Stichting Pensioenfonds ABP, Heerlen, Netherlands, committed $30 million to a microfinance private equity fund managed by Grassroots Capital, according to fund spokesman Thijs Steger.
The commitment is part of the e208 billion ($280 billion) fund's 5% strategic allocation to private equity, which accounts for 5%. The fund began investing in microfinance in 2005, and now has about $215 million either invested or committed to microfinance debt and microfinance private equity strategies.
Aon Consulting gets nod from University of Durham
The £55 million ($83 million) University of Durham Retirement Benefits Plan, Durham, England, appointed Aon Consulting as investment consultant, according to Janet Robertson, pension fund manager.
Aon will replace Jardine Lloyd Thompson, whose contract expired at the end of March.
Falkirk County picks Aberdeen for active global
The Falkirk County (Scotland) Council Pension Fund hired Aberdeen Asset Management to run a £120 million ($180 million) active global equity strategy, said Alastair Redpath, treasury manager.
Falkirk, which has about £1 billion in total assets, will fund the mandate by reducing a passive equity portfolio managed by Legal & General Investment Management by the same amount. L&G will continue as manager for the remainder of the passive global equity portfolio, about £200 million.
Hymans Robertson advised.
Illinois State Board sets transition manager slate
Illinois State Board of Investment, Chicago, selected Knight Capital Group, BNY ConvergEx Group, Northern Trust and State Street as prequalified managers in its transition management pool, said William R. Atwood, executive director of the $10.1 billion fund.
They join existing transition managers BlackRock, J.P. Morgan and Frank Russell.
The hirings are the result of an RFP the board conducted to broaden the transition manager stable, Mr. Atwood said.
Progress to develop emerging managers program for foundation
W.K. Kellogg Foundation, Battle Creek, Mich., hired Progress Investment Management to develop a manager-of-emerging-managers program, confirmed spokeswoman Joanne Krell.
The $6.8 billion foundation will create a $100 million diversified portfolio of emerging fixed-income and equity managers that will be managed by Progress.
It is the Kellogg Foundation's first emerging managers program, Ms. Krell said in a telephone interview. She added that Atlanta Life Investment Advisors is the first manager in the program.
LACERS rehires Courtland as real estate consultant
Los Angeles City Employees' Retirement System rehired Courtland Partners as its real estate consultant.
Courtland was hired by the $9.6 billion system three years ago as consultant for the system's $426.8 million real estate portfolio with the option of two three-year contract renewals.
Separately, the system committed $20 million to Angeleno Investors III LP, a private equity fund. Pension Consulting Alliance, the system's private equity consultant, assisted.
Milwaukee City plan names Allianz Global for small-cap growth stocks
Milwaukee City Employes' Retirement System hired Allianz Global Investors to manage $87.5 million in active domestic small-cap growth equities, according to Tom Rick, the system's chief investment officer.
Funding came from terminating Artisan Partners, which ran a similar-style portfolio. The move was part of a restructuring of the $3.96 billion system's managers.
New Mexico plans for Asia investments
New Mexico Public Employees Retirement Association, Santa Fe, committed $20 million to LIM Asia Multi-Strategy Fund, a hedge fund focused on investments in Asia, said Joelle Mevi, deputy director, investments, for the $10.9 billion association.
North Yorkshire hires Hewitt as consultant
North Yorkshire County Council Pension Fund, Northallerton, England, hired Hewitt Associates as investment consultant, said Tom Morrison, principal accountant for the £1.2 billion ($1.8 billion) fund.
Hewitt replaces Mercer, whose contract expired March 31.
Ohio School system plans hedge fund investments
Ohio School Employees Retirement System, Columbus, committed up to $30 million each to hedge funds BlueCrest International Ltd., Eminence Fund Ltd., Level Global Overseas Ltd. and York European Opportunities Unit Trust.
The system also committed up to $40 million to Monomoy Capital Partners II LP, a U.S. middle-market buyout fund.
The commitments by the $9.4 billion pension fund were approved at a March 18 board meeting, spokesman Tim Barbour said. Funding for all of them will come from cash.
Separately, the board also approved an increase in the target allocation of hedge funds to 15% from 10%. Funding will come from equities. The change comes from a recent study by Summit Strategies, the system's investment consultant.
LaSalle replaces Hermes at Royal Mail plan
Royal Mail Pension Plan, London, hired LaSalle Investment Management to run a £1.6 billion ($2.5 billion) discretionary real estate portfolio. LaSalle replaced Hermes Pensions Management.
Gerry Degaute, CEO of the £20.3 billion Royal Mail plan, did not respond to requests for details or comment.
SSgA goes with Nuveen for subadviser role
SSgA hired Nuveen Investments to subadvise a total of about $2.7 billion in five municipal bond SPDR ETFs and institutional separately managed accounts, effective April 1.
Under the agreement, the ETFs will be rebranded as SPDR Nuveen municipal ETFs.
Tim Ryan, vice president and lead portfolio manager of the SSgA municipal bond SPDR ETFs and a unit head for its Municipal Bond Group, will move to Nuveen Asset Management as senior vice president.
Bill Huffman, co-head and COO of Nuveen Asset Management, said SSgA had run the ETFs and separate accounts in-house.
State Street spokeswoman Marie McGehee confirmed the hire.