SAN FRANCISCO — The $14.5 billion fund San Francisco City & County Employees' Retirement System will commit up to $20 million to Avenue Asia Special Situations Fund IV and up to $10 million in Syncom Fund V.
HIRINGS: San Francisco to commit up to $30 million to private equity funds
SAN JOSE, Calif. — The $500 million San Jose 457 Deferred Compensation Program retained ING Financial Services to be its sole bundled provider, according to its website. The plan terminated its other provider, ICMA Retirement. The plan will offer 30 investment options, down from 55. Dorothy Atchison, program director, did not return calls requesting further information.
EDINBURGH — Scottish & Newcastle Pension Plan hired Mercer Human Resource Consulting to administer its £2 billion ($3.8 billion) pension fund, according to Lydia Donnelly, Mercer spokeswoman. The plan had been handled by a 16-person team that moved to Mercer. Asset management was not part of the agreement, but Mercer now also will act as investment consultant; previous consultant Watson Wyatt Worldwide was terminated. Information on whether the deal will result in an asset allocation review was not available at press time, according to Ms. Donnelly.
CARBONDALE, Ill. — Southern Illinois University Foundation invested $8 million in Barclays Global Investors Alpha Tilt; $8 million in PIMCO StocksPLUS; $5.8 million in BGI Global Mid-cap Tilt; $3 million in an active domestic small-cap value equity separate account run by Clover Capital Management; $3 million in an active domestic small-cap growth equity separate account run by Kalmar Investments; $2.2 million each in active emerging markets value and active international small-cap value accounts run by Dimensional Fund Advisors; and $3 million total in the PIMCO Real Return Strategy Fund, a TIPS fund run by Loomis Sayles and the PIMCO High Yield Fund.
The $75.5 million endowment fund will cut $3.1 million from its current investment in the American Funds EuroPacific Growth Fund, leaving it at $8.8 million, and $3.3 million from the Western Asset Core Plus Bond Portfolio, leaving it at $7.3 million.
The fund will terminate the following investments: $29.8 million in the Vanguard Total Stock Fund; $11.8 million in the Wellington CTF Research Equity Fund; and $10.6 million in the PIMCO Total Return Fund.
Foundation officials issued RFPs earlier this summer in an effort to diversify the fund.
LONDON — Virgin Money, Virgin Group's financial services business, hired State Street Corp. to provide fund management, global custody and other administrative services for its £2.6 billion ($5 billion) in savings, insurance and lending sector assets, said John Franklin, spokesman. State Street Global Advisors will manage the assets in a FTSE All-Share index strategy. State Street replaces Henderson Global Investors, terminated in what Mr. Franklin called "a business decision." He refused to elaborate.