Agway Inc., DeWitt, N.Y., is conducting an asset allocation review of its $550 million defined benefit plan.
No review has been done in a few years, said Leslie Smith, vice president and CIO. She is not sure what changes if any will come out of the review or when the review will be complete. The study is being done internally. The current asset mix is 67% stocks, 29.5% bonds and 3.5% in other investments and cash.
Employees' Provident Fund of Malaysia, Kuala Lumpur, expects this year to move forward with its plan to invest 1 billion ringgits ($263 million) in foreign stocks and bonds.
Last year, the 129 billion ringgit ($34 billion) fund chose six unnamed international managers - all non-Malaysian. But funding was delayed for administrative reasons, said a close observer who requested anonymity. The allocation will be funded from cash flow.
In a speech last year, Tam Sri Sallehuddin, the EPF's executive chairman, said the international investments will be carried out gradually, with an initial allocation of 1 billion ringgits.
GTE Investment Management, which manages the $20 billion pension plan for GTE Corp., is searching for office space ``between White Plains, N.Y., and Norwalk, Conn.,'' and is likely to move by the end of 1998, said T. Britton Harris, GTEIMCO president.
There have been reports the investment management team would move to Dallas from Stamford, Conn., with the rest of the company. But Mr. Harris said the 32-member investment team will remain in the Northeast.
University of Iowa Foundation, Iowa City, will consider adding a domestic buyout fund from The Common Fund at its board's May 7 meeting.
The $335 million foundation now invests in a variety of venture capital funds as part of its $55 million alternative investments portfolio. The board plans to keep those investments, but wants to consider using The Common Fund in the fund-of-funds approach, said Larry Bruse, treasurer.
The board also will consider allocating more money to Artisan Partners' small-cap growth fund. The firm now manages a total of $15 million in a small-cap growth fund and an international equity fund. Cambridge is assisting.