Investment Management Weekly articles from April 2004

Investment Management Weekly archives from April 2004

Pension Bill Reaches Final Version.
April 5, 2004... A bill providing $80 billion in pension relief through a contribution-formula change, has undergone final vision. A tack-on would add another $1.6 billion for the major airline and steel industry. The bill lacked support from the democratic...

Bond Search to Come for Oklahoma Teachers.
April 5, 2004... Market upturn is guiding a burgeoning core-plus fixed-income search at the $7 billion Oklahoma Teachers' Retirement System. Thomas Beavers, executive secretary, said that the plan could hire up to two managers to oversee between $500...

Hedge Fund-of-Funds in Illinois SBI's Future.
April 5, 2004... The $7 billion Illinois State Board of Investments is in the preliminary stages of a search for a hedge fund-of-funds manager to oversee between $50-150 million, said Brett Christenson, an alternative investment analyst with Marquette...

Michigan Plan Watches MLIM.
April 5, 2004... The board of the $750 million Oakland County Retirement System is making decisions on the fate of its large-cap value manager Merrill Lynch Investment Managers in light of the departure of the firm's large-cap value portfolio team. Doug...

Real Estate in Wichita's Future.
April 5, 2004... The $772 million Wichita Retirement System is said to be considering-what could be a first for the plan-real estate investing. A source familiar with the situation said that core plus and value-based real estate investments were under...

Mass. Muni Fund Issues Equity RFP.
April 5, 2004... The $36 million Dukes County Employees' Pension Fund has launched a search for an investment manager to handle $5 million in a mid-to-large cap, or all-cap equity portfolio. According to the RFP, the new search would complement the plan's...

Florida Fire Fund Eyes Real Estate.
April 5, 2004... The $17 million City of Lauderdale Firefighters' Pension Fund is in the market for a core real estate manager. According to the RFP, the Fla.-based fund has allocated $2 million to the asset class. Interested managers are urged to...

TRSL Close to End of Mid-Cap Search.
April 5, 2004... The $11.6 billion Teachers' Retirement System of Louisiana has compiled a short-list of 30 midcap growth managers in a search that could replace incumbents Forstmann-Leff and Seneca Capital Management. Daniel Bryant, CIO of the Baton...

Mich. Muni Picks Real Estate Finalists.
April 5, 2004... The $179 million Sterling Heights Police & Fire Pension Board has selected three real estate manager finalists for its approximately $10 million account. Intercontinental Real Estate, Duff & Phelps and RREEF are said to be contenders for...

SCERS Narrow Down Real Estate Search.
April 5, 2004... The $4 billion Sacramento County Employees' Retirement System has selected four finalists for its real-estate mandate. The search followed an increase in the plan's real estate allocation (See IMW, 1/26/04). The four...

Va. Plan Picks Int'l Equity Manager.
April 5, 2004... The Fairfax County Educational Employees' Supplemental Retirement System has hired William Blair & Co. to oversee a $90 million international equity account. Janet Kohler Dueweke, the plan's spokeswoman, said that the man-ager would be...

Boutique Manager Seeks Marketing Pro.
April 5, 2004... Fledgling money manager, Laffer Investments, has an opening for a marketing professional to bring its products to the institutional marketplace. Arthur Laffer Jr., director of the Nashville, Tenn.-based money manager, said that the...

SSgA Marketing Vet Joins Boutique Firm.
April 5, 2004... Ciaran Murphy, former marketer at State Street Global Advisors has been hired as the institutional marketing director at Sanderson & Stocker Alexandra Stocker, CEO said that approximately 35 candidates were interviewed for the position. She...

St. Louis Seeking Index, Real Estate Managers.
April 5, 2004... The $428 million St. Louis Employees' Retirement is in the midst of a search for managers to oversee an S&P 500 index and enhanced-index portfolios, according to board minutes obtained by IMW. William Duffe, personnel director at the plan...

