Hirings

STOCKHOLM — AP7 hired AXA Rosenberg Investment Management to run a 3.3 billion Swedish kronor ($455.5 million) active European equity portfolio that aims to beat the FTSE All World Europe benchmark, according to Svante Linder, head of fund management for the 67 billion kronor plan. Funding came from terminating IXIS Asset Management, which ran the money in European equities. "We were not 100% pleased with the performance," Mr. Linder said.

Christian Silianoff, head of communications for IXIS, did not respond to requests for comment by press time. Mercer Human Resource Consulting advised.

SACRAMENTO, Calif. — CalPERS hired seven firms for a new pre-approved list of developed market equity managers: AXA Rosenberg Investment Management; Batterymarch Financial Management; Fidelity Management Trust; Goldman Sachs Asset Management; PanAgora Asset Management; State Street Global Advisors; and Boston Co. The board of the $209 billion California Public Employees' Retirement System also approved creating a list of pre-approved emerging markets equities managers. Those managers are: Batterymarch; Lazard Asset Management; Pictet Asset Management; and Robeco Institutional Asset Management. Mary Cottrill, the system's senior portfolio manager, said CalPERS will likely fund one or more emerging markets managers soon.

The board also renewed the contracts of its high-yield bond managers for one year. They are: Highland Capital Management; ING Ghent Asset Management; Nomura Asset Management; and PIMCO.

CHICAGO — The Chicago Public School Teachers' Pension & Retirement Fund hired Lynmar Capital Group to manage $50 million in active domestic large-cap growth equities, said Kevin Huber, executive director of the $11 billion fund. Funding will come from reducing a $335 million portfolio run in the same style by Fidelity Investments, Mr. Huber said. Mercer Investment Consulting assisted.

As a result of the hiring, Lynmar will be dropped from the manager-of-emerging-managers programs run for the plan by Northern Trust Global Advisors and Progress Investment Management. The two firms will search separately for a replacement, Mr. Huber said.

DOVER, Del. — Delaware Public Employees' Retirement System hired Northern Trust as global custodian effective July 1, according to the fund's website. David Craik, administrator of the $6.45 billion system, did not return phone calls seeking additional information. The fund's custodian was Mercantile Bankshares as of June 2004, according to the Money Market Directory.

TALLAHASSEE, Fla. — The Florida State Board of Administration hired Aberdeen Asset Management to run $120 million in active emerging markets equities, said Michael P. McCauley, director of investment services and communications for the board, which oversees $118 billion in pension assets. Funding came from a reallocation of assets, said Mr. McCauley. No managers were terminated.

FRESNO, Calif. — The Fresno County Employees' Retirement Association hired State Street Global Advisors to run a cash overlay program for the $2.5 billion system, said Roberto Pena, retirement administrator. The overlay will help mitigate "cash drag," or the risk of holding cash positions too long and hurting portfolio returns, he said.

KANSAS CITY, Mo. — Generali USA Life Reassurance Co. hired Wells Fargo Institutional Trust Services as record keeper for its $15 million defined benefit plan and Fidelity Investments as record keeper for $14 million 401(k) plan, said Lesia Troesser, vice president of human resources and corporate services. The firms replaced Diversified Investment Advisors, which was dismissed as record keeper for both plans for performance, Ms. Troesser said. Wendy Daniels, a spokeswoman for DIA, declined to comment.

HOUSTON — Houston Firefighters' Relief & Retirement Fund hired Bridgewater Associates to run $75 million in its pure alpha strategy, pending contract negotiations, according to Christopher Gonzales, chief investment officer of the $2.53 billion fund. Funding for the new investment will come from pulling $60 million from the fund's emerging markets allocation, which had become overweighted, and cash.

LONG ISLAND CITY, N.Y. — Labor Management Health and Pension Fund, Local 807, hired active domestic large-cap equity managers Renaissance Investment Management and Navallier & Associates to run $11.5 million each in growth and WEDGE Capital Management to manage $23 million in value, confirmed George Kiriakos, vice president at Segal Advisors and consultant to the $290 million fund.

Funding came from the reallocation of an S&P 500 index fund. Local 807 executives declined to comment and referred questions to Mr. Kiriakos.

LOS ANGELES — The Los Angeles City Employees' Retirement System board rehired Pension Consulting Alliance as its general pension fund consultant, said Wayne Ige, investment officer for the $9.4 billion system.

Separately, the board renewed its contract with Barclays Global Investors for a passive S&P 500 portfolio but reduced it by $500 million to $481 million. The $500 million was added to a passive S&P 500 portfolio managed by RhumbLine Advisers, bringing that investment to $1.059 billion.

