Gordon Food Service, Grand Rapids, Mich., is studying changes for the record-keeping services for its $150 million combined 401(k) and money purchase plan, said John M. Gordon Jr., manager-finance. The plan employs three investment managers directly, plus five others through Smith Barney Consulting and about another 20 through Frank Russell. It is considering partnering with another firm to assist
with record keeping, now done in-house, or upgrading its internal system platform or doing a combination of both.
He said it's unlikely the firm would outsource all of the record keeping. The firm is studying the issue and hasn't set a timetable for implementing the change.
Pennsylvania State Employes' Retirement System, Harrisburg, committed $50 million to the Pennsylvania Capital Fund, which will provide expansion capital to small businesses in the state, confirmed Nicholas Maiale, chairman of the $20 billion system's board.The fund will be managed by CoreState Enterprise Capital.
Painters & Allied Trades District Council 35 and the Glaziers & Glass Workers Local 1044, both in Rosindale, Mass., are in the process of merging their pension and annuity funds.
The merged organizations will have about $115 million in pension assets and $53 million in annuity assets. Merger agreements are being negotiated, said Sharon Sagany, fund administrator for the Painters.
The glaziers fund now has two managers and the painters fund has seven. Ms. Sagany declined to comment on what, if any, changes would be required after a merger. The consolidation of managers is expected to be discussed at the Painters' next investment meeting on Nov. 21.
Police and Firemen's Disability & Pension Fund of Ohio, Columbus, hired Standard and Poor's Corp. and The Plexus Group to help monitor managers.
Standard and Poor's will review each U.S. equity and bond manager's compliance with the $7.2 billion fund's investment guidelines. Plexus will monitor trade execution.
The fund hired the firms in an effort to adhere to a new state mandate that calls for reduction of the plan's liabilities. Monitoring had been handled mainly in-house.
The St. Louis University endowment fund increased its equity allocation to 80% of the fund, and is conducting a search to fulfill a new $60 million allocation as a result, said Jerry Woodham, treasurer for the more than $500 million endowment.
The fund now has an 80% equity/20% fixed income strategic asset allocation, up from its previous 70%/30% split, Mr. Woodham said. Endowment officials have begun interviewing both value and growth small-cap managers for the assignment, and hope to make a decision before the end of the year, he said.
Separately, he said the fund has decided to keep more than $25 million of fixed income endowment and other assets invested with Boatmen's Capital Management, a unit of NationsBank.