SEARCHES & HIRINGS
Colorado Trust, Denver, hired an active U.S. bond manager and an equity index manager for its $350 million foundation. Tempest, Isenhart, Chaffe, Lansdowne & Associates will manage $20 million in long-term bonds. Northern Trust will run $100 million in an S&P 500 index fund.
The money will come mainly from reallocation, although the fund terminated an active U.S. large-cap stock manager in the move to a passive mandate, said Peter A. Konrad, vice president and CFO. He would not give the size of the portfolio or the manager's name. Mercer assisted.
Timber Operators Council, Tigard, Ore., hired Putnam and INVESCO to split an international equity portfolio.
The portfolio will total 10% of the $200 million defined benefit plan, said Sharon Griffin, retirement manager. The money will come from Putnam's existing $33 million dedicated bond portfolio, which will be gradually reduced over the next six months. R.V. Kuhns assisted.
Washington State Investment Board, Olympia, committed to two more alternative investment funds. The $42 billion fund committed $37 million to the Cinven Second Fund, a U.K. and Western Continental European buyout fund; and $50 million to the First Reserve Fund, a domestic energy sector buyout fund. Brinson Partners assisted.