ST. LOUIS Ascension Health will invest a total of $270 million in five private equity and real estate funds for its $12 billion in pension funds and capital reserves, Treasurer Mark Amiri said. It committed $60 million each to WLR Recovery Fund and Warburg Pincus Private Equity Fund X and $50 million to Roark Capital. It will invest $50 million each in real estate funds run by Angelo Gordon and Credit Suisse. Summit Strategy assisted.
SYDNEY Catholic Superannuation and Retirement Fund hired Lazard Asset Management to run A$30 million ($24.9 million) in emerging markets equities. The A$3.5 billion fund increased its emerging markets equity allocation to 6% of assets from 3%, reducing its Australian equity weighting. The fund has A$1 billion in international equities.
In September, fund officials plan to review defensive assets, looking at a range of conservative options beyond the current vanilla portfolio of corporate and sovereign debt. Maybe well reduce our exposure to fixed interest; well be looking at everything from retail property to hedge funds, CEO Greg Cantor said in an interview with Investment & Technology.
Connecticut Retirement Plans
HARTFORD, Conn. Connecticut Retirement Plans and Trust Funds will invest $100 million in the Blackstone Real Estate Partners VI fund, confirmed Howard Rifkin, deputy treasurer of the state. The $26 billion funds investment advisory council approved the move Aug. 9. The allocation was funded with new cash flow. The fund has a 5% target allocation to real estate, Mr. Rifkin said; the current allocation is about 3%.
CPP Investment Board
TORONTO CPP Investment Board will commit e400 million ($540 million) to real estate fund ProLogis European II. The board invests the assets of the C$120.5 billion (US$113.8 billion) Canada Pension Plan, Ottawa, which has C$5.6 billion in real estate investments.
HARTLAND, Wis. Dorner Manufacturing Corp. replaced six mutual funds in its $20 million 401(k) plan.
It added Dodge & Cox International Stock, Wells Fargo Advantage Small-Cap Value, Davis New York Venture, PIMCO Commodity Real Return, Fidelity Emerging Markets and American Beacon Large-Cap Value, said Joseph Topp, vice president, Francis Investment Counsel, consultant to the plan, which assisted in the changes.
The Wells Fargo, PIMCO and Fidelity funds represent new asset classes for the plan.
The plan dropped Fidelity Puritan, Fidelity Magellan, Fidelity Growth and Income, Fidelity Blue Chip Growth, Fidelity Aggressive Group MidCap, and Harris Associates Oakmark Large-Cap Value.
The changes are a better fit for participants, Mr. Topp said. Dorner representatives couldnt be reached.
DUBLIN EBS Building Society chose BNY Mellon Asset Servicing as global custodian for its $4.2 billion portfolio, according to a BNY Mellon news release. A representative at EBS could not be reached by press time.
Government Pension Fund
OSLO Government Pension Fund-Global hired managers for six new assignments, according to a quarterly performance report released Aug. 21 by Norges Bank Investment Management, which manages the 1.94 trillion Norwegian kroner ($326 billion) fund. Hyperion Brookfield Asset Management, TCW Asset Management and Putnam Advisory will manage active U.S. fixed-income strategies and Wellington Management, Janus Capital Management and Tradewinds NWQ Global Investors will run active regional equities. The sizes of the portfolios and source of funding were not disclosed.
Idaho Public Employee
BOISE, Idaho Idaho Public Employee Retirement System will add the Calvert Socially Responsible Balanced Fund as an investment option for its $295.7 million 401(k) plan, said Alan Winkle, executive director of the $11.3 billion system. Officials added the mutual fund because some plan participants expressed concerns about and advocated divestment of companies with business ties to Sudan, Mr. Winkle said.
Separately, the 401(k) plan will add a Wilshire 4500 index fund run by Mellon Capital Management, replacing a Dreyfus active domestic midcap equity mutual fund.
FORT WORTH, Texas Intermet Corp. consolidated its 401(k) program with Putnam Investments, said Don Sabathier, Intermets director of compensation and benefits. Putnam will now be bundled provider for each of the firms five 401(k) plans, which have assets totaling $93 million; Putnam was already bundled provider for three plans, with assets totaling $65 million. Fidelity and Vanguard had served as bundled providers for the other plans. With the consolidation, all five plans will offer 17 investment options, Mr. Sabathier said.
Los Angeles City
LOS ANGELES Los Angeles City Employees Retirement System committed up to $5 million to Cityfront Capital Partners, a private equity fund of funds, said a source close to the $11.1 billion system. Funding will come from cash. No consultant was used. Also, the systems investment committee is expected to recommend a commitment of up to $5 million to St. Cloud Capital Partners II, a midmarket mezzanine debt fund. The LACERS board could decide to make the commitment at its Sept. 11 meeting.
