HIRINGS
New York City Deferred Compensation Plan hired PIMCO and Brundage Story and Rose as synthetic GIC managers.
Each firm will be awarded $50 million by the end of 1998.
The contracts will be "wrapped'' by Diversified Financial Products to insure book value and market value are equal by the end of each contract.
Funding will come from the $2.5 billion plan's cash reserves. Mercer assisted.
Ziff-Davis Inc., New York, hired Scudder Defined Contribution Services as bundled provider for its $120 million 401(k) plan. Scudder will provide record keeping, administration and six investments funds: Scudder Stable Value Fund, Scudder Growth & Income Fund; Scudder International Fund and three lifecycle funds.
Three outside funds also will be added: the Dodge & Cox Income Fund; Franklin Small Cap Growth Fund and the Delafield Portfolio.
The fund had been unbundled with Kwasha Lipton as record keeper and six RogersCasey fund-of-funds investment options.
LM Pension Funds, Amstelveen, the Netherlands, hired Northern Trust as global custodian. Northern replaces the Dutch Central Bank, which is exiting the custody business at year-end. The KLM funds have about 12.5 billion guilders ($6.5 billion) in assets.
Niagara University, Niagara, N.Y., hired Putnam Institutional Management to run a $7 million core growth equity portfolio for its endowment fund.
Wellesley Group assisted.
Fund officials would not release the size of the fund or any other information pertaining to the hiring.
