Investment Management Weekly articles from April 2006

Investment Management Weekly archives from April 2006

Wachovia Announces Pending Acquisition.
April 3, 2006... Wachovia Corp. is reportedly gearing up to purchase a large-cap asset manager to complement its existing strategy. During a UBS-sponsored Webcast last week, David Carroll, head of Wachovia's capital management group, announced that it would...

Neuberger on Watch at Oklahoma Teachers.
April 3, 2006... As first reported IMW's Web site imweekly.com (3/27/06), the $8.2 billion Teachers' Retirement System of Oklahoma placed Neuberger Berman on watch for personnel turnover on its $320 million fixed-income account, said Tom Beavers, the plan's...

Montana Issues International Equity Searches.
April 3, 2006... The $11.2 billion Montana Board of Investments has issued an RFP for several managers to oversee non-U.S. active equity mandates. "We want to see what is [in the universe] how many there are and how good they are before we make a decision,"...

CalSTRS Moves on Investor Responsibility.
April 3, 2006... Is it right to invest in Sudan? Add tobacco stocks to the portfolio? Or to take on the debt of a country guilty of human rights abuses? Rather than consider these question on a case-by-case basis, the $137 billion California State...

Sacramento Drops Growth Manager.
April 3, 2006... The $5.1 million Sacramento County Employees' Retirement System is the latest pension fund to terminate its relationship with small-cap growth manager, Bank of New York Asset Management. Jeff States, CIO of the California plan, said that...

Middlesex Eyes Small-Cap, High Yield.
April 3, 2006... The $640 million Middlesex Retirement System has initiated RFPs for managers to oversee a smid-cap growth account and a high yield fixed-income portfolio, valued at $50 million and $32 million, respectively. Full details regarding the...

Medford Launches GAA Search.
April 3, 2006... The $135 million Medford Contributory Retirement System is searching for a firm to oversee a global asset allocation mandate, valued at $13 million. Further details on the search could not be determined, as Tina Rapatano, plan director,...

Mass. Plan Seeks Emerging Mkts. Mgrs.
April 3, 2006... The $158 million Haverhill Retirement System has sparked a search for an emerging markets equity manager to oversee approximately $7 million. Full details of the search could not be determined, as calls to Kathi Gallant, Haverhill's...

UN to Bolster Investment Team.
April 3, 2006... The $32 billion United Nations Joint Staff Pension Fund (UNJSPF) is searching for two new additions for its Investment Management Service (IMS) division. Further information on the search could not be determined, as Chieko Okuda, director...

Louisiana SERS Hires For Large-Cap.
April 3, 2006... The $1.5 billion Louisiana School Employees' Retirement System has selected C.S. McKee to oversee its $160 million large-cap value equity account. The firm, along with three other finalists-Harris Investment Management, Quantitative...

StanCERA Narrows Search to Three.
April 3, 2006... The board of the $1.3 billion Stanislaus County Employees' Retirement Association (StanCERA) narrowed its search for a large-cap growth manager down to three finalists during its March 28 meeting, said Tom Watson, administrator for the...

Ivy League Fund Moves Assets.
April 3, 2006... The $5.2 billion Yale University endowment fund has reportedly opted to remove assets from one of its hedge fund managers. According to published reports, Yale has severed its ties with Children's Investment Fund Management, also known as...

Large-Cap Growth Still Manager Favorite.
April 3, 2006... Large-cap growth stocks continue to be the flavor of the month, according to a recent survey completed by Russell's Investment Manager Outlook. Seventy percent of the managers polled for the quarterly report expressed that they remain...

Cleantech: Next Big Thing for Institutional Investors.
April 3, 2006... John Doerr-the Silicon Valley venture capitalist-calls it the biggest opportunity of the 21st century. Doerr, who spotted opportunities in companies like Sun Microsystems and Amazon.com when they were little more than a team with a...

Clarification.(Correction notice)
April 3, 2006... The article "UTIMCO Makes Changes to Manager Roster: Are Manager Searches on Horizon", featured in the 3/27 issue of IMW, implies that Goldman Sachs Asset Management (GSAM) no longer manages assets for the University of Texas Investment...