BATON ROUGE, La. — Louisiana District Attorneys Association Retirement System will invest $39 million in exchange-traded funds run by Barclays Global Investors, said Ed Ware, chairman of the board of the $190 million pension plan. The majority of assets will be invested in the iShares Lehman Aggregate Fund, and the system will also invest in the iShares Lehman 1- to 3-Year Treasury Bond fund and the iShares Lehman 7- to 10-Year Treasury Bond fund, according to John Vann, a consultant with the Rushmore Investment Advisors, which assists the plan.

The system also made its first venture capital investment, committing $1 million to the Louisiana Fund, a venture capital fund created by the Louisiana State University Research and Technology Foundation.

Funding came from terminating Navellier from a $12 million active, domestic small-cap growth equity portfolio and Stone Harbor Investment Partners from a $28 million active, domestic fixed-income portfolio.

Fund officials made the switch in an effort to boost returns, Mr. Ware said.

SAN FRANCISCO — Managers Investment Group hired Smith Group Asset Management as a subadviser to its $3.3 billion Managers Special Equity Fund, confirmed Bill Fergusson, senior vice president and director of marketing at Managers Investment Group. Smith Group, which did not replace another manager, joins the fund's five other subadvisers: Donald Smith & Co., Skyline Asset Management, Westport Asset Management, Kern Capital Management and Veredus Asset Management. Smith Group will initially be allocated less than 10% of the fund's assets under management.

SURREY, England — Merchant Navy Officers Pension Fund hired ABN AMRO Mellon Global Securities Services as global custodian, according to a news release from the £3.2 billion ($6 billion) pension plan. ABN AMRO will also provide accounting, securities lending and other services.

"The decision to move was taken after a long and very thorough review of MNOPF's custody needs, using an external tender process, which had been managed by Thomas Murray," a custody specialist, bank rating and advisory company, Alick Stevenson, director of investments for the fund, said in the news release. He was not available for further comment.

TRENTON, N.J. — The $74.7 billion New Jersey Division of Investment made $200 million in private equity commitments, according to Tom Vincz, spokesman for state Treasurer Bradley Abelow. The commitments are $100 million to Lindsay Goldberg & Bessemer II, a buyout fund, and $50 million each to Lexington Capital Partners VI and Partners Group Secondary 2006.

OSLO — The Norwegian Government Pension Fund-Global hired Delaware Investment Advisers to manage active fixed income and Jupiter Asset Management, TradeWinds NWQ Global Investors, Intrinsic Value Investors and Dalton Capital to manage active equities, according to the fund's quarterly report. No further information was released, per the policy of the 1.48 trillion Norwegian kroner ($243 billion) fund, according to a spokeswoman.

COLUMBUS, Ohio — The State Teachers Retirement System of Ohio rehired Russell Investment Group as its general consultant, said spokeswoman Laura Ecklar. Russell has been the $66 billion fund's general consultant for 12 years. Russell was chosen "to maintain the continuity of the investment program," said a news release from the fund.

LONDON — Railways Pension Trustee Co. Ltd. hired ABN AMRO Mellon Global Securities Services and rehired Bank of New York as co-global custodians, according to Frank Johnson, finance director at Railpen Investments, which manages the £17 billion ($32 billion) pension fund for U.K. railroad employees.

ABN AMRO replaced JPMorgan Chase, Mr. Johnson said. The fund uses two custodians to minimize risk, he said.

SEATTLE — Seattle City Employees Retirement System committed $3 million to the Magna Highlight Offshore Fund, said Mel Robertson, chief investment officer of the $1.9 billion fund.

SHREWSBURY, England — Shropshire County Council Pension Fund hired Baillie Gifford to run £42 million ($79 million) in active Japan equities and Martin Currie Investment Management to run £34 million in active Asia-Pacific ex-Japan equities, according to Graham Childlow, head of finance. Both portfolios had been managed by Schroder Investment Management, which was terminated after an asset allocation review of the £850 million pension fund, Mr. Childlow said. The decision was not related to performance, he added. Mercer Human Resource Consulting advised.

AUSTIN, Texas — Employees Retirement System of Texas selected Buck Consultants as its actuary and is negotiating a contract with the firm, according to Mary Jane Wardlow, spokeswoman for the pension fund. Buck replaces Towers Perrin, which had been the $21 billion system's actuary since 1989.

GERRARDS CROSS, England — Uniq PLC Pension Scheme appointed Watson Wyatt Worldwide as investment consultant, replacing Lane Clarke & Peacock LLP. Trustees of the £585 million ($1.1 billion) fund made the change because they "needed greater advice on alternative asset classes such as swaps," said Helen Whitbread, pensions manager.

OLYMPIA, Wash. — Washington State Investment Board will invest up to $200 million in GTCR Fund IX, managed by GTCR Golder Rauner. The board also approved a recommendation to extend its contract with Pathway Capital Management by one year, to June 30, 2007, said Liz Mendizabal, spokeswoman for the $66.9 billion system. The board also increased its allocation to Pathway by up to $300 million. The system began investing with Pathway in 1996 and has committed $775 million since then.