SEARCHES & HIRINGS
Quebecor Printing, Stamford, Conn., hired SEI as an investment manager for its $200 million defined benefit plan.
SEI will run $70 million in U.S. core bonds and a total of $20 million in U.S. small-cap equity and high-yield bonds. Funding comes from a terminated balanced manager. The manager, which a fund official would not name, was terminated because of poor performance and changes in the fund's investment policy. Hamilton & Co. assisted.
New York State Teachers' Retirement System, Albany, committed $100 million to the Hines 1997 U.S. Office Development Fund and contributed Kent West Corporate Park, a real estate investment, to the Cabot Industrial Trust, in exchange for REIT shares worth $19.2 million.
The $68.7 billion fund also allocated an additional $100 million to Progress Investment Management, a minority and women fund-of-funds manager, said Candice Ronesi, a spokeswoman for the system.The firm managed $127.7 million for the fund at year end.
Funding for the allocations came from cash.
Mobile (Ala.) Police and Firefighters Relief Fund hired Holbein & Associates as a consultant. The firm replaces Advest Custom Consulting, which was included in the $55 million fund's search. It has yet to be decided whether Holbein will be performing an asset allocation study for the fund, said Mary Stubbs, pension coordinator.
St. Olaf College, Northfield, Minn., hired Putnam to manage $10 million in core international equity for its $105 million endowment fund. Investment Advisers Inc. had managed the portfolio and was terminated after an extended period of underperformance, said Linda Roiger, assistant treasurer.
DeMarche Associates assisted. IAI officials did not return calls by press time.