Wilson: Fixed-Income Still Needed for Institutional Investors.
April 3, 2006... As the problem of unfunded pension liabilities at American corporations grows worse because of an aging workforce and a stock market that has moved more sideways than up over recent years, Peter Wilson, managing director and head of the...

Odds & Ends.
April 3, 2006... *Sentinel Advisors has appointed Matthew McPhail as its new CIO. He will be responsible for the selection of investment managers and allocation strategies for services offered through the firm. *Arden Asset Management announced the addition...

Investcorp Funds New Venture.
April 10, 2006... Alternatives asset management firm Investcorp will provide hedge fund manager Interlachen Capital with seed capital to launch its first fund, the firm announced last week. Based in Minneapolis, Interlachen's multi-strategy fund will...

MLIM in Hot Seat at L.A. Water & Power.
April 10, 2006... As first reported on IMW's Web site imweekly.com (4/5/06), the $6 billion Los Angeles Water and Power Employees' Retirement Plan moved to place Merrill Lynch Investment Management (MLIM) on its watch list during an April 5 board meeting....

L.A.'s 911 to Boot Large-Cap Value Mgr.: Pure Value Search May be on the Horizon.
April 10, 2006... The board of the $13 billion Los Angeles Fire & Police Pension System may have terminated Alliance Capital Management from a $302 million large-cap value mandate, during its April 6 board meeting, as first reported on IMW's Web site,...

Wyoming Gears Up for Cash Search.
April 10, 2006... The $5 billion Wyoming Retirement System (WRS) is getting ready to conduct a search for a manager to oversee a cash mandate of an undetermined size. Harry Wales, the system's deputy director, explained that the board has decided to issue...

Watertown Launches Mid-Cap Search.
April 10, 2006... The $80 million Watertown Retirement System has issued a search for a mid-cap value manager, said Barbara Sheehan, director of the Massachusetts fund. The search was launched to replace Hutchens Investment Management, which was recently...

Fla. Fund Terminates Growth Manager.
April 10, 2006... The Clearwater Firefighters' Supplemental Trust Fund has terminated Trusco Capital Management from a domestic equity growth account, said Chairman David Hogan last week. "We took a vote at the board and the trustees decided to replace...

Ohio BWC May Divest PE Holdings.
April 10, 2006... The $15.7 billion Ohio Bureau of Workers' Compensation (BWC) is gearing up to issue an RFI to unload its private equity holdings, said spokesman Jeremy Jackson last week. "The bureau is going to issue an RFI about selling its private...

Wilshire Safe at Iowa PERS.
April 10, 2006... The $18.4 billion Iowa Public Employees' Retirement System voted to remove consultant Wilshire Associates from its watch list, Kathy Comito, CIO, told IMW last week. According to an IPERS' report, Wilshire was originally placed on watch in...

Knoxville Picks Smid-Cap Manager.
April 10, 2006... The $480 million Knoxville City Employees' Pension Fund has selected Cortina Asset Management to oversee a smid-cap growth account. Michael Cherry, the Tennessee plan's executive director, explained that they are still in the process of...

Illinois Municipal Rebalances Portfolios.
April 10, 2006... The board of the $14.4 billion Illinois Municipal Retirement Fund (IMRF) has recently rebalanced its international equity and fixed-income portfolios. The investment committee saw that international equities were overweighted in comparison...

SDCERS Names Two for Board Positions.
April 10, 2006... San Diego City Employees' Retirement System (SDCERS) has reportedly appointed two new members to its board of trustees. Wayne Kennedy was appointed to the board on April 3, after being nominated by San Diego Mayor Jerry Sanders. Kennedy is...

Pension Reform Warrants Interest by Mutual Fund Industry.
April 10, 2006... The nation's retirement system is in desperate need of an overhaul, and the mutual fund industry is likely to play a vital role in that renovation. That was the message that Ann Combs, assistant secretary of the Employee Benefits Security...

AXA Investment Management Praises the Value of Research.
April 10, 2006... Generally speaking, in the world of fund management, particularly where equities are involved, there is asset allocation, where it's all about quantified research, and there is fundamental investing, where it is about careful examination of...

