Ohio School Employees' Retirement System, Columbus, hired Oechsle International Advisors and Sanford C. Bernstein for broad international portfolios of $100 million each, said Paul Kubinsky, director of investments. A $500 million passively managed commingled EAFE fund managed by State Street Global Advisors was reduced to fund the new managers.
The move completed the $5.2 billion fund's switch from all passive equities - domestic and international - to a 40% allocation in both categories in active management.
PACE Suburban Bus Division of the Regional Transportation Authority, Des Plaines, Ill., expanded the investment options and hired a new service provider for six union 401(k) plans, totaling $16 million.
LaSalle Bank had been the investment manager, record keeper and trustee. Chicago Trust now provides most of the investment options, plus daily valued record keeping, trust administration and an automated voice-response system, said Bernard Miller, the fund administrator.
The options for four of the plans are: a synthetic GIC fund and a growth and income fund managed by Chicago Trust; Vanguard S&P 500 index fund; and a balanced fund managed by Montag & Caldwell, a subsidiary of Chicago Trust. A fifth plan will offer the same options, plus aggressive growth and international stock funds from Chicago Trust. The sixth plan's options are the synthetic GIC and asset allocation funds from Chicago Trust; Vanguard S&P fund; Twentieth Century Ultra; and Montag & Caldwell's growth and international stock funds.