Dreyfus Corp. has spun off Dreyfus Realty Advisors as DRA Advisers, the result of the parent company's pending merger with Mellon Bank. The spin-off was done as a management buy-out.
No staffing changes are expected, and all prior relationships will be served by DRA, a spokeswoman said.
Banking regulations required Dreyfus to discontinue activities impermissible for a bank holding company, including a variety of general partnership interests that were part of Dreyfus Realty Advisors' business.
J. Richard Walton has resigned as chief investment officer of Wertheim Schroder Investment Services, sources said. Mr. Walton could not be reached; the firm would neither confirm nor deny his resignation.
The PBGC terminated the St. Johnsbury Trucking Co. pension plan, which was underfunded by $11.6 million. The Holliston, Mass., trucking company, which has closed down, has about 700 former workers, including 270 retirees, and has $9 million in assets and $20.6 million in liabilities.
The company filed for bankruptcy in June 1993 and informed its participants that the salaried and hourly plans would be terminated. Most retirees will receive the same benefits they have been receiving.
The $36 billion Florida State Board of Administration will terminate its small-cap equity portfolio with Provident Capital Management, following the departure of its small-cap team.
There will be no search for a replacement. The fund will move the $10 million allocation to its internally managed index equity fund, said William Bell, chief of management policy.
The $26 billion Pennsylvania Public School Employes' Retirement System appointed Pacific Corporate Group to make direct private market investments on the fund's behalf. Most pension funds instead prefer to invest in private deals through limited partnership funds.
The $14 billion Los Angeles County Employees' Retirement Association cast the winning bid, at $42.5 million, for the troubled Ritz Carlton Huntington Hotel in Pasadena, Calif., fund trustees said. The hotel fell into the possession of Dai-Ichi Kangyo Bank, after U.S. investors defaulted on a $100 million renovation loan.
Lowe Enterprises Investment Management bought the hotel on behalf of the fund. A Lowe specialty is turning around properties, and fund trustees claim their real estate manager bought the hotel cheaply.
Trustees of the $4.6 billion Police & Firemen's Disability & Pension Fund of Ohio committed $50 million to two commercial mortgage commingled funds, said Theodore Hall, director of investments.
Equitable Real Estate Investment Management will receive $30 million for its Core Mortgage Fund, and existing manager CB Commercial Realty Advisers' CB Commercial Mortgage Fund II will receive $20 million.
The Townsend Group is the fund's real estate consultant.
Effective Dec. 1, Rohr Inc. will move to a bundled approach for its $161 million 401(k) plan, hiring Fidelity Institutional Retirement Services to provide investment and administrative services, including record keeping and education, said A.L. Majors, vice president and controller.
Fidelity will replace the firms that managed two of the three investment options the plan has. Delaware Investment Advisers, Hotchkis & Wiley and RCM Capital together managed a blended active domestic equity fund; RCM also managed a low-risk fixed-income fund. The third option is company stock.
Fidelity will offer 10 investment options, and will replace Rohr's internal record keeping.
The $40 million National Wildlife Federation endowment fund hired GMG Seneca to manage a $12.5 million growth equity portfolio. C.H. Dean Investments was terminated because of changes in its management team, said Susan Nickelson, director of endowment programs.
Cambridge Associates assisted in the search.
Newly independent Waters Corp. hired Wyatt Asset Services's PREFERRED CHOICE to provide bundled services to its new 401(k) plan.
The plan begins with $40 million from former parent Millipore Corp.'s employee investment plan. Options will come from Wyatt's alliance.
Robert Kyprianou was named chief investment officer of KPAM International, the London-based operation of Kidder Peabody Asset Management, a new position. Mr. Kyprianou was the senior portfolio manager for global bonds and currency management in the London office of Salomon Brothers Asset Management, where he has not been replaced yet.
Kevin Bailey and Gary Vocat have resigned from currency manager Record Treasury Management to start a currency overlay product for Bank of New York. Mr. Bailey, a director, marketed to U.S. clients for Record, while Mr. Vocat, an associate director, marketed to European clients. Lucy Cassidy, who previously worked part-time for Record, will take over Mr. Bailey's U.S. marketing responsibilities. No replacement for Mr. Vocat has been named.
A spokesman for Bank of New York declined to comment.