Bangor Hydro-Electric
BANGOR, Maine - Bangor Hydro-Electric Co. selected Diversified Investment Advisors to provide fully bundled services for its more than $6 million 401(k) plan, covering 400 participants.
DIA will provide investment options, including lifecycle funds, record keeping, ongoing education and enrollment support.
Investments will be in a variety of stock, bond and international mutual funds.
Formerly, Fleet Bank was the bundled service provider, according to Michael Williams, financial associate.
Bray Trucking Inc.
ALEXANDRIA, Ky. - Executives for Bray Trucking Inc. selected Putnam Investments to run its $1.5 million 401(k) and profit-sharing plan, said Joan Barbian, office manager.
She said the plan will offer six options under Putnam: two aggressive growth funds, a growth fund, an equity and debt income fund, a growth and income fund, and a money market fund.
The assets previously were managed with a local bank, Ms. Barbian said.
Prudential Securities assisted with the hires.
California Public Employees
SACRAMENTO, Calif. - The $97 billion California Public Employees' Retirement System has allocated $100 million to Alta Partners, a venture capital firm investing primarily in firms along the West Coast making information technology, media, and medical and biotech products. Alta Partners seeks investments in early and development stage companies with unique or proprietary products, services or technologies. Funding is from cash reserves.
Colorado PERA
DENVER - Pending final contract negotiations, the $17.8 billion Colorado Public Employees' Retirement Association expects to hire CastleInternational for a $175 million international small-cap equities portfolio. The assets will be transferred from Dunedin, which had been managing the portfolio. The fund decided to make the switch because "some key managers" of Dunedin had left the firm, a spokesman said.
Detroit Police & Fire
DETROIT - Making its first major moves in the areas, the $2.4 billion Detroit Policemen & Firemen Retirement System hired three global fixed-income and global equity managers, said Nick Degel, executive secretary-pension board.
John Hancock and Zurich each will run $80 million in global fixed income; Morgan Stanley will run $70 million in global equities.
Wyatt assisted in the searches.
Funding for the allocations came from reducing domestic core fixed income to 12% from 18%, and domestic large-cap value and growth equities to 20% from 23%.
Evaluation Associates
NORWALK, Conn. - Evaluation Associates Inc. named five subadvisers for a new institutional mutual fund, EAI Select Managers Equity Fund. The managers are Dietche & Field Advisors, Liberty Investment , Hudson Capital Advisors, Stonehill Capital Management and Equinox Capital Management. All of the firms will invest mainly in equities but also may own convertibles and fixed-income securities.
Illinois Municipal
OAK BROOK, Ill. - The $8.7 billion Illinois Municipal Retirement Fund selected CRA Real Estate Securities to manage a $75 million portfolio of public real estate investment trust securities, said Walt Koziol, director of investments.
The allocation will be funded from cash, said Mr. Koziol.
Manus Services Corp.
SEATTLE - Manus Services Corp., Seattle, is revamping its $1.3 million 401(k) plan, giving participants investment control and moving to daily valuation.
By mid-June, Manus will offer five investment options from its investment manager, Sirach Capital Management. Sirach now manages all of the assets in a balanced fund.
Regis Retirement Services will offer daily valued record-keeping services, as well as trust and administration, employee communications and investment education, and an automated voice-response system. Regis is the defined contribution administration unit of United Asset Management, Sirach's parent
Howard Johnson is the company's current record keeper, providing quarterly valuation. Larry Granston, Manus' president, said the move to Regis will bring a reduction in costs of about 50%.
MASTERS/PRIM
BOSTON - The $8.5 billion Massachusetts State Teachers' and Employees' Retirement System and the $6.5 billion Massachusetts Pension Reserves Investment Management Board, both in Boston, have selected State Street Bank & Trust Co. as their new global custodians, pending a fee negotiation.
If State Street does not come down in its fees, the funds probably will look to the other finalists, Mellon Trust or Northern Trust, said Collette Chilton, MASTERS' chief investment officer.
Both funds' custodial contracts expire July 1; MASTERS' current custodian is Mellon Trust and PRIM's custodian is State Street.
Missouri Schools
JEFFERSON CITY, Mo. - The $13 billion Public School Retirement System of Missouri and the Non-Teacher School Employee Retirement System of Missouri have hired BlackRock Financial Management for an active mortgage and asset-backed securities account of about $604 million. Funding comes from a reallocation of existing fixed-income assets, but no managers were terminated.
The funds also decided to retain Boatmen's Trust and NISA Investment Advisors for active domestic core fixed-income assignments of about $1.5 billion each.
In addition, the funds expect to choose managers for five U.S. equity assignments June 11 and 12. The funds plan to hire two large-cap value managers and one large-cap growth manager, all for assignments of about $700 million, and one active small-cap growth and one active small-cap core manager, each for about $250 million. Funding will come from existing managers, but the fund has not decided which ones, said M. Steve Yoakum, executive director.
New York City Police
NEW YORK - Trustees of the $11 billion New York City Police Pension Fund hired Buck Consultants and Strategic Investment Solutions as its investment consultants, said Joe Marconi, chief administrator.
SEI Capital Resources was formerly the pension fund's consultant.
Mr. Marconi referred questions about why the fund needs two consultants to Donna Anderson, a representative of Alan Hevesi, New York City's comptroller, who oversees the investment of the fund's assets. Ms. Anderson was unavailable for comment.
New York State and Local
ALBANY, N.Y. - The $74 billion New York State and Local Retirement Systems allocated additional assets to five existing managers, said John Hull, deputy comptroller, investments.
Barings, an international equity manager, received $25 million. Capital Guardian, an emerging markets manager, received $50 million.
BZW Barclays Global Investors got an additional $300 million for a low-cap stock fund. Jacobs Levy Equity Management received $175 million for a market-neutral portfolio. NCM Capital got an additional $25 million for its domestic equity portfolio.
The additional allocations will be funded from cash flow, said Mr. Hull.
Also, Chase Manhattan Bank, the fund's custodian, began lending the retirement system's international securities April 1.
San Francisco City & County
SAN FRANCISCO - The $7.5 billion San Francisco City & County Employees' Retirement System has hired Dreyfus Trust and Dimensional Fund Advisors both for $50 million of U.S. small-cap value stocks. Funding comes from a liquidated growth stock account that had been managed by Provident Investment Counsel and the remainder from fixed income.
The board also picked three finalists to take over the $31 million non-U.S. small-cap account that has been managed by Dunedin. The finalists are: Acadian Asset, Capital Guardian and CastleInternational, said CEO Clare Murphy.
