SEARCHES & HIRINGS
Texas Permanent School Fund, Austin, issued RFPs for a non-core U.S. equity manager, a small- to midcap U.S. equity manager, an international equity manager and a high-yield bond manager.
Responses are due by July 2. Dean Murray, CIO of the $14 billion fund, said trustees are not certain how many managers will be hired or how much will be allocated. Assets would come from internally managed assets; no timetable has been established.
Lincoln Electric Co., Cleveland, is searching for its first small-cap domestic and first international equity managers for its $300 million defined benefit plan. The in-house search is focusing on a list of candidates that includes existing large-cap managers J.P. Morgan and Miller, Anderson and Sherrerd, said Mike O'Connor, assistant treasurer. The fund plans to allocate $30 million total. A decision is expected within two months.
Lincoln also increased the number of options for its $25 million 401(k) plan to 12 from nine. Added were the EB Magic Fund, American Income Balanced Fund and the Franklin Small-Cap Fund. The search was completed in-house.
Alcan Adminco Inc., Montreal, hired Natcan Investment Management for its C$3 billion (U.S. $2.18 billion) pension fund, said Reynald N. Harpin, vice president-pension investments. It will run C$200 million in Canadian equities. Assets will come from T.A.L. Investment Counsel, which was dropped.
State Loan and Investment Board, Cheyenne, Wyo., hired Fayez Sarofim to manage an initial $20 million in large-cap growth equity. The $2.5 billion fund will fund the placement and future monthly installments of $10 million from cash. R.V. Kuhns assisted.
The board will next consider issuing RFPs for a midcap equity manager