Investment Management Weekly articles from December 2007

Investment Management Weekly archives from December 2007

Arizona Plan Gets New CIO.
December 3, 2007... The $7.3 billion Arizona Public Safety Personnel Retirement System (PSPRS) has appointed William Coaker as its new CIO, according to published reports. He replaces James Nielsen who retired from the PSPRS in October. Coaker currently...

Colorado Fund Considers Equity Search.
December 3, 2007... The roughly $275 million El Paso County Retirement Plan could be in the midst of prepping a search for a large-cap value manager, according to its Web site. The plan's consultant, Dale Connors of Watershed Investment Consultants,...

Fresno City Plan Seeks Boston Co. Replacement.
December 3, 2007... The City of Fresno Retirement Systems (CFRS)-which makes decisions on behalf of the $945.9 million Employees' Retirement System and the $1.04 billion Fire & Police Retirement System-has decided to move forward with a search to replace The...

Putnam Mixes Styles for Winning Approach.
December 3, 2007... There is top-down investing and there is bottom-up investing. Then there is Putnam Investment's approach, which marries both the top-down and bottom-up styles. Jeff Knight, managing director and CIO of the global asset allocation team at...

West Virginia BTI Seeks Consultant.
December 3, 2007... The West Virginia Board of Treasury Investments (BTI) has launched a search for a firm to provide investment consulting services for the $3.4 billion Consolidated Fund-which, according to the RFP, "consists of the funds of the state,...

Oklahoma Tobacco Fund Issues RFP.
December 3, 2007... The $380 million Oklahoma Tobacco Settlement Endowment Trust is in the market for a small to-mid-cap equity manager to oversee an approximately $20 million mandate. The mandate will be benchmarked against the Russell 2500 index. ...

CalPERS To Consider Global High Yield.
December 3, 2007... The investment committee of the $250 billion California Public Employees' Retirement System (CalPERS) will discuss the possibility of searching for an external global high yield fixed-income manager at its meeting this month, according to the...

Arkansas Boots Goldman Sachs.
December 3, 2007... The nearly $6.1 billion Arkansas Public Employee' Retirement System (APERS) has reportedly terminated Goldman Sachs Asset Management (GSAM) from a $225 million domestic equity account. The reports indicate that GSAM was terminated for...

Cincinnati R.S. Hires Macquarie.
December 3, 2007... The City of Cincinnati Retirement System (CRS) has selected Macquarie Infrastructure Group, according to the minutes of an October meeting. The board hired Macquarie to oversee $65 million investment in the asset class, the first of its...

Baltimore 911 Adds to Private Equity.
December 3, 2007... The roughly $2 billion Baltimore Fire and Police Employees' Retirement System has added a private equity manager to its stable. According to documents prepared for a Nov. 21 Board of Estimates meeting, the fund will invest $20 million in...

LACERS Looks At New Investments.
December 3, 2007... The Los Angeles City Employees' Retirement System (LACERS) approved recommendations regarding three new investments last week, published reports indicate. According to the agenda for a Nov. 27 meeting, the board heard recommendations by...

CalSTRS Names Search Finalists.
December 3, 2007... The $179.5 billion California State Teachers' Retirement System (CalSTRS) has named finalists in its search for a new real estate consultant. Ricardo Duran, spokesman for CalSTRS, said that the investment committee is scheduled to...

Texas Divestment Talks Continue.
December 3, 2007... Divestment from companies that do business in Iran remains a hot topic among pension funds and legislators in Texas, following a push by the state's Governor Rick Perry (See IMW, 7/23/07). Not everyone sees the issue in the same light as...

Odds & Ends.
December 3, 2007... *Northern Trust Global Advisors, the multi-manager arm of Northern Trust, has hired Raj Vora for its private equity team, where his duties will include portfolio management and investor relations for the fund-of-funds group. He was most...

Pa. SERS Makes Hires.
December 10, 2007... Leonard Knepp has taken the helm at the $35 billion Pennsylvania State Employees' Retirement System (SERS), while John Winchester has been named the plan's new CIO. Knepp and Winchester were named to their new positions at last Thursday's...

Sonoma County To Look At Alternatives.
December 10, 2007... The Sonoma County Employees' Retirement Association (SCERA) was slated to hear educational presentations regarding various alternative investment strategies last week, confirmed Jim Failor, the California plan's investment officer. ...

Texas School Plan to Seek Real Estate Advice.
December 10, 2007... The $26 billion Texas Permanent School Fund is gearing up to issue an RFP for a real estate investment advisor. Debbie Ratcliffe, a spokeswoman for the plan, directed questions regarding the search to CIO Holland Timmins. Timmins could not...

Alameda County Plan Eyes Independence: Becoming A Separate Entity Could Lead to Better Returns.
December 10, 2007... Chuck Conrad, CEO of the Alameda County Employees' Retirement Association (ACERA), is spearheading an effort to sever the $5.5 billion retirement system's ties to Alameda County. Although ACERA would continue to service the benefits of the...

TMRS Moves To Diversify Portfolio.
December 10, 2007... The $14 billion Texas Municipal Retirement System (TMRS) has decided to expand its asset allocation to include equities and was scheduled to interview four potential equity managers last week, said spokesman Bill Wallace prior to a Dec. 7...

Illinois SURS Hunts For Global Equity.
December 10, 2007... The State Universities Retirement System of Illinois (SURS) is seeking two or more global equity managers. According to an RFP issued by the fund, both developed and emerging markets equity are applicable. The mandates will be benchmarked...

