MONTGOMERY, Ala. — The Alabama State Treasury fund hired four fixed-income managers: AmSouth Asset Management, Evergreen Investment Management, Legg Mason and Morgan Asset Management. Portfolio sizes have not been determined. The $2.5 billion fund can invest only in U.S. Treasury and agency bonds, said Anthony Leigh, deputy treasurer. The fund issued an RFP in May.
FORT WAYNE, Ind. — Allen County Police Department Pension Trust hired Chilton Capital Management to run $4 million in active domestic large-cap growth equities, according to Kim Fontenot, Chilton director of marketing and client services, and Josh Smittkamp of Dover Consulting, consultant to the $24 million pension fund. Pension officials couldn't be reached for comment.
Mr. Smittkamp said funding came from a manager that was terminated; he declined to identify the firm.
CINCINNATI — Catholic Healthcare Partners hired Jeffrey Slocum & Associates to replace Mercer Investment Consulting as its general consultant. Jerry Judd, vice president, treasury, who helps oversee the company's $2 billion in pension and operating assets, declined to say why the fund made the switch. Stephanie Poe, a Mercer spokeswoman, declined to comment.
CHICAGO — The $6 billion Municipal Employees' Annuity & Benefit Fund of Chicago hired William Blair to manage $30 million in active emerging markets equities, said Jim Mohler, senior investment manager. The fund's board is also hiring another active emerging markets equity manager to run an additional $30 million, but Mr. Mohler would not name the firm because a contract has not been finalized. Funding for both managers came from reducing domestic equity investments; no managers were terminated. The board decided to hire the two managers for greater diversification.
Becker Burke Associates assisted with the shortlist search.
DENVER — Public Employees' Retirement Association of Colorado hired Baillie Gifford to manage a $200 million emerging markets equity portfolio, a new allocation for the $32.3 billion fund, said Jennifer Paquette, deputy executive director-investments. Funding came from cash.
HARTFORD, Conn. — The $20 billion Connecticut Retirement Plans and Trust Funds rehired State Street as global custodian, according to Robyn Belek, spokeswoman. The contract includes securities lending. Callan Associates assisted.
ATLANTA — The Georgia Office of Treasury and Fiscal Services hired JPMorgan Worldwide Securities Services, a unit of JPMorgan Chase, as securities lending agent for two active domestic fixed-income portfolios with a combined $1.1 billion in assets, confirmed Stephen J. Caffarelli, OTFS assistant director. It is the department's first securities lending program. Chatham Partners assisted.
NORTHAMPTON, Mass. — The $135 million Hampshire County Retirement System hired New England Pension Consultants as its investment consultant, said Mary Baronas, retirement administrator. The contract of previous consultant, CRA RogersCasey, had expired. NEPC will review the plan's asset allocation, manager lineup and performance, and "we'll see if they make some recommendations," Ms. Baronas said.
The plan's current allocation is 28% passive equities, 23.5% bonds, 14% large-cap domestic equities, 13% international stocks, 10% small-cap domestic equities, 8% real estate, 2% venture capital and 1.5% cash.
URBANDALE, Iowa — The Iowa Municipal Fire and Police Retirement System committed $20 million to the 2006 Adams Street Global Offering Fund, according to a statement by the board of the $1.3 billion system. Further information was unavailable.
FRANKFORT, Ky. — Kentucky Finance and Administration Cabinet hired US Bank Institutional Trust & Custody as custodian for the commonwealth of Kentucky's $2.8 billion general investment pools, said Dwight Price, portfolio manager with the cabinet. The custody contract had been part of the cabinet's depository bank contract, but the cabinet decided to split it into two separate components. Farmer's Bank and Trust remains the depository bank for the investment pools.
SEOUL — Korea Securities Depository hired Bank of New York as securities lending agent, according to Kevin Heine, a bank spokesman. The program involves offshore securities owned by the National Pension Corp., a non-profit state pension fund that had $100.29 billion in assets as of June 30, 2003, the most recent data available.
"We were seeking to optimize portfolio performance and generate incremental revenue through our securities lending program," Koog-jun Cho, executive director and CIO at NPC, said in a news release.
Korea Securities Depository is the country's sole securities depository and clearing organization. Bank of New York is the organization's global custodian.
LOS ANGELES — The $8.3 billion Los Angeles City Employees' Retirement System's board committed $25 million each to AMB Japan I and LaSalle Asia Opportunity II funds, and $10 million each to the Yucaipa American Alliance I and Whippoorwill Distressed Opportunity funds.
PASADENA, Calif. — The Los Angeles County Employees Retirement Association rehired Milliman Inc. as its consulting actuary and retained Milliman to provide valuation, investigation and actuarial consulting services through the completion of the 2010 valuation, according to Gregg Rademacher, assistant executive officer of the $33 billion fund. The board also rehired Segal Co. as its audit actuary.
MELBOURNE — Macquarie Funds Management hired Dividend Capital Investments to manage Macquarie's North American real estate securities portfolio, said Thomas Florence, president of Dividend. The portfolio size was not disclosed.
