SEARCHES & HIRINGS
Minnesota State Board of Investment, St. Paul, will issue a request for proposals early next year for investment providers to the State Deferred Compensation Plan, said Howard Bicker, executive director of the $38 billion state board.
The board's Deferred Compensation Review Committee will handle the search. The committee is expected to report the results of the search by June, Mr. Bicker said.
The search is being conducted because the contracts for the existing providers expire in June.
Interpublic Group of Cos., New York, has redesigned its defined contribution plan and added new investment options effective Feb. 1. The $300 million plan will have four core options and three lifecycle options, made up of the core options.
Newly added core options will be a U.S. small-cap fund run by State Street Global and a Templeton international equity fund. Two existing funds, SSgA's U.S. large-cap value fund and an internally managed stable value option, are the other core options.
Officials dropped the balanced fund managed by Frank Russell in favor of the lifecycle funds, said Alan Forster, vice president. A self-directed brokerage option may be added July 1, he said. RogersCasey assisted.
Virginia Retirement System, Richmond, will invest $100 million with Joseph Littlejohn & Levy Fund III, which acquires controlling interest in companies prime for restructuring. The system also will invest $30 million with MCPI, a real estate partnership, and $50 million in its first overseas real estate investment with Security Capital Global Real Estate, a new partnership that is investing in commercial real estate in western Europe.
Funding will come from cash. The $28.1 billion system already has $60 million in Joseph Littlejohn & Levy's Funds I and II.
Sterling Heights (Mich.) Retirement System hired Loomis Sayles as a small-cap value manager to run $15.5 million. Funding will come from reducing the allocation to large-cap value manager Newbold's Asset Management, which now manages $47.5 million, said Larry Amez, board president for the $165 million system. Merrill Lynch assisted.
More changes could take place depending on the implementation of a new asset mix. Mr. Amez expects to know more in the next couple of months.
