CHICAGO Akzo Nobel Inc. hired Financial Engines to provide managed accounts and investment advice to participants in its $1.6 billion 401(k) plan, effective July 1, said Jaime Erickson, manager of defined contribution plans. It is the first time Akzo Nobel is using managed accounts and investment advice.
Hirings:Akzo Nobel starts its Financial Engines
EDMONTON, Alberta The C$6.64 billion (US$6.75 billion) Workers' Compensation Board-Alberta hired consulting firm Eckler to conduct an asset allocation study expected to be finished in August, board spokeswoman Jennifer Dagsvik said in an e-mail.
SACRAMENTO, Calif. California Public Employees' Retirement System committed a total of about $1.35 billion to five private equity funds in January, according to documents posted on the pension fund's website: $500 million to the Riverstone/Carlyle Global Energy & Power Fund IV; $442 million to Bridgepoint Europe IV fund; $200 million to the Resolute Fund II, run by The Jordan Co.; $106 million to Carlyle Europe Technology Partners II and $100 million to Advent Japan Private Equity Fund. The $240.6 billion fund also committed $100 million to the Marquee Fund, a multistrategy hedge fund run by Evnine & Associates.
The system also invested a total of $300 million with two emerging managers: $150 million to Leading Edge Investment Advisors, $100 million in a Quotient Investors large-cap core equity fund, and $50 million in a Quotient small-cap core equity portfolio.
DAYTON, Ohio University of Dayton hired Hancock Timber Resource Group to manage $5 million in timber, the first such move for the school's $400 million endowment, said Delanie Moler, investment officer. Funding will come from cash and from reducing the endowment's domestic equity allocation.
No managers will be terminated.
DENVER Denver Public Schools Retirement System hired Dimensional Fund Advisors to run $65 million to $70 million in its actively managed International Small Company Value mutual fund, said Amy McGarrity, investment officer for the $3 billion plan. Funding came from terminating Morgan Stanley, which handled the money in a similar style in a commingled fund.
Ms. McGarrity said Morgan Stanley was terminated for performance. Morgan Stanley spokeswoman Erica Platt declined to comment.
EXETER, England Devon County Council Pension Fund hired JPMorgan Worldwide Securities Services to provide global custody for the £2.2 billion ($4.4 billion) fund, confirmed Joanne Parker, spokeswoman for fund consultant Thomas Murray. JPMorgan had been custodian for about £250 million of the portfolio, while State Street Bank was custodian for the remainder. The council recently decided to consolidate all its assets with one global custodian.
MADISON, Wis. Group Health Cooperative of South Central Wisconsin hired Francis Investment Counsel as consultant for the co-op's combined $38.7 million 403(b) and money purchase plans, said Joseph Topp, spokesman for the plan. Francis will provide both investment consulting and participant communication and advisory services.
LONDON Paul Hamlyn Foundation appointed Investec Asset Management to run a £50 million ($100 million) active global equity strategy, confirmed Jonathan Sheldon, the £510 million foundation's finance director and company secretary. Funding for the global strategy came from a terminated £70 million U.K. active equity portfolio, said Mr. Sheldon; he declined to identify the manager.
The remainder was invested in five hedge funds, which Mr. Sheldon also declined to name. Cambridge Associates advised.
HARTFORD, Conn. ING Direct Asset Management hired SSgA as subadviser for three new Streetwise mutual funds and State Street Corp. to provide custody, accounting and fund reporting, confirmed Paul McKenna, senior manager of mutual fund marketing for ING Direct Canada.
The Streetwise Balanced, Balanced Income and Balanced Growth funds will feature four strategies managed by SSgA benchmarked to the MSCI EAFE, S&P/TSX 60, S&P 500 and DEX Universe indexes.
LOS ANGELES Los Angeles City Employees' Retirement System committed up to $25 million to TPG Partners VI, a global buyout and growth capital fund with a $15 billion target, according to a staff report to the board of the $11.1 billion system. Hamilton Lane, one of the system's alternative investment consultants, recommended the commitment under the system's discretionary program.
LOS ANGELES Los Angeles Fire & Police Pension System committed $30 million to Vista Equity Partners Fund, a middle-market buyout fund. Aldus, one of the system's private equity consultants, assisted.
Townsend was rehired as consultant for the system's $1.1 billion real estate portfolio, said Tom Lopez, chief investment officer of the $14.8 billion system.
MESA, Ariz. City of Mesa Deferred Compensation Program hired Great-West Retirement Services as bundled provider for its $40 million 457 plan, according to the city's website. The plan had five providers: Great-West, ING Retirement Services, VALIC, ICMA Retirement and Hartford Financial. Bryan Raines, deputy city manager, did not return calls seeking details.
HELENA, Mont. Montana Board of Investments committed $20 million to Oak Hill Capital Partners III, a middle-market buyout private equity fund, said Carroll South, executive director of the board. The board oversees about $13 billion, including $8 billion in pension assets.
CHESTERFIELD, England O2 Pension Plan hired BNY Mellon Asset Servicing to provide global custody, investment accounting, cash management, securities lending and performance measurement services for the €1 billion ($1.5 billion) fund, according to a BNY Mellon news release. The duties previously were handled by the plan's money managers, according to the release. Consultant KPMG Investment Advisory assisted. James Kirkland, O2's pension manager, could not be reached by press time for comment.
HARRISBURG, Pa. Pennsylvania Public School Employees' Retirement System trustees approved commitments to private equity, venture capital and real estate funds, according to the $67.4 billion system's website. The Harrisburg-based fund committed up to $200 million to Actis Emerging Markets 3, up to e150 million ($230 million) to the Partners Group Secondary, up to $100 million in Credit Suisse Strategic Partners IV private equity fund, up to $50 million in the Credit Suisse Strategic Partners IV venture capital fund and up to $75 million in the Credit Suisse Strategic Partners IV real estate fund. The board also approved commitments of up to $150 million in the Lubert-Adler Real Estate VI fund, up to e200 million in Blackstone Real Estate Partners Europe III, up to $50 million in Cardinal Venture Partners II and up to $100 million in Aisling Capital III, a venture capital fund.
PHILADELPHIA Philadelphia Public Employees Retirement System committed $20 million to the LLR Equity Partners III, a private equity fund, confirmed Chris McDonough, chief investment officer of the $4.9 billion fund.
SAN FRANCISCO San Francisco City & County Employees' Retirement System committed a total of about $100 million with four private equity funds. The $16.9 billion pension fund placed $30 million each with Apollo Investment Fund VII and TPG Partners VI, both large-market buyout funds, confirmed David Kushner, deputy director for investments. The system also placed $25 million with Fidelity Real Estate Opportunistic Income Fund and €10 million ($15.6 million) with Summit Partners Europe Private Equity Fund I. The commitments were approved at the system's board meeting March 11.
The board also rehired Northern Trust as global custodian under a five-year contract. Northern Trust's current contract expires June 30.