Odds & Ends.
April 10, 2006... *INVESCO has hired Sherri Reid to serve as a marketing director of the firm's corporate, endowment and foundation team. Reid will be responsible for the firm's endowment and foundation clients in the Northeast and Midwest. Prior to joining...

Funds Want SEC to Revise Rules.
April 17, 2006... The Securities and Exchange Commission (SEC) has been asked by 16 institutions-including the $207 billion California Public Employees' Retirement System (CalPERS), the $141 billion California State Teachers' Retirement System (CalSTRS) and the...

New Mexico PERA Hires New Consultants: Preps For Study, Alternative Searches.
April 17, 2006... The board of the $11.5 billion New Mexico Public Employees' Retirement Association, during an April 11 meeting, voted to hire R.V. Kuhns & Associates and Cliffwater to serve as its general and alternative consultants, respectively. Robert...

Beantown Issues Large-Cap RFP.
April 17, 2006... The $3.7 billion Boston Retirement System has launched a search for a large-cap growth domestic equity manager. Reasons for the search could not be obtained by press time, as Robert Tierney, executive director at the fund, did not return...

Montana Selects Executive Director.
April 17, 2006... The $4 billion Montana Public Employees' Retirement Board (PERB) has selected Roxanne Minnehan, the former interim executive director, to serve permanently in the position. Minnehan was selected from three finalists, which also included...

Mass. Fund Launches Dual Searches.
April 17, 2006... The $82 million Pittsfield Retirement System has issued RFPs for a private equity and real estate manager to oversee $4 million each. Karen Lancto, administrator, did not return calls regarding the impetus for the seaches, however. For...

Fall River Launches Int'l Equity Search.
April 17, 2006... The $216 million Fall River Retirement System has launched a search for an international equity manager to oversee a $5-8 million portfolio. Christine Tetreault, executive director of the Massachusetts fund, was unavailable for comment. ...

Quincy R.S. Hunts for High Yield.
April 17, 2006... The $244 million Quincy Retirement System is on the prowl for a high yield manager to add to its roster. The newly hired firm will oversee $15 million for the plan. It could not be ascertained whether the fund currently has investments...

Mich. Plan Watches Int'l Equity Manager.
April 17, 2006... The $163 million Monroe County Employees Retirement System has placed Franklin Resources subsidiary, Templeton Portfolio Advisors on watch on its $13 million international equity account. Debra Elmore, the plan's retirement specialist, said...

Va. College Hunts for New Consultant.
April 17, 2006... The board which oversees the $83 million endowment fund for Roanoke College, has issued an RFP for an investment consultant. "We're looking to revamp the way we manage our endowment," said Mark Noftsinger, director of finance with the...

San Jose 911 Ups Emerging Markets.
April 17, 2006... The $1.6 billion San Jose Police and Fire Retirement Fund is allowing Seix Investment Advisors to invest in emerging markets debt as part of the core portion of its fixed-income mandate. "They requested it and they've built the capabilities...

L.A. 911 Real Estate Investments.
April 17, 2006... The board of the $13 billion Los Angeles Fire & Police Pension System could place $30 million into two real estate funds: CPI Capital Partners Europe and Stockbridge Real Estate Fund II. Calls to Tom Lopez, the plan's CIO, and Michael...

U.S. Firms Improve Corporate Governance Practices.
April 17, 2006... Companies are making a greater effort to increase the independence of their boards of directors, improve transparency and shareholder communications and tie executives' compensation to earnings. And it is safe to say that this trend to...

CalSTRS Votes to Divest from Sudan.
April 17, 2006... The $141 billion California State Teachers' Retirement System (CalSTRS) has joined the growing list of institutional investors to divest holdings from companies with ties to Sudan. During its April 6 meeting, the CalSTRS investment...

DuPont Capital Management: Offering the Best of Both Worlds.
April 17, 2006... Sitting on the both sides of the fence as plan sponsor and investment manager can prove to be a somewhat fruitful experience. DuPont Capital Management's (DCM) President and CEO Valerie Sill and Donald Pepin, managing director of marketing and...

