacturers of America hired NYLIM Retirement Plan Services to manage its $30.8 million pension plan, according to Barbara Delaney, president at Fundamental Foundations of America, a pension consulting firm that assisted PhRMA in the search. The firm will handle administration, investment management, trust services, actuarial consulting and employee communications.
Barclays Global Investors was the fund's sole money manager, and all the assets were in index funds. The fund's actuary was Mercer Human Resource Consulting, and its trustee was State Street Corp.
PLANO, Texas — Safety-Kleen Systems Inc. hired Prudential Retirement as bundled provider of its $140 million 401(k) plan, confirmed Toby Todd, Safety-Kleen's vice president of compensation, benefits and HRIS.
Mr. Todd said benefits consultant Stanley, Hunt, Dupree & Rhine Inc. had been the plan's record keeper and administrator and First Trust Corp. was the trustee. The company's retirement plan adviser, Wall Street Access, assisted.
LONDON — J Sainsbury PLC, London, increased its allocation to hedge fund-of-funds managers La Fayette Investment Management (UK) and Financial Risk Management by £32.5 million ($42.47 million) each, putting each portfolio at £45 million, according to Geof Pearson, pension fund manager. The £3 billion fund is raising its alternatives allocation to 10% of assets, from 5%, with hedge funds accounting for one-third of the alternatives allocation. Most of the funding will come from rebalancing; no managers will be terminated.
OLYMPIA, Wash. — The Washington State Investment Board approved up to $1.2 billion in real estate and private equity investments, said spokeswoman Liz Mendizabal.
The $61.2 billion system will commit $250 million to Washington Holdings Structured Finance, a real estate fund; up to $700 million in Warburg Pincus Private Equity IX; and up to $50 million in the Banc Fund VII Trust, a private equity fund run by the Banc Funds Co. The board also approved an additional $200 million allocation to Pathway Capital Management to invest as opportunities are found.
Separately, the board renewed its contract with real estate consultant Courtland Partners for five years. The current contract expires June 30, Ms. Mendizabal said.
MADISON, Wis. — The $70 billion State of Wisconsin Investment Board hired Courtland Partners as a consultant to provide monitoring and performance reporting and investment due-diligence services for its $2.4 billion real estate portfolio, said Vicki Hearing, public information officer. Incumbent Russell Investment Group is exiting from such limited consulting work.