Worcester Issues Portable Alpha RFP.
December 10, 2007... The Worcester Retirement System has launched a search for a portable alpha manager to oversee a $5 million to $15 million portfolio, which will utilize a diversified hedge fund-of-funds as an alpha engine. Further details regarding the...

New York State Looks For Managers.
December 10, 2007... The New York State Office of the State Comptroller has issued an RFP on behalf of the $154.5 billion New York State Common Retirement Fund (CRF) for managers to assist the fund with its private equity emerging manager program. Jim Fuchs,...

Gotham City TRS Terminates Manager.
December 10, 2007... The roughly $39 billion Teachers' Retirement System of the City of New York (NYCTRS) has removed High Pointe Capital Management from the large-cap value portfolio it managed for the system, according to the highlights of the board's November...

Pittsburgh Municipal Plan Picks Mercer.
December 10, 2007... The Pittsburgh Comprehensive Municipal Pension Trust Fund has hired Mercer Investment Consulting to assist the $367 million plan, confirmed Margaret L. Lanier, assistant director of finance for the city. Mercer replaced Hirtle Callaghan &...

California Plan Interviews REIT Firms.
December 10, 2007... The Contra Costa County Employees' Retirement Association (CCCERA) was scheduled to interview finalists for an international REIT mandate last week. INVESCO Real Estate, European Investors, ING Clarion and Citi Alternative Investors were...

MIT Looks for Investment Pro.
December 10, 2007... The MIT Investment Management Company (MITIMCo) is seeking to add an investment professional to its staff. The managing director would assist in asset allocation decisions, investment manager selection and oversight and discovering new...

Odds & Ends.
December 10, 2007... *Coleman Stipanovich resigned as director of the Florida State Board of Administration (SBA) last week. This follows the news that the SBA halted redemptions for its state-run fund Local Government Investment Pool after investors withdrew at...

New Rules for NYS Fund?
December 17, 2007... Officials have announced new proposed regulations intending to increase the transparency of the $154.5 billion New York State Common Retirement Fund (NYSCRF). The new rules would include allowing the inspector general of the state...

LA Water and Power Discusses INTECH.
December 17, 2007... The Los Angeles Water and Power Employees' Retirement Plan may begin eyeing one of its managers more closely, according to its Web site. The agenda for a Dec. 5 meeting indicates that the plan was expected to discuss placing Enhanced...

Index Search in the Cards for Ohio BWC? Plan to Discuss Possible RFP.
December 17, 2007... The Ohio Bureau of Workers' Compensation (BWC) will discuss the possibility of launching a manager search at its meeting this Thursday. According to the agenda, the board of directors will consider the issuance of an RFP for commingled...

GAM Sees Results with Flair-Free Investing Style.
December 17, 2007... David Smith, the chief investment director and portfolio manager of GAM's diversity strategy, feels that being a hedge fund manager is not about having flair. "I'd love to believe I had great flair," he said. "But this is really pretty...

PRIM Hunts For ETI Managers.
December 17, 2007... The Massachusetts Pension Reserves Investment Management(PRIM) Board is in the market for managers for the plan's Economically Targeted Investments (ETI) program, as first reported on imweekly.com(12/11/07). The ETI program looks to...

Kansas Plan Looks at Emerging Markets.
December 17, 2007... The $50 million Overland Park Police Department Retirement Plan is seeking to hire an emerging markets equity manager to oversee a $2 million to $3 million mandate. Barry Bryant, the plan's consultant with Dahab Associates, explained that...

Watertown Seeks International Manager.
December 17, 2007... The roughly $100 million Watertown Contributory Retirement System is looking to add an international core equity manager to its manager roster. The hired firm would manage a $13 million portfolio, with or without emerging markets exposure,...

Worcester Seeks Infrastructure Manager.
December 17, 2007... Hot on the heels of its search for portable alpha strategies (See IMW, 12/10/07), the $711.4 million Worcester Retirement System has issued an RFP for a manager to oversee a private market infrastructure strategy investment of between $5...

New Mexico PERA Looks At Alternatives.
December 17, 2007... The investment committee of the $13.3 billion New Mexico Public Employees Retirement Association (NMPERA) discussed adding new alternative investments to its portfolio last week. The committee discussed a possible commitment of up to $30...

CalSTRS Hires The Townsend Group.
December 17, 2007... The $180 billion California State Teachers' Retirement System (CalSTRS) has selected The Townsend Group as its new real estate consultant. The search for a new real estate consultant first began in September, when CalSTRS issued an RFP in...

Arkansas Teachers Select Managers.
December 17, 2007... Moving ahead with its private equity push, the Arkansas Teacher Retirement System has made a $50 million commitment to Boston Ventures Limited Partnership, according to published reports. The plan also earmarked up to $30 million to private...

Illinois TRS Approves New Investments.
December 17, 2007... The Teachers' Retirement System of the State of Illinois (TRS) made new investments in private equity, long/short equity and real estate at its most recent meeting. For private equity, the plan made commitments of $100 million to Oak Tree...

Odds & Ends.
December 17, 2007... *Tremblant Capital Group has hired Thomas Dempsey as executive managing director of business and strategic development, a newly created role at the firm. He was most recently managing director and head of product strategy for Goldman Sachs...

Middle-Market Private Equity: The Way To Go in 2008.
December 17, 2007... As we move into 2008, investors should look to place money with smaller private equity firms in the middle-market space if they want better and more stable returns, said David Scherl, managing partner with the New York-based Morrison Cohen. ...

Happy Holidays.
December 17, 2007... Due to an editorial break, Investment Management Weekly will not publish on Dec. 24 and Dec. 31. We will resume publishing on Jan. 7. The staff of IMW wishes all in the investment community a happy and safe holiday and a prosperous New...