Statewide Audit Welcomed by Most Louisiana Plans.
April 5, 2004... Four of Louisiana's state retirement systems may soon be subjected to a financial audit, which would investigate potential conflicts of interests that exist between the systems' fund officials, investment managers and consultants. If the...

Alzuru Goes Bottom Up on Emerging Markets.
April 5, 2004... The weakening U.S. dollar and the burgeoning fiscal deficit has left investors looking for a safe haven from the storm. While many have sought solace through investing in developed international concerns, Francisco Alzuru managing director of...

Rocky Mountain Legislation to Limit Private Equity Exposure.
April 5, 2004... Colorado Governor Bill Owens is expected to sign legislation next week that will limit the disclosure required of the state's private equity investors. The bill will forbid the state's treasurer and public pension funds from disclosing any...

Odds & Ends.
April 5, 2004... *MFS Investment Management settled administrative actions brought against the firm by the Securities and Exchange Commission regarding disclosure of brokerage allocation practices in connection with fund sales. MFS, which has neither admitted...

Morgan Stanley: Latest Under SEC Probe.
April 12, 2004... Morgan Stanley is the latest investment management firm to come under fire for market timing and trading improprieties. The Securities and Exchange Commission is reviewing mutual fund-trading activity at the firm's Baltimore office. The...

Hawaii ERS Plots Real Estate Search.
April 12, 2004... The $8.7 billion State of Hawaii Employees' Retirement System is gearing up to launch a search for a core real estate manager that would oversee approximately $150 million. Kimo Blaisdell, the plan's CIO, said that the search would...

LASERS Prepares for Manager Searches.
April 12, 2004... The $5.6 billion Louisiana State Employees' Retirement System is gearing up to launch a manager search in the coming weeks, as the contract for the incumbent manager has reached expiration, said Bobby Beale, plan CIO. Up for grabs is an...

San Bernardino to Launch Int'l Equity Search.
April 12, 2004... The San Bernardino County Employees' Retirement System will launch an international equity search next month to replace T. Rowe Price. The manager, which handled a roughly $360 million account, was terminated in March for performance...

Cali. Muni Plan Seeks Hedge Fund-of-Funds.
April 12, 2004... The $2 billion Kern County Employees' Retirement System has launched a search for a hedge fund-of-funds manager to oversee 3%-approximately $60 million-of the plan's portfolio, as first reported on IMW's Web site, IMWeekly.com (4/6/04). The new...

Texas ERS Executive Director to Leave.
April 12, 2004... Sheila Beckett, executive director of the $20 billion Texas Employees' Retirement System will resign from the plan in June to be the resident budget advisor to the minister of finance and economy with the U.S. Treasury Department in...

Merced System Picks Private-Equity Lineup.
April 12, 2004... The $415 million Merced County Retirement System has hired Adams Street Partners, Invesco Private Capital and Pomona Capital, to oversee the plan's private equity portfolio. The trio will make the first private-equity investments for the...

PERSI Creates Manager Short-list.
April 12, 2004... The $6.6 billion Public Employees' Retirement System of Idaho has selected five finalists for searches that will replace Deutsche Asset Management and MFS Investment Management. Robert Maynard, plan CIO, said that Callan Associates, had...

Vt. Teachers' Expels Real Estate Manager.
April 12, 2004... The $1 billion Vermont State Teachers' Retirement System has terminated Metropolitan Life Insurance Co. as its real estate-investment manager. David Minot, investment-service director, said that the manager had been terminated for...

Vermont SERS Terminates HGI.
April 12, 2004... The $2.8 billion Vermont State Employees' Retirement System has terminated Henderson Global Investors as real estate-investment manager. David Minot, investment-service director, for the plan, said that the termination was based on the...

Wyoming Hires Putnam Replacement.
April 12, 2004... The $4 billion Wyoming Retirement System has hired Julius Baer as the manager for a $300 mil-lion international large-cap growth account. The manager's appointment replaces Putnam Investments, which lost the account after the firm's contract...

