SEARCHES & HIRINGS
American National Red Cross, Falls Church, Va., is searching for a midcap to small-cap growth manager for its $800 million endowment fund, said Kathleen Kavanagh, senior investment associate-treasury. The firm will be assigned about $40 million.
Funding would be from a Russell 1000 growth index fund, managed by State Street on a temporary basis. The fund hopes to complete the search by March. The fund had dropped Sirach Capital Management, a midcap to small-cap manager. Sirach executives couldn't be reached for comment.
The City of San Jose (Calif.) named four finalists in its search for bundled and unbundled service providers for its $210 million deferred compensation plan. Named were: AETNA, ICMA, Great West Life and Fidelity.
AETNA and ICMA now provide record keeping, administration and some investment management. Some assets are managed internally. A subcommittee of the board will interview finalists Oct. 22 and will make its recommendation to the full board Nov. 20.
Marshfield Clinic, Marshfield, Wis., hired Sasco Capital as a small-cap value and Rosenberg Institutional as a midcap to large-cap value manager for its $525 million money purchase plan.
Sasco will run $60 million and Rosenberg $25 million, which will come from two portfolios managed by custodian Northern Trust. Northern will retain a small amount of assets in index funds, said Tom Bauer, retirement plans manager. Jeffrey Slocum assisted.
Rite Aid Corp., Harrisburg, Pa., hired Prudential Investments to provide semi-bundled services for the nearly $400 million profit-sharing and 401(k) retirement savings plan of Thrifty Payless Inc. Rite Aid acquired Thrifty Payless in December and is keeping the plan separate from its own $300 million defined contribution plan, said Thomas Foley, Rite Aid's director of retirement and savings plans. Prudential will provide the same plan services used in the Rite Aid plan: daily valued record keeping; administrative services; custody;employee communications and education; and some of the 11 investment options.