Marshall & Ilsley
MILWAUKEE Marshall & Ilsley Corp. rehired BNY Mellon Asset Servicing as the global custodian for its $1 billion in trust and outsourcing assets, confirmed BNY Mellon spokesman Mike Dunn. An M&I representative could not be reached before deadline.
Separately, EBS Building Society, Dublin, chose BNY Mellon as global custodian for its $4.2 billion portfolio, according to a BNY Mellon news release. A representative at EBS could not be reached by press time.
JEFFERSON CITY, Mo. Missouris $1 billion 529 college savings plan will offer two investment options that have no direct ties to Iran, Syria, Sudan or North Korea, according to a spokeswoman for state Treasurer Sarah Steelman. They are a terror-free active international equity fund run by UMB Investment Advisors the first of its kind, according to the state and the Roosevelt Anti-Terror Multi-Cap fund.
The state uses Conflict Securities Advisory Group to certify companies as having no direct ties to Iran, Syria, Sudan or North Korea.
Vanguard manages the plan.
SYDNEY Non-Government Schools Superannuation Fund hired State Street to replace BNP Paribas Securities Services as master custodian, according to a report by Investment & Technology. The fund had A$2.2 billion (US$1.83 billion) in assets as of June 30, 2006, according to its most recent annual report.
BISMARCK, N.D. North Dakota State Investment Board committed $50 million to the INVESCO Real Estate Fund II and $30 million to Goldman Sachs Mezzanine Partners V, said CIO Steve Cochrane. Funding for the real estate fund will come from reducing the boards investment in the INVESCO Core Real Estate Fund, leaving it with $100 million. Funding for the mezzanine fund comes from cash.
EASTON, Pa. Northampton County Employees Retirement Fund hired Julius Baer to run $20 million in active mixed-cap global equities and GMO to run $12 million in active international large-cap equity, said Vic Mazziotti, the countys director of fiscal affairs.
The $250 million fund also moved $20 million to active large-cap value global equities managed by Vanguard and $14 million to domestic large-cap core equities managed by CS McKee.
Funding comes from eliminating a domestic large-cap core equity portfolio managed by CIM and an international equities portfolio managed by CS McKee. Each had $33 million.
CIM still manages $35 million in fixed income, while CS McKee manages a total of $124.2 million in a variety of investments. The changes were made for diversification. Peirce Park Group assisted.
Pennsylvania Public Schools
HARRISBURG, Pa. Pennsylvania Public School Employees Retirement System voted to hire Mun¬der Capital Management to run $340 million in active international small-cap equities and terminate the portfolios previous manager, Boston Co., said Evelyn Tat¬kovski, spokeswoman for the $67 billion fund. Alan H. van Noord, the systems CIO, and pension consultant Wilshire Associates recommended the change because the Boston Co. team managing that strategy moved to Munder.
Mike Dunn, a spokesman for Boston Co. parent Mellon Financial, declined to comment.
LONDON Pensions Trust hired Standard Life Investments to manage a £140 million ($281.2 million) active U.K. government bond portfolio, confirmed David Palmer, head of investment at the £3.8 billion fund. Mr. Palmer declined to provide the source of funding. Standard Life already runs a £160 million U.K. active corporate bond strategy for the fund.
San Jose Federated
SAN JOSE, Calif. San Jose City Federated Employees Retirement System will invest $15 million in DRA Growth and Income Fund VI, a real estate fund. Funding will come from rebalancing the $1.86 billion pension funds overall portfolio.
AUSTIN, Texas Texas Employees Retirement System added the Wells Fargo Advantage Dow Jones Target Date Funds to its 401(k) and 457 plans. The funds will become the default option for both plans on Jan. 1, according to a report on the boards Aug. 21 meeting.
The 401(k) plan had $1 billion and the 457 plan had $270 million as of Sept. 30, according to information submitted to Pensions & Investments. Citistreet is the bundled provider.
Spokeswoman Mary Jane Wardlow could not return calls by deadline seeking further details.
CHEYENNE, Wyo. Wyoming Retirement System rehired Buck Consultants to provide actuarial services, according to the systems June 15 board meeting minutes, posted on its website late last month. The board also voted to issue an RFP for a stable value fund manager for the systems $243 million 457 plan after the deferred compensation committee expressed concern about changes and instability at current manager INVESCO, according to the minutes. Thomas Mann, executive director of the $6 billion system, did not return calls requesting further information.