Atlantic Southeast
ATLANTA - Atlantic Southeast Airlines selected Twentieth Century Services for record keeping and investment management for its $17 million defined contribution plan.
Twentieth Century Mutual Funds will provide five of the seven investment choices. A company stock option and an equity index fund from Wells Fargo Nikko round out the choices.
Bechtel Power Corp.
SAN FRANCISCO - The $2.4 billion defined contribution plan of Bechtel Power Corp. added two options, the Twentieth Century Ultra Investors Fund, an aggressive growth equities fund, and the Warburg Pincus International Equity Fund, said Peter F. Landini, senior vice president for Fremont Investment Advisors, Bechtel's investment subsidiary.
Plan executives also made changes to the plan's three existing options that will ease an expected move to daily valuation for the plan in 1995, Mr. Landini said. An existing stock fund run by six different outside managers became a passive S&P 500 portfolio managed by Wells Fargo Nikko to complement the Ultra Fund's aggressive strategy. A pooled bond option run by two outside managers was changed to the Fremont Bond Fund, which is subadvised by PIMCO. A money market option managed by Fremont was converted to a money market mutual fund also managed by Fremont.
About 80% of the plan's total assets remain in a global multiasset option primarily run by outside managers, Mr. Landini said. Included in that option is a non-U.S. small-cap equity portfolio run by Acadian Asset Management.
Carpenters Annuity
PHILADELPHIA - The $695 million Carpenters Pension and Annuity Fund hired Trust Fund Advisors to manage a $10 million intermediate fixed-income portfolio, a new asset class for the fund.
Colorado Fire & Police
ENGLEWOOD, Colo. - The $1.1 billion Colorado Fire & Police Pension Association hired Strategic Fixed Income for a $30 million international fixed-income portfolio. The account will be funded from cash reserves, said Ruth Sieler, deputy executive director.
On the domestic side, she said the association hired Bradford & Marzec to run a $20 million domestic fixed-income portfolio, to be funded by a reallocation of assets from existing managers.
In addition, the fund hired Bankers Trust as its new custodian, replacing Northern Trust.
Consolidated Rail
PHILADELPHIA - The Consolidated Rail Corp. will move to a bundled approach for its two 401(k) plans, with a total of $260 million in assets. Fidelity will provide five investment options.
Investment options from Stein Roe & Farnham, Merrill Lynch Asset Management, Phoenix Home Mutual Life and Vanguard were dropped.
One non-Fidelity option, the New Perspective Fund, a global equity fund run by American Funds, will be retained. The former record keeper was Boston Safe Deposit and Trust.
Fiat USA Inc.
NEW YORK - Fiat USA Inc. added five Fidelity mutual funds to its $250 million 401(k) plan, bringing the total investment choices to 12, said Jeffery Cominsky, assistant treasurer. The plan added Fidelity's Asset Manager, Asset Manager Growth, Asset Manager Income, International Growth & Income and Overseas funds. The plan kept its existing seven options, all run by Fidelity, which also is the record keeper.
Also, Fiat assigned $36 million, or 12% of its total fund, to Cowen Asset Management, which was hired to replace Alliance Capital Management as a domestic small-stock manager.
Callan Associates assisted.
Gillette Corp.
BOSTON - The $485 million pension fund of Gillette Corp. hired Wells Fargo Nikko Investment Advisers to manage $119 million in passive bonds, said Nancy Chaddock, manager, benefit trusts. Dewey Square Investors was terminated.
Hayes Wheels
ROMULUS - Mich. - The multimillion dollar Hayes Wheels International Inc. defined contribution plan selected Twentieth Century Services for record keeping and investment options, said John Salvette, director of investor relations.
Plan participants will have a choice of four Twentieth Century mutual funds, Wells Fargo Nikko's Equity Index, Bankers Trust's Capital Preservation Trust and a company stock plan.
Mr. Salvette declined to identify the fund's previous administrator.
Illinois Teachers
SPRINGFIELD, Ill. - The $12 billion Illinois Teachers Retirement System hired three global fixed-income managers, said Robert Daniels, executive director. Delaware International Advisors, Julius Baer Investment Management and Smith Barney Capital Management each were assigned $50 million.
Assets came from dropping Putnam Investments and J.P. Morgan Investment Management, which together ran $250 million.
The rest of the proceeds from the terminated managers were earlier assigned to Societe Generale Asset Management for global fixed income and Schroder Capital Management International for international fixed income.
Callan Associates assisted.
City of Lakeland
LAKELAND, Fla. - The $165 million City of Lakeland hired Mississippi Valley Advisors to run $16 million to $20 million in small-cap stocks, said Jill Urbanas, the fund's consultant at Advest Inc. Assets will come from a reduction in fixed income.
