AgAmerica
SPOKANE, Wash. - The $135 million 401(k) and money purchase plans of AgAmerica FCB hired Merrill Lynch to offer self-directed brokerage accounts for participants, said John Lovstad, vice president-human resources.
Participants will be able to invest in individual stocks through the new account. Mr. Lovstad said the plans decided to offer the option after 10% to 20% of participants requested it. Participants will pay reduced commissions, and there will be no limit on how much participants can invest.
Hewitt Associates assisted.
Ametek Inc.
PAOLI, Pa. - Executives for the $200 million Ametek Inc. pension fund hired a master trustee and a consultant, said Deirdre Saunders, treasurer.
Mellon Trust was hired as trustee, replacing Bankers Trust, and is expected to take over by the first of the year, Ms. Saunders said. Yanni-Bilkey Investment Consulting was hired to review the asset mix and conduct an asset liability study, she said.
The fund previously had no consultant.
Ash Grove Cement Co.
OVERLAND PARK, Kan. - The $82 million Ash Grove Cement Co. defined benefit fund hired Boatmen's Trust, dropping its in-house managed bond portfolio, said Robert Sunderland, honorary chairman and a member of the pension investment committee.
Boatmen's will run $22.5 million in domestic fixed income, taking over the in-house portfolio. The fund will continue to manage about $50 million in equities in-house, he said.
The fund conducted the search without a consultant.
Boston City Retirement
BOSTON - The $1.6 billion Boston City Retirement System hired Callan Associates as its new consultant.
Callan will replace SEI Corp., whose three-year contract expired, said Mike Travaglini, executive officer for the Boston fund.
SEI did apply for the job but was not a finalist, Mr. Mr. Travaglini said. Other finalists were: Wilshire, Rogers Casey and Evaluation Associates.
The fund will review its asset allocation with its new consultant, Mr. Travaglini said. Now the fund is invested 60% equities, 30% bonds, 4% real estate, 1% venture capital, and 5% cash.
Chase Manhattan Bank
NEW YORK - Chase Manhattan Bank selected Dwight Asset Management as subadviser of the Chase Capital Preservation Fund, replacing Certus Financial.
It also named Regis Retirement Plan Services, a unit of United Asset Management, to market and distribute the fund.
Connecticut Trust Funds
HARTFORD, Conn. - The $12.2 billion Connecticut Trust Funds hired State Street Bank & Trust as its master custodian, said state Treasurer Christopher Burnham, sole trustee of the fund.
Boston Safe Deposit was master custodian for eight years before its contract was terminated earlier this year as part of Mr. Burnham's restructuring of the fund. The former master custodian - now a part of Mellon Trust - was a finalist in the search, said Karen Jannetty, deputy chief of staff.
The other finalist was Bank of New York, said Ms. Jannetty.
First Data Corp.
OMAHA, Neb. - First Data Corp. hired Putnam Investments to manage $400 million in fixed income for Integrated Payment Systems Inc., a subsidiary of First Data.
First Data officials declined to give more information about the account; it does not involve pension assets.
Fort Wayne Community Trust
FORT WAYNE, Ind. - The City of Fort Wayne Community Trust Fund selected three managers and five mutual funds for its $10 million in assets, said Kathy Friend, director of finance.
Fox Asset Management received $3 million for corporate bonds; Monarch Capital Management, $1 million, large-cap growth; and Harris Associates, $1 million, large-cap value. Mutual funds selected are: Fidelity Advisor High Yield Fund, $1 million; Baron Asset Fund, $1.5 million, small-cap growth; Royce Fund, Premier Series, $700,000, small-cap value; Harris Associates Investment Trust, Oakmark Fund, $800,000, midcap; and EuroPacific Growth Fund, $1 million, international.
DiMeo Schneider & Associates assisted.
GAB Robins
PARSIPPANY, N.J. - Making its first move to international, the $80 million defined benefit plan of GAB Robins North America Inc. invested $2 million in Capital Guardian Trust's Euro-Pacific Growth Fund, part of Cap Guardian's American Funds.
Glen Hasbrouck, manager-pensions and benefits, said assets came from cash. No consultant was used.
