Columbia/HCA Healthcare Corp., Nashville, is reviewing the plan structure in its $2.3 billion 401(k) plan. Kim Sharp, director of retirement and savings, said Columbia plans to add a series of life cycle funds next spring.
The company also is actively considering adding a company stock investment option, she said. About 36% of the plan assets already are invested in company stock that was rolled into the plan from an ESOP, but the plan does not accept contributions or transfers into that segment.
The plan now offers five options - an income fund, balanced fund, large-company stock fund, small-company stock fund and an international equity fund - each managed by outside managers.
State Loan and Investment Board, Cheyenne, Wyo., will select a new asset mix for the $3.2 billion fund, following recommendations from consultant R.V. Kuhns.
The board, which meets Sept. 4, is expected to decide whether to expand the fund's equity exposure beyond the current large-cap stock allocations, said Steve Degenfelder, deputy director. The fund has $40 million to $50 million in equities, with the rest of its assets in fixed-income.
Silverado Capital Management will launch an alternative investment fund, the Silverado Arbitrage Trading Fund, focusing on convertible arbitrage. The fund will be managed by Jeffrey Cohen, who also will invest in diversified special situations where takeovers have been announced.
CORRECTION: District of Columbia Retirement Board probably will conduct an asset allocation study to decide how to invest the money that will remain after the federal government takes over most of its assets. But fund officials have not yet made that determination. Yesterday's P&I Daily incorrectly reported the decision has been made.
SEARCHES & HIRINGS
Voorzorgskas voor Geneesheren, Tandartsen en Apothekers vzw has reopened a search for a $10 million Eastern European equity mandate, said Karel Stroobants, deputy general manager of the Brussels-based pension fund for doctors, dentists and pharmacists. Submissions by managers are due by the end of October. A final selection is expected by year-end. A previous search for managers had not turned up satisfactory results, he said.
Separately, the 14.5 billion Belgian franc ($377 million) fund has hired Singer & Friedlander International Asset Management to take over a $17 million small-and midcap European (ex-Belgium) portfolio from Framlington Investment Management. The fund also hired Sanford C. Bernstein to manage a $10 million emerging markets equity portfolio that will invest in Latin America countries and Turkey, South Africa and Israel.
Pragma Consulting, Brussels, assisted.
University of South Florida Foundation, Tampa, with $128 million in endowment assets, decided to move $9 million in stock and bond indexed assets to The Common Fund, said John Scott, CFO.
The Common Fund already received $5 million from a portfolio managed by Bankers Trust, which managed against the S&P 500, while State Street Bank will lose a $9 million portfolio managed against the Lehman Brothers aggregate. Performance was about the same, but the fees offered by The Common Fund were lower, Mr. Scott said.
Los Angeles City Employees' Retirement System retained Northern Trust as its master custody and securities lending agent, pending contract negotiations. The $6.2 billion system offered the bank a new three-year contract.
Other finalists were State Street Bank and Chase Manhattan Bank.
John C. Bogle is stepping aside as chairman of the board of the Vanguard mutual funds and of the company, effective Jan. 31. He will retain the title of senior chairman and will remain on the board.
Mr. Bogle will continue to provide advice to the company and will work on special projects of interest to him as well as continue his public speaking engagements on mutual fund topics.
John J. Brennan, president and CEO, will succeed Mr. Bogle as chairman.
Alan Brown has been promoted to CIO for State Street Global Advisors and to chairman of the manager's U.K. operation. He previously had been CIO for SSgA's non-U.S. operations and managing director of the U.K. office. Nigel Wightman, formerly COO for the U.K. operation, has been named managing director of that unit.
Peter Stonberg, formerly CIO of SSgA's U.S. operation, now will direct the manager's growing active equity strategies, with about $8 billion in assets.
Michele Mait has been named managing director and head of global securities lending for NatWest Markets. She will be responsible for marketing and trading for securities lending in the newly created position. Ms. Mait owned and operated a consulting firm before joining NatWest