CLEVELAND - Lincoln Electric Co. is searching for its first small-cap and 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 on allocating $30 million total to the asset classes. A decision is expected within two months.
Louisiana State Employees
BATON ROUGE, La. - The Louisiana State Employees' Retirement System issued RFPs for global bond managers. Robert Borden, chief investment officer, said the $5 billion fund probably will hire at least two global bond managers to split a $500 million allocation. RFPs are due by July 14, and final presentations to be scheduled later this summer. New England Pension Consultants is assisting.
Maine State Retirement
AUGUSTA, Maine - The Maine State Retirement System is searching for a fixed-income manager to handle $50 million to $75 million. Interviews are expected to take place over the next several weeks, and the $4.7 billion fund is expected to make its choice before the end of the summer, said Executive Director Claude Perrier. Assets are coming from cash. Ennis, Knupp & Associates is assisting in the search.
Texas Permanent School
AUSTIN - The 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 in each asset class or how much will be allocated. Assets would come from internally managed assets; no timetable has been established.
Fulton County Retirement
ATLANTA - The Fulton County Retirement System is considering a search for a minority-owned manager later in the summer, said a source familiar with the $633 million fund. The type and size of the portfolio have not been decided. If approved by the board, the search probably would take two to three months. Assets probably will come from existing managers. Watson Wyatt is the fund's consultant. The board meets again July 9.
Wisconsin Public Service
GREEN BAY, Wis. - Wisconsin Public Service Corp. is looking to add an equity index fund to the seven options its $100 million 401(k) plan. Trustees have to decide which index to track, said Jerry Myers, manager, employee benefit administrator committee. A subcommittee is expected to give its recommendations in August.
Kirkland & Ellis
CHICAGO - Kirkland & Ellis, Chicago, is doing a "casual search" for a record keeper for its 401(k) plan. The plan now uses Epaco and Vanguard as record keepers.
The law firm hopes to decide on one record keeper and is including Epaco and Vanguard in the search, said Douglas McLemore, firm administrator. DiMeo Schneider & Associates is conducting the search. No timetable has been established, but the firm is in the process of narrowing a list of candidates, he said. The plan has $53.7 million in assets, according to the 1997 Money Market Directory.