Odds & Ends.
April 17, 2006... *The Securities and Exchange Commission (SEC) has named Andrew Donohue as director of the agency's division of investment management. Donohue replaces Paul Roye who left the SEC over a year ago. Susan Wyderko has served as interim director...

Conn. Gov. Vows to Fund Pension System.
April 24, 2006... Connecticut Governor M. Jodi Rell has announced that she is willing to fully fund the Connecticut Teachers' Retirement Fund, one of the funds that makes up the $21.8 billion State of Connecticut Trust Funds. The governor has proposed...

Purdue University Remixes Assets: Searches to Come?
April 24, 2006... The $1.4 billion Purdue University endowment fund recently adopted a new asset allocation that could possibly lead to manager searches, said Scott Seidle, director of investments. "We recently went through an asset allocation review," he...

CalPERS Names New Chief Investment Officer.
April 24, 2006... Russell Read has been named CIO at the $207 billion California Public Employees' Retirement System (CalPERS). Read, the former deputy CIO at Deutsche Asset Management and Scudder Investments, will oversee the fund's investment staff, its...

CalPERS Hires Diversity Consultants.
April 24, 2006... The $207 billion California Public Employees' Retirement System (CalPERS) has named four consultants- Altura Capital, Ivy Planning Group, Mosaic Investment Advisors and RG & Associates-to its pool of advisors with expertise on...

CalPERS Loses Senior Investment Officer.
April 24, 2006... Michael McCook, senior investment officer for real estate with the $208 billion California Public Employees' Retirement System (CalPERS) since 2001, has announced his resignation from the plan. Local reports indicated that McCook will leave...

Alaska PERS, TRS Adopt New A/A.
April 24, 2006... The Alaska State Retirement Management Board moved to adopt new asset allocations for the $8.2 billion Public Employees' Retirement System (PERS) and the $4 billion Teachers' Retirement System (TRS), said Judy Hall, spokeswoman for the board....

Berkshire Safe at Pennsylvania Fund.
April 24, 2006... The $197 million Luzerne County Employees' Retirement System has reportedly granted Berkshire Asset Management a stay of execution on its large-cap core account. The fund placed the manager on watch last April for underperformance on a...

NY Teachers Pick New Trustees.
April 24, 2006... The $89 billion New York State Teachers' Retirement System has appointed two new trustees to its 10-member board. Dr. Rosemary Jones and Dr. Michael Glover were both appointed by the State Commissioner of Education, Richard Mills. Dr....

Orange County Plan Hires Three.
April 24, 2006... The $5 billion Orange County Employees' Retirement System (OCERS) made final selections in three searches-an emerging markets manager search, a general consultant search and a real estate consultant search-at the board's April 17 meeting. ...

Texas TRS to Hire Executive Search Firm.
April 24, 2006... The $100 billion Teachers' Retirement System of Texas (TRS) has issued an RFP for an executive search firm to assist in the hiring of a new CIO to replace James Hille, who left on April 3 after serving in the position for the past three years....

Eaton Vance Expands Institutional Unit.
April 24, 2006... Eaton Vance Management (EVM), in a move to expand its institutional unit, has added seven new members to its institutional marketing team. Lisa Jones, head of EVM's institutional division, said that the impetus for the additions were...

U.S. Institutions Eye Brazilian Real Estate.
April 24, 2006... Unsatisfied with the low returns in the global real estate markets? Brazil might be the place for you. Buy a fully leased class A office building there, and you can earn 13-15% by just collecting rent, more than double the 5-7% you'd get in the...

Seizert Capital Partners On the Elements of Style.
April 24, 2006... In an aggressive market environment, creating alpha can become an increasingly difficult task to accomplish. However, Seizert Capital Partners' CEO Gerald Seizert and Kevin Sullivan, the firm's partner in charge of marketing, contend that with...

Odds & Ends.
April 24, 2006... *Banc of America Securities (BAS) has appointed Dr. Robert Almgren head of quantitative strategies for equities. Prior to joining BAS, Almgren worked at the University of Toronto as director of the master of mathematical finance program. ...