Hough Manufacturing
JANESVILLE, Wis. - Hough Manufacturing Corp. allocated 50% of a frozen defined benefit plan - or $500,000 - to Rodman & Renshaw's Jefferson Growth & Income Fund. The balanced fund is managed by Uniplan.
Assets came from reducing allocations to stock and bond portfolios. Michael Borden, a member of the board of trustees, said all assets had been managed by Marshall & Ilsley Trust, equally divided between equity and fixed income.
Laredo Firemen's Relief
LAREDO, Texas - The Laredo Firemen's Relief & Retirement Fund chose Mercer Investment Consulting as its first general consultant, pending contract negotiations.
Conrado M. Heim Jr., finance director, said Mercer will review the fund's asset allocation and alternatives for replacing Cisneros Asset Management, which managed the fund's $19 million in assets before Cisneros closed in August.
The assets have been assigned temporarily to Nicholas-Applegate.
Los Angeles Fire & Police
LOS ANGELES - The $6.5 billion Los Angeles Fire & Police Retirement System renewed three-year contracts of two emerging fixed-income money managers: HCM Capital Management, running $34.2 million, and Smith, Graham & Co., running $41.2 million.
Massachusetts Financial
BOSTON - Massachusetts Financial Services named Foreign & Colonial Management subadviser on three new international stock mutual funds - growth, growth and income and emerging markets. The funds will begin accepting investments Oct. 24.
Methuen Contributory
METHUEN, Mass. - The $30 million Methuen Contributory Retirement System hired Segal Advisors as its first consultant, said Terry Murphy, analyst. Segal will conduct an asset allocation study and review the fund's investment policy and performance of its sole manager, David L. Babson.
She said the fund is interested in diversifying.
Middlesex County
EAST CAMBRIDGE, Mass. - The $350 million Middlesex County Retirement System made a new allocation for an international venture capital manager. Hambro Northern Ireland Ventures will manage $1 million for the fund, said Nancy O'Neil, investment coordinator. The fund recently decreased its domestic fixed income to 30% from 34%; this bumped up the fund's international equities investments to 18% from 16%, and allowed the fund to make the allocation to international venture capital, Ms. O'Neil said. No managers were terminated.
Minneapolis Teachers
MINNEAPOLIS - The $633 million Minneapolis Teachers' Retirement Fund Association realigned its fixed-income strategy, moving to more of a core approach, said Patricia Ammann, assistant investment officer-marketable securities.
The fund terminated two specialist-type fixed-income managers - Patterson Capital Group, which managed $40 million, and Smith Affiliated Capital, which ran about $55 million.
Two other firms were hired to run about $55 million each. Ms. Ammann wouldn't release the names until contracts have been signed.
Assets will come from the terminated managers and from non-fixed-income allocations.
Lord Abbett was retained with a $40 million high-yield allocation, she said.
Rhode Island Retirement
PROVIDENCE, R.I. - The $3.7 billion Rhode Island Retirement Systems hired Welsh, Carson, Anderson & Stowe VII L.P. to manage a $15 million private placement account. The firm will invest in companies in the information services and health care industries.
Assets to hire Welsh will come from short and intermediate fixed-income investments, said a Rhode Island spokesman.
St. Louis County
ST. LOUIS - The board of trustees of the $178 million St. Louis County Retirement Plans selected Brinson Partners to manage a $10.5 million international equity portfolio, according to Ralph Bowser, retirement and benefits administrator. The allocation is the first international exposure for the fund.
Salem Contributory
SALEM, Mass. - The $40 million Salem Contributory Retirement Board has picked Becker, Burke & Associates as its first consultant, confirmed Mary Perotis, analyst.
The fund is interested in conducting an asset allocation study and reviewing the performance of its three money managers - Bank of Ireland, Freedom Capital and 1838 Investment Advisors.
Total Travel Management
TROY, Mich. - Total Travel Management Inc. selected Putnam Investments to provide bundled services for its $1.5 million 401(k) plan, said Margaret Thomas, executive director of finance. Putnam will provide six investment options, plus administration and record keeping.
Putnam replaced Comerica Bank, which provided four investment options, none of which will be retained. Nordstrom Pension Consulting assisted with the search.