Evergreen on Prowl for Money Manager Pro.
April 12, 2004... Evergreen Private Asset Management is currently searching for a regional investment manager, a newly created position. Joni Groomes, an executive search consultant with the Wachovia Executive Search Group, said that the new hire would be...

L.A. Guns & Hoses Hires Alts Advisors.
April 12, 2004... The $12 billion Los Angeles Fire & Police Pension Fund has hired Pension Consulting Alliance and Portfolio Advisors as discretionary advisors for its private equity account, said Tom Lopez, CIO. The RFP for the search was initiated last...

WSIB Continues Int'l Equity Spree.
April 12, 2004... The Washington State Investment Board has hired Causeway Capital Management and Delaware International for the value portion of its international-equity portfolio. The public-market committee of the $52 billion WSIB recommended the two,...

The Terminator' Appoints New Board CalSTRS Gets Five New Members.
April 12, 2004... Governor Arnold Schwarzenegger has appointed five new board members-two Republicans, two Democrats and one unaffiliated-to the board of the $117 billion California State Teachers' Retirement System. The newly appointed board members are:...

Report: Investors to Stay Traditional, Alternative Course.
April 12, 2004... A Greenwich Associates report has targeted enhancing the traditional asset-classes and accelerating participation in the alternative investment space, as major trends for institutional investors. According to the report, institutional...

Baggini Discusses the Science of Stock Picking.
April 12, 2004... Christopher Baggini, lead portfolio manager of the multi-cap U.S. Growth Leaders Fund for Gartmore Global Investments, believes that the key to being an effective growth investor lies in selecting companies that show signs of significant growth...

Odds & Ends.
April 12, 2004... *Janus Capital Group placed its institutional-service executive VP on leave. Lars Soderberg will remain suspended during an investigation of the fund company. Officials at the Denver-based fund manager will meanwhile evaluate Soderberg's role...

First Quarter 2004 Search Roundup.
April 19, 2004... Investment Management Weekly's first quarter 2004 roundup includes completed manager search data* compiled between Jan. 1 and March 31, 2004. The compilation-which includes the domestic equity, domestic fixed-income, alternative...

Cahill Backs Corporations.
April 19, 2004... The Massachusetts Pension Reserves Investment Management Board will not follow in the footsteps of the California Public Employees' Retirement System regarding corporate governance, said State Treasurer Timothy Cahill. Calling some of the...

MassPRIM Gears Up for U.S. Equity Search.
April 19, 2004... The $32 billion Massachusetts Pension Reserves Investment Management Board is in the early stages of shaping a request-for-proposal (RFP) that could potentially replace Putnam Investments on a domestic equity small-cap mandate, confirmed Karen...

SEC Softens Blow in Putnam Settlement.
April 19, 2004... The Securities and Exchange Commission sure does talk a tough game, but when it came to its settlement with Putnam Investments earlier this month, the agency was speaking in whispers. The firm agreed to pay $110 million total in separate...

Mass. Muni Plan Seeks Core-Plus Manager.
April 19, 2004... The Haverhill Retirement System has launched a search for a manager to oversee a $10 million core-plus fixed-income mandate. Specific details of the search could not be ascertained, as Kathleen Gallant, senior fund officer at the $130...

LACERS Names Alts Investment Consultant.
April 19, 2004... The $8.9 billion Los Angeles City Employees' Retirement System has named Pension Consulting Alliance as its alternatives investment consultant-a move that comes amidst the plan's recent increase of its non-traditional asset allocation. ...

L.A. Utility Selects Core Fixed-Income Mgrs.
April 19, 2004... Los Angeles Water & Power Retirement Plan has hired ING Groep and Wells Capital Management to each oversee $750 million in a core fixed-income account. Sangeeta Bhatia, the plan's assistant retirement manager, said that the initial...

