Arizona Sheet Metal Workers
PHOENIX Sheet Metal Workers of Arizona hired INTECH to run $22 million in active domestic fixed income, said Gerald Stewart, business manager for the $70 million pension plan. Funding came from reducing an active domestic fixed-income portfolio run by M.D. Sass Group by $11 million, to $6 million, and terminating a similar-style portfolio run by Denver Investment Advisors. The move was made to focus on INTECHs quant strategy, Mr. Stewart said. Marco Consulting Group assisted.
Arizona State Retirement
PHOENIX Arizona State Retirement System hired Ennis Knupp as its primary private equity consultant and Meketa Investment Group and Franklin Park Associates to assist, confirmed Paul Matson, executive director. The $25.5 billion system plans to assemble a private equity strategic plan over the next two to three months before searching for private equity managers for its 5% allocation.
LAS VEGAS Boyd Gaming Corp. hired CitiStreet as third-party administrator for its defined contribution plans, confirmed Rob Stillwell, director of investor relations for Boyd Gaming. CitiStreet replaces Diversified Investment Advisors. According to the Money Market Directory, the company had about $160 million in 401(k) assets as of June 2005, the most recent date for which figures are available.
University of Colorado
BOULDER, Colo. University of Colorado Board of Regents committed $100 million in operating assets to the University of Colorado Foundation, confirmed Don Eldhart, university treasurer. The foundation acts as a manager of managers for the regents, investing university funds across several strategies, according to Christopher Bittman, foundation chief investment officer. The board, which is responsible for $1.3 billion in university assets, already has $100 million invested with the foundation in several portfolios, Mr. Bittman said. Callan Associates assisted.
Indiana Public Employees
INDIANAPOLIS Indiana Public Employees Retirement Fund committed $50 million to Silver Lake Partners III, a private equity fund focused on technology-based companies, according to a statement by the $16.3 billion fund. Strategic Investment Solutions assisted with the search, said Jeffrey D. Hutson, director of communications.
Iowa Public Employees
DES MOINES, Iowa Iowa Public Employees Retirement System hired Western Asset Management, Smith Breeden Associates and Westridge Capital Management to run a total of $1.8 billion in enhanced cash portable alpha strategies for its $22 billion fund. Western Asset and Smith Breeden were assigned $700 million each, and Westridge, $400 million.
Funding will come from reducing an S&P 500 index fund run by Mellon Capital Management by $1.2 billion, leaving it with $800 million. Also, $300 million each will be taken from an RCM Capital Management active domestic large-cap growth equity portfolio and a Wellington Management large-cap value portfolio, leaving both with about $700 million.
BGI was the transition manager. Wilshire Associates assisted with the changes.
Irish National Pensions
DUBLIN Irish National Pensions Reserve Fund hired JPMorgan Worldwide Securities Services to provide fund accounting, performance data tracking and other administrative services relating to its expanding real estate and private equity portfolios, according to Adrian ODonovan, senior manager and commission secretary. Fund services for those strategies have been handled internally.
The €18.8 billion ($25.5 billion) pension fund plans to increase real estate and private equity assets to about €2 billion each over the next two years. The fund has about €900 million committed to real estate and €700 million committed to private equity.
Kansas City Police
KANSAS CITY, Mo. Kansas City Police Employees Retirement System hired Milliman as actuary, pending contract negotiations, according to minutes of the $800 million funds April 10 meeting. Milliman replaces Gabriel, Roeder, Smith. James Pyle, board pension manager, was not available by press time to provide further details.
Los Angeles City
LOS ANGELES Los Angeles City Employees Retirement Systems board hired Courtland Partners as real estate consultant, said Wayne Ige, investment officer for the $10.9 billion system. Incumbent Townsend Groups contract expired March 31 but was extended for three months. The fund has a $468 million real estate portfolio.
Separately, the board committed up to $10 million to private equity fund Parish Capital II. The board also revised its private equity strategic plan, giving private equity consultant Hamilton Lane greater discretion over committing assets to private equity funds without prior board approval, Mr. Ige said.
Louisiana Municipal Police
BATON ROUGE, La. Louisiana Municipal Police Employees Retirement System selected Loomis Sayles to run $130 million in core-plus fixed income, confirmed Henry Dean, chairman of the pension board of the $1.5 billion fund. Funding came from a core fixed-income portfolio run by Orleans Capital Management; Orleans did not rebid. Summit Strategies assisted.
WINDSOR, England Morgan Crucible Co. PLC Pension Scheme will invest £80 million ($160.62 million) in the Nova (Lux) Diversified Growth Fund, a global multiasset fund run by the asset management division of Credit Suisse, said Geoffrey Weir, director of group benefits and compensation. The fund is an absolute-return strategy targeting 400 basis points above one-month LIBOR, net of fees.
TRENTON, N.J. New Jersey Division of Investment will invest a total of $625 million in hedge funds, $325 million in private equity and $200 million in real estate funds, said Mark Perkiss, spokesman for the New Jersey treasurers office.
The hedge fund investments are: $200 million to a Blackstone Alternative Asset Management fund of funds; $150 million each to a Protege Partners fund of funds and Farallon Capital Institutional Partners; $75 million to Ascend Partners Fund II; and $50 million to Omega Overseas Partners Class B.
The $87 billion divisions private equity commitments are: $100 million each to Avenue Special Situations Fund V and MatlinPatterson Global Opportunities Partners III; $75 million to Thomas H. Lee Equity Partners Fund VI; and $50 million to KPS Special Situations Fund III.
The real estate investments are: $100 million in AEW Core Open-End Fund; and $50 million each in CIM Real Estate Fund III and Capri Urban Investors.
New Mexico Public Employees
SANTA FE, N.M. New Mexico Public Employees Retirement Association committed $30 million each to Satellite Fund II, a multistrategy hedge fund; GoldenTrees multistrategy credit hedge fund; and Sun Capital Partners V, a buyout fund, said Robert Gish, CIO of the $13.1 billion association.
New York State Teachers
ALBANY, N.Y. New York State Teachers Retirement System approved several alternative investments, subject to due diligence. Trustees for the $101 billion fund authorized commitments of up to $250 million to Lexington Co-Investment Partners II, up to $150 million to Carlyle Partners V and up to $75 million to Olympus Growth Fund V, all private equity funds, according to a summary of the trustees April 23 meeting.
The board also approved real estate investments in the ING Clarion Debt Opportunity Fund II LLC of up to $100 million, or no more than 20% of the ING Clarion funds assets, as in the Exeter Industrial Value fund of $50 million, or no more than 20% of that funds assets.
The trustees also terminated active international equity managers Gryphon International Investment, which ran $526 million, and Walter Scott & Partners, which handled $565 million. Gryphon was terminated for performance, while Walter Scott was dropped for performance and organizational reasons, said Heidi Brennan, a spokeswoman for the system. Those assets were moved to an enhanced international equity index portfolio run by BGI.
A Gryphon International spokeswoman declined comment. Jamie Brooks, a spokesman for Mellon Financial Co