Lakeland plans to re-evaluate its equity portfolio, which is predominantly value, in the coming months.
Litton Industries
BEVERLY HILLS, Calif. - The $1.3 billion Litton Industries Inc. defined benefit plan hired Jennison Associates Capital as an international equity manager with a mandate for Europe and Asia, said Elizabeth J. Guasti, institutional funds administrator.
She declined to disclose the amount allocated. No consultant was used, and no current managers were let go.
Los Angeles County Employees'
LOS ANGELES - Trustees for the $16 billion Los Angeles County Employees' Retirement Association selected RCB International and Progress Investment Management as managers of managers for a minority- and women-owned money manager program. The two firms are expected to receive $100 million each, probably from the $1.965 billion the county has received from pension obligation bonds.
David Locke, senior investment analyst for the fund, did most of the staff analysis in the selection process.
Louisiana Teachers
BATON ROUGE, La. - The Louisiana Teachers Retirement System retained incumbent Scudder, Stevens & Clark and hired Rogge Global Partners and Strategic Fixed Income as global fixed-income managers. Incumbent Kemper Asset Management was terminated for performance reasons.
The allocations have not been decided yet, but the three managers each will receive at least $300 million, said Jennifer Netterville, investment officer.
The search is the last one undertaken as part of a review of the $6 billion fund's roster; Holbein Associates assisted.
Milwaukee Symphony
MILWAUKEE - The Milwaukee Symphony endowment hired Harbor Capital to run an undisclosed amount in a balanced account, said Rita Esselman, finance officer and director of administration.
The account formerly was run by M&I Investment Management.
Oryx Energy Co.
DALLAS - Oryx Energy Co. hired Bank of America-Texas as master trustee for its $400 million pension fund, said Melinda L. Boylan, assistant treasurer. Bankers Trust was terminated.
Ms. Boylan declined to discuss reasons for the change.
Polaroid Corp.
CAMBRIDGE, Mass. - The $450 million 401(k) plan of Polaroid Corp. hired Fidelity Investments as record keeper, said Philip Ruddick, director of treasury operation. Record keeping had been done in-house.
He said Polaroid added 10 Fidelity mutual funds as options, while retaining its five core options managed by Mellon and Merganser. "If you take a bundled approach, you give up some flexibility," Mr. Ruddick said.
As part of the changes, Polaroid added a loan program that Fidelity will administer.
Portland General Electric
PORTLAND, Ore. - The $250 million Portland General Electric Co. fund dropped Frank Russell Trust Co. as a core international manager, turning over the assets to Grantham Mayo Van Otterloo, also an existing core international manager for $10 million to $15 million.
The fund also raised international equities to 15% from 10% of its total allocation, while lowering domestic fixed income to 25% from 30%. Assets for the allocation change came from lowering the fixed income assignment of Columbia Management, transferring the proceeds to Grantham Mayo Van Otterloo.
Collins Associates assisted in the changes.
Rockefeller Foundation
NEW YORK - The $2.3 billion Rockefeller Foundation allocated $20 million to the $400 million AMB Current Income Fund, a private real estate investment trust managed by AMB Institutional Realty Advisors Inc. The move brings the foundation's allocation in real estate to about 8%; its target is 10%. Assets will come mainly from cash reserves.
San Antonio Public Service
SAN ANTONIO - The $400 million San Antonio City Public Service pension trust hired Bank of America-Texas as its new master trustee, replacing Ameritrust Texas. Bank of America was selected because of its systems capabilities and staffing, said a San Antonio spokesman.
University of Colorado
BOULDER, Colo. - Halseth Capital Management was hired to manage a private trust for the University of Colorado Medical School in Denver.
The money was donated and the manager selected by a family that prefers to remain anonymous. Although the size of the account was not identified, Valerie Brown, senior development officer of the University of Colorado Foundation's Health and Science Center, called the family's donation "generous."
About 70% of the portfolio will be invested in fixed income, 30% in stocks. Income will be used to bring in noted researchers and physicians. The trust was created to study neuromuscular diseases.
Western Asset Management
PASADENA, Calif. - Western Asset Management will bring in-house its $120 million Western Asset Trust International. The commingled trust had been managed by Lombard Odier, its joint venture partner.
Keith Gardner, portfolio manager of the Legg Mason Global Bond Trust, has joined Western, a Legg Mason subsidiary. He will continue to manage the Legg Mason fund as well as the commingled fund and international bond separate accounts.
Lombard Odier will continue managing some existing Western client portfolios, and Western will do the same for some Lombard Odier clients.