NPERS Ramps Up Consultant RFP.
April 19, 2004... Nebraska Public Employees' Retirement System has issued an RFP for plan consultant. The RFP has a May 26 deadline. Incumbent Wilshire Associates has re-bid for the contract, said Kim Shepherd, the plan's spokeswoman at The Dilenschneider...

Dubin & Swieca Hires Ex-Goldman Director.
April 19, 2004... Tracy McHale Stuart, former managing director of Goldman Sachs Asset Management was appointed president of Dubin & Swieca Capital Management. Stuart, who also served as head of global multi-manager strategies at Goldman Sachs, joined the...

Federated Fills Four Executive Slots.
April 19, 2004... Federated Investors has appointed CIO William Dawsonas vice chaiman of its investment advisory companies and named three portfolio managers as CIOs. Dawson will advise President and CEO Keith M. Schappert, continue heading up Federated's...

Philly Board Picks Small-Cap Value Lineup.
April 19, 2004... Philadelphia Board of Pensions & Retirement has hired Boston Partners Asset Management and Wells Capital Management for its small-cap value lineup. The two managers will oversee $50 million apiece for the $5.3 billion plan. The Benson...

Harvard Names New Treasurer.
April 19, 2004... In the wake of an ongoing debate regarding compensation for its portfolio managers, Harvard University has selected James Rothenberg as its new treasurer. Rothenberg will step into his new role July 1, following the June 30 departure of...

CalPERS Pick Special Project Consultant.
April 19, 2004... The $166 billion California Public Employees' Retirement System has selected four finalists for the plan's pool of special projects consultants. Pension Consulting Alliance, Russell Investment Group, R.V. Kuhns and Strategic Investment...

New Rules for Ohio Teachers.
April 19, 2004... The $42 billion Ohio State Teachers' Retirement System has gotten a jump on implementing governance changes suggested by State Governor Bob Taft, said Laura Ecklar, a spokeswoman for the fund. The suggested reforms-which include requiring...

Vega Taps BlackRock Exec.
April 19, 2004... Rajiv Sobti the co-head of BlackRock Financial Manage-ment's investment strategy group will leave the firm to head up both North American trading and a large hedge fund at Vega Asset Management. Sobti spent six years at BlackRock after a...

GPG Seeks Fund-Of-Hedge-Fund Pitchman.
April 19, 2004... Global Partners Group is seeking a sales and marketing executive for its fund-of-hedge fund strategy. Peter Rajsingh senior VP, said that with the new hire, the firm sought to boost its sales, as well as offer the firm's new hedge...

Horne: Global Equity Equity Makes Sense, Even During Terror Times.
April 19, 2004... The consideration of global investing may be a risky proposition for institutional investors, given the current global instability-the ongoing war in Iraq and seemingly incessant terrorist bombings-but Bernard Horne, Jr. president and portfolio...

Odds & Ends.
April 19, 2004... *California Public Employees' Retirement System plans to withholding proxy voting for the director of Mellon Financial Corp. and State Street Corp. because of auditing concern. *Fort Lauderdale General Employees' Retirement System on May...

fIllinois Calls for Comptroller To Pay Up.
April 26, 2004... Illinois State retirement leaders are on the brink of demanding that the state comptroller release the full amount owed to them for the upcoming budget year. This was incited when Governor Rod Blagojevich asked the state's legislature to...

New Mexico Sprouts High Yield Search.
April 26, 2004... The $11 billion New Mexico State Investment Council is in the midst of a search for one or more managers to oversee a high yield fixed-income account, as first reported on www.IMWeekly.com. The mandate is valued at approximately $350 million....

Fla. Plan Axes Consultant, Legal Action Possible.
April 26, 2004... The $206 million Coral Gables Retirement Retirement Fund has temporarily halted its plans to sue UBS Financial Services Investment Consulting for investment advice that the board felt may have been subpar. The plan is currently seeking...

