Citgo Petroleum
TULSA, Okla. -- Citgo Petroleum hired West Peak Investment Advisors as the $240 million plan's first core small-cap manager. The allocation will be $24 million; funding will come from the plan's large-cap domestic portfolio, said Vickie Ferguson, financial analyst for Citgo.
Ms. Ferguson said the change is a result of an asset allocation study. Citgo's current asset allocation is 40% fixed-income, 40% large-cap domestic and 20% international equity.
After the new portfolio is funded, the asset allocation will be 40% fixed-income, 30% large-cap domestic, 20% international equity and 10% small-cap.
Merrill Lynch Consulting assisted.
Contra Costa County
CONCORD, Calif. -- Contra Costa County Employees' Retirement Association hired Pathway as an additional alternative investment manager and boosted the allocation to real estate manager Hearthstone Advisors, said Chuck Barron, assistant retirement administrator at the $2.5 billion fund.
Pathway, hired to manage $30 million, joins Brinson Partners and Prudential Timberland. Mr. Barron said the addition was necessary for the county to meet its 4% alternative allocation goal.
Dorn, Helliesen & Cottle assisted in the search.
Hearthstone's allocation was increased to $40 million from $15 million, said Mr. Barron.
Funding for both allocations will come from cash.
Detroit Edison Co.
DETROIT -- Detroit Edison Co. hired Mellon Capital Management to manage $215 million in a tactical asset allocation strategy for its $1.5 billion pension fund, said Allen Anning, director of trust fund management.
Mellon replaced Brinson Partners, which had been relinquishing too much of the upside of the U.S. stock market in its TAA allocations, Mr. Anning said.
Brinson executives were unavailable for comment.
Essex County Retirement
SALEM, Mass. -- Essex County Retirement Board hired Boston Millenia to handle $5 million in venture capital investments, according to Kevin Leonard, consultant for Segal Advisors, who assisted in the search.
The money will come from cutting back the fund's exposure to existing managers. The $164 million fund has 64% of its assets in equities and the remainder in fixed income.
Florida State Board
TALLAHASSEE, Fla. -- The $75 billion Florida State Board of Administration hired Taplin, Canida & Habacht to manage $100 million in active fixed income, said Tom Herndon, executive director.
Funding will come from reducing a $5.2 billion internally managed fixed-income.
Ennis, Knupp assisted.
General Conference
SILVER SPRINGS, Md. -- The General Conference of the Seventh-day Adventists Investment Funds hired Fifth Third Bank as its first custodian, said Gary DeBoer, associate treasurer of General Conference.
General Conference has $1.5 billion in managed assets.
The search was done in-house.
Indiana State Teachers
INDIANAPOLIS -- The Indiana State Teachers' Retirement Fund hired three international equity managers for $50 million each, subject to state procurement agency authorization, said Robert Newland, investment officer for the $4.2 billion fund.
Hired were Alliance Capital Management for a passive EAFE mandate, Bank of Ireland for a core active EAFE strategy, and Dresdner RCM for active core plus, which includes 15% emerging markets, Mr. Newland said.
He said the fund likely will send out RFPs for a midcap equity assignment in October, he said.
Memorial Sloan Kettering
NEW YORK -- Memorial Sloan Kettering Cancer Center committed to four venture capital funds. The $2 billion foundation committed $10 million each to Trinity Ventures VI, Asset Management Associates 1998, Landmark VIII and WCAS VIII. Funding came from cash reserves.
Cambridge assisted.
Montana Board of Investments
HELENA, Mont. -- Montana Board of Investments hired Pyrford International as its first European equity manager, said James R. Penner, chief investment officer for the $4.3 billion fund.
Diversification is the reason for the $35 million allocation, which will be funded from cash flow.
The search was conducted in-house.
New Haven Police & Firemen
NEW HAVEN, Conn. -- New Haven Police & Firemen's Retirement Fund hired Rittenhouse Capital to replace Bond Procope Capital Management to handle an $18 million large-cap growth portfolio, said Gregory Brown, city comptroller for the $240 million plan.
Mr. Brown said Bond Procope was terminated for performance reasons. Alan Bond, chief investment officer for Bond Procope, said their performance was on target.
Watson Wyatt Worldwide assisted.
OklahomaTeachers' Retirement
OKLAHOMA CITY -- Teachers' Retirement System of Oklahoma hired Aronson + Partners, Wellington and Miller Anderson & Sherrerd as its first midcap equity managers to handle 10% of the fund's $5.2 billion, said Jo Witt, chief investment officer.
The new portfolios will be funded from reductions in active large-cap portfolios. Their size was not made available.
Marquette Associates assisted
San Mateo County
REDWOOD CITY, Calif. -- The $950 million San Mateo County Employees' Retirement Association hired Boston Partners as its first large-cap value manager for a $65 million portfolio, said Sid McCausland, administrator.
Funding came from reducing a passive $416 million global equity portfolio managed by Barclays Global Investors, he said.
He said the fund also is searching for two more large-cap value managers, but the size of the portfolios and the funding source have not been determined. A decision is expected by November.
Watson Wyatt is assisting.
