HIRINGS
Detroit General Retirement System hired Mount Lucas Management for a $10 million unleveraged futures allocation and TT International Investment for about $100 million in active core international equities.
Joe Glanton, assistant administrative supervisor, said the Mount Lucas hiring was the $2.6 billion fund's first foray into futures management. Mount Lucas will take both long and short positions. Trilogy Capital was the other finalist. Funding will come from cash. The hiring of TT followed a decision to move the assets to separate account management. TT replaces Wellington, which managed the assets in a commingled fund.
New England Pension Consultants assisted with both hirings.
Metropolitan District Council, United Brotherhood of Carpenters & Joiners of America, Philadelphia, with $840 million in combined pension and annuity assets, hired its first two equity managers for the annuity fund, said Edward Coryell, president.
Phoenix Duff & Phelps and Sierra Investment Partners will run $10 million each in undetermined styles. The money came by cutting back the allocation to Mellon Trust, which runs $160 million, mostly in GICs, and CoreStates Personal and Institutional Investment Management, which manages $150 million in an active bond portfolio