BALTIMORE — The State Retirement and Pension System of Maryland hired Acadian Asset Management to run about $500 million in global equities, said Steven Huber, chief investment officer. Partial funding came from cutting $400 million from an international equity portfolio run by Capital Guardian, giving $200 million each to Acadian and to an existing international equity portfolio run by Franklin Templeton Institutional. CapGuardian and FTI now run $1.3 billion each, and both portfolios were switched to global equities. The funding source for the remainder of Acadian's portfolio has not been determined.
CHESHIRE, England — Nord Anglia Education PLC hired Investment Solutions as manager of its £11 million ($19.25 million) Lifetime pension program, confirmed Grant Stevens, pension officer. Insight Investment Management was the previous manager, handling the scheme's assets in a balanced portfolio. Nord Anglia officials wanted to use a multimanager approach. Clea Bourne, media relations manager at Insight Investment, said the firm had no comment.
Investment Solutions' parent, Alexander Forbes Financial Services, was hired by Nord Anglia as fund consultant, actuary and administrator, Mr. Stevens said in an e-mail. Alexander Forbes replaced Mercer Human Resource Consulting.
"The trustees do from time to time review the scheme's administrators and concluded on this occasion that Alexander Forbes (is) more appropriate to a scheme and fund of the size of Lifetime pension scheme," Mr. Stevens said.
COLUMBUS, Ohio — Ohio School Employees Retirement System hired Nicholas-Applegate Capital Management, RS Investments and Tyee Capital Management as "backup" small-cap growth managers. The firms would be funded only if the $8.7 billion fund's small-cap growth managers, PENN Capital Management and Renaissance Investment Management, were terminated or if there were a shift in the fund's asset allocation that would require hiring an additional small-cap growth manager, said Julie Graham-Price, spokeswoman. Penn handles $50 million for the fund, Renaissance runs $35 million.
SANTA ANA, Calif. — Orange County Employees Retirement System hired Washington Capital Management to handle $50 million in active domestic small-cap growth equities, subject to contract negotiations, according to Keith Bozarth, chief executive officer of the $5 billion system. Funding is from cash. Voyageur Asset Management was selected as a backup in case contract negotiations with Washington are unsuccessful. The system also hired international small-cap equity managers GlobeFlex to run $75 million and AXA Rosenberg to manage $25 million, subject to contract negotiations. Funding for the three hirings will come from cash.
BRISBANE, Australia — QIC hired Bank of New York to provide commission recapture services, according to a news release from BoNY.
"After a thorough and competitive search for a commission recapture provider, we selected BNY Brokerage because we were impressed with its robust electronic and broker-assisted trading capabilities, as well as with its comprehensive commission management service and broad correspondent broker network," Michael Cottier, general manager corporate services at QIC, said in the release.
QIC, formerly known as Queensland Investment Corp., is wholesale funds manager with more than $38 billion in assets under management for a range of public and private sector clients, including major superannuation funds.
HARRISBURG, Pa. — The Pennsylvania State Employees' Retirement System will hire active European equity managers Walter Scott & Partners to manage $350 million and Gartmore Global Partners to run $50 million, pending contract negotiations, according to Robert Gentzel, director of communications for the $26.8 billion system.
The system will also invest up to $10 million in the Brynwood Partners V private equity fund, pending contract negotiations, Mr. Gentzel said.
Separately, follow-on commitments of $35 million each will be made to the Prudential Senior Housing Partners III, increasing its total commitment to $73.1 million, and Rockpoint Real Estate Fund II, raising its commitment to $36.7 million. Further follow-on commitments will be made to five of its venture capital managers: $50 million each to Avenue Special Situations IV and Lexington Capital Partners VI; $35 million each to HealthCare Ventures VIII and Meritech Capital Partners III; and up to $25 million to Alloy Ventures 2005. The total amounts of those fund investment were not available.
Funding for the new and follow-on commitments will come from cash.
SAN FRANCISCO — The San Francisco City & County Employees' Retirement System committed up to $25 million to Vestar Capital Partners V, a private equity fund, said David Kushner, deputy director for investments for the $12.8 billion system.
SEATTLE — The $1.7 billion Seattle City Employees Retirement System will invest $10 million in American Realty Advisors' American Stable Value Fund, a core commingled real estate fund, and $15 million in Babson Capital's Power Square II, a mezzanine fund, said Mel Robertson, assistant executive director.
SOUTHBRIDGE, Mass. — The $20 million Southbridge Retirement Board hired Independence Investment to run $2 million in active domestic small-cap core equities, confirmed Mary E. St. Germain, administrator. Funding will come from Dreyfus, which was terminated earlier this year.
Segal Advisors assisted.
LONDON — Standard Life Investments hired ABN AMRO Mellon Global Securities Services to provide global custody services for its $11 billion money market fund, confirmed Hilda Wright, a Standard Life spokeswoman. Also, Mellon Financial will provide fund administration and trustee services. She declined to identify the previous provider of the services. "We were very comfortable with the strength of Mellon's client servicing abilities and its ability to tailor operational solutions to our specific needs for Standard Life Investment's AAA-rated fund," Kevin Thompson, head of money market funds at Standard Life, said in a news release.
ABN AMRO Mellon Global Securities Services is a joint venture of ABN AMRO and Mellon Financial.