SEARCHES & HIRINGS
Oregon Public Employes Retirement Fund, Salem, put $100 million each into a new international, alternative equity ``fund of funds'' being formed by HarbourVest Partners, and an alternative equity fund organized by Joseph, Littlejohn & Levy.
Oregon also placed $250 million with each of three international equity managers: Brandes; Driehaus Capital; and Sanford Bernstein. Funding will come from money freed up last spring, after the $27 billion fund terminated Barings and Decision Services. Oregon also will invest $250 million with a still-to-be-determined emerging markets manager.
Los Angeles Fire & Police Pension System hired Sentinel Real Estate and Urdang to manage separate account opportunistic real estate portfolios, said Thomas Lopez, CIO for the $9.3 billion system. Each firm will receive $80 million. The commitments will be funded from cash.
Ronald A. Karp Associates assisted.
National Australia Group Pensions Common Investment Fund, Leeds, England, switched to a specialist manager lineup. The £1.4 billion ($2.3 billion) fund now will invest 85% of its assets in equities; 40% of the equities will be invested passively, said Neil Barrell, manager, group pensions for National Australia Group Europe.
The fund previously had four balanced managers: Morgan Grenfell, Gartmore, and PDFM, each of which managed about 30% of assets; and Baillie Gifford, 10% of assets. Only Morgan Grenfell, which will manage U.K. and international equity mandates, was retained.
Also hired to manage active U.K. equities was Fidelity Pensions Management. Capital International was picked for international equities. Barclays Global was awarded two portfolios: an actively managed global bonds and a passive global equity mandate. The sizes of the awards have not been determined. Watson Wyatt assisted.
Brasfield & Gorrie Inc., Birmingham, Ala., will add two new stock funds to its $23 million 401(k) plan on Feb. 1. The Putnam Voyager Fund, a midcap fund, and the Franklin Balance Sheet Investment Fund, a small-cap fund, bring the number of options in the plan to nine. Daniels & Alldridge assisted.
Nine West Group Inc., New York, appointed The Bank of New York trustee of its $55 million defined benefit plan, replacing Smith Barney Salomon. Thimio Sotos, Nine West assistant treasurer, said the appointment was part of an overhaul of pension assets that were only $5 million until two years ago, when the company acquired a division of U.S. Shoe.
The acquisition brought with it $50 million in pension assets. There was no comment from Smith Barney at press time.
United Alloys, Los Angeles, selected American Century as bundled provider for its $3 million 401(k) plan. American Century will provide record keeping, administration, 10 American Century funds and a self-directed brokerage option through Charles Schwab. Union Bank of California was the previous record keeper. A fund spokeswoman declined to discuss the previous investment funds.