LOS ANGELES - The staff of the $16.5 billion Los Angeles County Employees' Retirement Association is "leaning toward" writing an RFP and doing a search for a new cash and short-term investment manager, said Joseph C. Carieri, senior investment officer for fixed income.
He said Bankers Trust, the fund's current manager for the account, had "significant" underperformance in 1994 and has had significant turnover of personnel. The account is between $500 million and $1 billion in size, he said.
He said Bankers Trust's performance so far in 1995 has been good, and the firm would be allowed to participate in any search.
CHICAGO - Stein Roe & Farnham, Chicago, reached an agreement to acquire American Asset Management Co., Cleveland, a domestic equity and fixed income-manager with approximately $600 million under management.
Terms were not disclosed.
Stein Roe plans to merge American Asset with its Cleveland office, which will remain under the Stein Roe name. Joseph H. Thomas, president of American Asset, will become Stein Roe's regional vice president.
Senior Vice President David M. Benacci will keep his title and will be managing director of the Cleveland office. American Assets' other principals, Mary Lynn Laughlin and Douglas Y. Wang, also will be senior vice presidents.
Bradley H. Jones, now manager of Stein Roe's Cleveland office, will be senior vice president and director of marketing and sales.
VISALIA, Calif. - The $300 million Tulare County Employees' Retirement Association will hire an index equity manager to temporarily park about $70 million in U.S. equity assets.
The money will come from one of the fund's active equity managers that will be dropped for various reasons, said Katie Romero, retirement manager.
ALBANY, N.Y. - The $500 million pension fund of the New York State Nurses Association is conducting a wide-ranging asset allocation study, said John P. Carsten, plan manager. He hopes the review will be completed by year end. Meketa Investment Group is assisting. The study is looking at both the pension plan's financial needs and better ways to achieve its financial objectives through asset allocation and investment management strategy changes.
The current allocation is 65% equities, 25% fixed income and 10% real estate.
PHILADELPHIA - The $3.5 billion Pew Charitable Trusts is considering the addition of more alternative investments next year, said Nancy C. Smith, vice president and portfolio manager, Glenmede Trust, which oversees the foundation's investments.
Alternative investments being studied include venture capital and possibly hedge funds and other areas. She noted the fund already has about 1% in real estate.
The fund is doing the study itself and expects a decision in about six months. Glenmede and Pew together would choose any managers.
INDEPENDENCE, Ohio - Centerior Energy Corp. is considering adding more investment options and an employee education program to its $200 million 401(k) plan, said Gregory A. Tropf, senior investment analyst.
The plan now has five options under an unbundled approach. Although he didn't rule out a move to bundled, Mr. Tropf said: "We will probably stay unbundled."
A decision is expected sometime this fall on what options to add, followed by searches for investment managers and an education consultant.
WEST LAFAYETTE, Ind. - The $700 million 403(b) plan of Purdue University added a self-directed brokerage account option through State Street Brokerage Services. All other investment options, as well as record keeping and administration, are provided by TIAA-CREF.
