William M. Mercer is acquiring Eager & Associates in a deal designed to enhance Mercer's global advisory business for money managers. Terms were not disclosed.
Eager will merge into Mercer's London-based Manager Advisory Services, headed by Julia Hobart. She and Dave Eager will jointly head the 38-person unit, which will operate as a separate and independent unit from Mercer's investment consulting operation. It will be known as Eager Manager Advisory Services in the United States, and under the Mercer name elsewhere.
Flint Ink, Lavonia, Mich., hired Northern Trust to replace Met Life as record keeper effective Jan. 1, said Judith Russell, plan administrator for the $178 million defined contribution plan.
Northern was picked for its technology, she said. Robert Henrikson, executive vice president of institutional business for Met Life, did not return phone calls.
Portfolio Analytics assisted.
The change was related to fee issues, Ms. Estes said. Dan Dekener, CIO for Hewitt, did not return phone calls.
Ohio Public Employees' Deferred Compensation Program, Columbus, voted to issue an RFP for an enrollment, customer service and education provider for its $3.2 billion plan, said Virginia Shimrock, executive director. The RFP probably will be issued next week.
The Copeland Cos. is serving the last year of a three-year contract, she said. Copeland provides only marketing and customer services for the plan.
The board decided not to exercise a two-year option to extend Copeland's contract because it wanted to expand the range of services provided, including possibly establishing an Internet site and revamping the program's education and communication processes, Ms. Shimrock said. Copeland will be asked to bid, she said.
San Francisco City & County Employees' Retirement System replaced one domestic high-yield manager and added a second, said Dick Piket, senior investment officer, fixed income.
Oaktree Capital Management replaces Trust Company of the West, which had run a $310 million portfolio. The firm was replaced because it was performing below the Salomon Brothers High-Yield Cash Pay Index, North American Sector, Mr. Piket said.
The $9.7 billion fund added W.R. Huff Asset Management and will allocate between $150 million and $180 million to the new account in the next six months, Mr. Piket said. The new high-yield account will be funded from its internal, fixed-income account, he said.
``We hate to see a long-term relationship go,'' said Robert Beyer, high-yield group managing director for TCW. The San Francisco board repeatedly asked TCW to take a riskier strategy than the money manager felt comfortable taking, he said.
TCW's domestic high-yield portfolio had outperformed the Salomon Brothers index by 134 basis points for the year as of Aug. 31, he said.
TCW's portfolio, however, ``is underperforming the excess return or alpha the (San Francisco) board determined is suitable for the fund,'' Mr. Beyer said.