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Mandate Wins Section

News

Munder Creates President Role

Munder Capital Management has selected James FitzGerald to serve as its first ever president, a newly created position in which he will report to John Adams, the firm's CEO and CIO. While retaining his responsibilities as of distribution and chief marketing officer, FitzGerald will now focus on overseeing the firm's growth plans. Prior to joining Munder in 2004, FitzGerald was a senior VP at MFS Investment Management. Earlier in his career he worked at Great West…

Mass. PRIM Removes REIT Manager

The $37.8 billion Massachusetts Pension Reserves Investment Management Board (PRIM) has stripped Wellington Management from the $163 million REIT portfolio it manages at the fund, according to a Boston Globe report. Wellington was terminated due to poor performance and a shift in PRIM's REIT allocation, the report said. During 2008, the Wellington portfolio lost 46%, compared to its benchmark, which lost 37%. The board is also cutting its investments in the space from 3% to 2%. Instead,…

Colorado PERA Goes with Newton for Equity

The $29 billion Colorado Public Employees' Retirement Association has selected Newton Capital Management to oversee a global equity mandate of an undisclosed size. The London-based firm, which is a subsidiary of BNY Mellon Asset Management, started its U.S. business in 2006. This mandate win marks the first appointment for the firm by a U.S. state pension fund. …

Ennis Knupp Wins Mandate

The $50.6 billion Massachusetts Pension Reserves Investment Management (PRIM) has hired Ennis Knupp + Associates to serve as its investment consultant, Reuters has reported. The plan's previous consultant, Cliffwater resigned. PRIM first hired Cliffwater to replace Wilshire Associates in 2005 . Cliffwater, according to the report, ended its contract due to the firm's shift in focus to alternative investments. …

Town of Fairfield Replaces NEPC

The Town of Fairfield joint pension board has tapped Evaluation Associates to assist with its investment decisions. In January, the Connecticut town terminated its contract with consultant NEPC based on advice it received from the firm, resulting in a $42 million investment loss in Bernard Madoff's Ponzi scheme. A report in The Connecticut Post notes that Rogerscasey was also considered for the investment consultant contract.…

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Articles

LACERS Remains with PCA

The Los Angeles City Employees' Retirement System (LACERS) has extended the contract of general investment consultant Pension Consulting Alliance (PCA) for an additional year, said Linda Aparicio, spokeswoman for the $8.2 billion California plan. PCA's contract was set to expire on June 30, but will now go through to June 2010. Aparicio noted that the extension would give the board time to consider conducting a general investment consultant search in the future. The board also approved…

Arizona Safety Adds on Three

The Arizona Public Safety Personnel Retirement System (PSPRS) made commitments to three alternative investment funds this week. Jim Hacking, PSPRS administrator said that the board approved investments of up to $40 each in the Charlesbank Equity Fund VII and the Centerbridge Special Credit Partners. The Charlesbank investment, which was recommended by consultant StepStone Group, is a middle market private equity fund, while the Centerbridge fund invests in distressed securities and was recommended by NEPC. Also approved was…

Tulare County Completes Search and Study

The Tulare County Employees' Retirement Association (TCERA) has completed an asset/liability study and as a result will up the ante on its allocations to private equity and hedge funds, and make maiden investments in TIPS and emerging markets. David Kehler, administrator of the $1 billion plan, said that the board will look at the individual asset classes over the next few months to determine the actual sizes of the new and increased allocations. This will help…

Alaska Fund Hires for Distressed Debt

The Alaska Permanent Fund Corporation (AFPC) has hired Oaktree Capital Management (OCM) to oversee $250 million, the plan said in a statement. The statement notes that the fund will invest in OCM's Opportunities Fund VIII as part of its 1% allocation to distressed debt. 'Given the ongoing recession and likely increase in distressed debt opportunities, and the potential for distressed debt strategies to improve the risk-adjusted returns of the fund over time, APFC views this as…

Ohio Highway Patrol Picks FoF Manager

The Ohio Highway Patrol Retirement System (HPRS) has retained GAM USA for a $15 million hedge fund of funds mandate. Cadogan Management and EnTrust Partners were also considered as finalists in the search. Richard Curtis, executive director of the $750 million plan, could not be reached for comment regarding the decision by press time. The plan's investment consultant, Hartland & Co., assisted with the search. The decision to hire GAM was made at a June 4 investment…

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