Lawsuit Stalls Replacement Hire at LOPFI.
April 26, 2004... Cathleen Hinshaw, the ousted executive director of the $500 million Local Police and Fire Retirement System, has requested a restraining order from a federal court judge to bar the plan from replacing her, pending the outcome of her wrongful...

Jacksonville 911 Readies Int'l Equity Search.
April 26, 2004... The $900 million Jacksonville Fire & Police Retirement System will begin a search for an international equity manager to replace Putnam Investments, which was terminated last November (See IMW, 12/1/03). John Keene, the plan's executive...

SWIB Seeks Fixed-Income Analyst.
April 26, 2004... The Wisconsin State Investment Board is seeking to hire a global-fixed income analyst. Vicki Hearing, the plan's spokeswoman said that the new hire would fill a month-old vacancy. She declined to name the former analyst or give specifics...

Philly Board Taps Alts Consultant.
April 26, 2004... The $5.3 billion Philadelphia Board of Pension & Retirement has hired CRA RogersCasey to spearhead the plan's initiative to move into the alternative investment marketplace. The board in September launched a request for proposal in search...

SBCERA Hires Emerging Market Mgrs.
April 26, 2004... The San Bernardino County Employees' Retirement Association has ended its search for emerging market-equity managers with the hires of Batterymarch Financial Management and Delaware International. The managers, which were hired during the...

Massachusetts Board Completes Searches.
April 26, 2004... The Webster Retirement Board has hired Invesco Global Asset Management, Independence Investment and Rhumbline Advisors to oversee a $1 million international equity account, a $1.8 million large-cap core index account, respectively. Rhumbline...

Michigan Plan Drops Madison.
April 26, 2004... The $152 million Monroe County Employees' Retirement System has terminated Madison Investment Advisors from an account of an undetermined size. The manager was terminated during the plan's March 22 board meeting. According to the...

North Dakota Cans West AM.
April 26, 2004... The $3.7 billion North Dakota State Investment Board has terminated Western Asset Management from a $153 million high yield fixed-income account. Connie Flanagan, the system's investment officer, said that the manager was released for...

Fall River Scanning Int'l Equity.
April 26, 2004... Fall River Retirement System is scanning the international-equity market for its city plan. The system would plan a $10 million to $20 million allocation in funding and would show willingness in accepting request for proposal. The $216...

Small Plan to Search For Small-Cap Value.
April 26, 2004... The $102 million Chicopee Contributory Retirement System is searching for a small-cap value manager to oversee $5.5 million. Details of the search were scant as Maxwell Mackechnie, senior fund officer of the Mass.-based system, was...

Mass. Scheme Pondering Real Estate.
April 26, 2004... Hampden County Regional Retirement System has launched a search for a private real-estate manager to oversee a mandate of approximately $9 million. Specific details of the search could not be determined as Julianne Bartley, assistant...

Hedge Funds Stand Strong in War Economy.
April 26, 2004... As the catastrophic events occurring in Iraq continues, Charles Zaffuto, chief executive officer of Double Alpha Group, a New York-based alternative asset management firm, believes that the ongoing war has had little implications on the hedge...

Frank Russell: Plan Sponsors Must Take Action.
April 26, 2004... H.R. 3108-the act that would make changes to the way pension liabilities are calculated-could result in industry-wide accounting changes. according the Russell Investment Group. H.R. 3108 replaced the 30-year Treasury bond interest...

Daedalus' Coleman Invents His Own Way.
April 26, 2004... With only $35 million in assets under management, one would think that Daedalus Capital Management would not even register as a blip on the consultant radar, let alone be prominent on the minds of institutional investors, but Stephen Coleman,...

Odds & Ends.
April 26, 2004... *Illinois has hired audit firm Deloitte & Touche and plan consulting Mercer Investment Consulting for a statewide retirement-plan review. Illinois has experienced a funding shortfall and the independent review will center on actuarial...