Investment Management Weekly articles from February 2002

Investment Management Weekly archives from February 2002

Missouri public to launch $1.7 B worth of searches.
February 4, 2002... The roughly $21.4 billion Missouri Public School Retirement System, Jefferson City; Mo., will launch $1.7 billion in searches in the third quarter. The board implemented new allocations to private equity and real return pool investments at its...

Milwaukee braves deluge of early retirees.
February 4, 2002... The roughly $1.7 billion Milwaukee County Employees' Retirement System may face a massive cash drain which could adversely affect plan members and money managers alike in the near future. Employees have been stampeding towards early retirement...

New Orleans to dance to alternative beat.
February 4, 2002... The New Orleans Employees' Retirement System plans to make its first foray into the alternative investment arena, which will result in a search for managers to take on between $20 to $25 million in capital. The recruitment process will likely...

Lawrence looks for large-cap firm. (Searches).
February 4, 2002... The roughly $95 million City of Lawrence Contributory Retirement System, Lawrence, Mass., is conducting a search for a manager to initially handle a $10 million domestic large-cap growth equity portfolio, according to the Massachusetts Public...

New York watches managers. (Fund News).
February 4, 2002... The $78 billion New York State Teachers' Retirement System recently put three managers running a total of $948 million on watch for performance reasons, a spokesperson for the fund said. "We don't have a specific timetable set up for...

National grid and niagara tie the knot. (Fund News).
February 4, 2002... National Grid, Westborough, Mass., completed its merger with Niagara Mohawk, Syracuse, N.Y., on Jan. 31. The two companies' pension plans, with a total value just over $2 billion, will remain separate, said Nancy Kellogg, National Grid's...

Brockton sets timeline for R.E. search. (Fund News).
February 4, 2002... The roughly $184 million Brockton Contributory Retirement System, Brockton, Mass., recently finished reeling in RFPs for its real estate manager searches worth up to $10 million, said Executive Director Harold Hannah. The searches were for...

ACERA adopts bond benchmarks. (Fund News).
February 4, 2002... In a move to better measure its bond manager's performance, the board for the Alameda County Employee' Retirement Association recently voted to use the Lehman Aggregate U.S. Salomon World Government Bo d Ex. U.S./Lehman High Yield in t e ratio...

Miami's liabilities require millions. (Industry News).
February 4, 2002... Miami's Fire & Police Retirement Trust needs the city to inject roughly $23.4 million into its pension fund in order to meet long-term fiduciary responsibilities, Administrator Robert Nagle said. The dollar amount was derived from...

Baring pitches promise in Russia. (Industry News).
February 4, 2002... Baring Private Equity Partners nabbed $205 million worth of commitments at the final closing of its Baring Vostok Private Equity Fund in December of 2001. Several pension funds and investment companies in the U.S. and Europe committed the...

Pantheon nabs investment pro. (Manager News).
February 4, 2002... Global private equity firm Pantheon Ventures, San Francisco, recently lured Susan Long to its U.S. fund-of-funds team as VP. Long's responsibilities include leading the evaluations of private equity fund managers and formulating investment...

Tremont lures marketer duo. (Marketer News).
February 4, 2002... The Rye, N.Y.-based Tremont Advisers recently recruited John Hock and Judith Peterson as sales and marketing professionals in an effort to grow its global alternative investment business. Hock signed as senior VP and director of...

Fidelity expands services for investors. (Product News).
February 4, 2002... Fidelity Management Trust Co. is the number one provider in retail and is vying to be number one for institutional investors as well; Web technology has become part of its push to get to the top. Since 1981, Fidelity has been expanding its...

Weekly leads.
February 4, 2002... Weekly Leads Plan Sponsor Fund Size Mandate Size Firm/Comments Beloit College, 90 A/A Study n/a Could lead Belloit, Wis. to searches...

Finito.
February 4, 2002... Finito Plan Sponsor Fund Size Mandate Size California Public 147,000 Int'l Equity/Active up to Employees' Rs, Emerging Markets 1,000...

Search overview.
February 4, 2002... Search Overview Plan Sponsor Mandate Arizona State Retirement System Other/Bundled Provider Chicago Public School Teachers' Int'l Equity/Emerging Markets Pension Fund Indiana Public Employees' U.S....

People.
February 4, 2002... RREEF recently lost Principal Kim Redding. He has formed a new company, KG. Redding & Associates which will focus on small-cap less followed REITs. Karen Knudson has taken over Redding's duties at RREEF. Merrill Lynch recently named John...

Calendar.
February 4, 2002... Jan. 31 to Feb. 3: The 18th Annual Risk Management Conference. The Renaissance Vinoy Resort in St. Petersburg, Fla. For more information, or to register, contact Dorothy Ackerman at (312) 435-7236 or go to www.cboe.com/rmc. March 4-6:...

CalSTRS posts Alt. consultant RFPs.
February 11, 2002... The investment committee for the California State Teachers' Retirement System (CalSTRS) issued requests for proposals for alternative investment consultants, a gatekeeper and an Investment strategist on Feb 8. Proposals are due April 5, said a...

Chicago Park reviews investment policy.
February 11, 2002... The roughly $641 million Chicago Park Employees Annuity & Benefit Fund is conducting an investment policy review that could lead to searches, said Joseph Fratto, the fund's executive director. The review, to take place over the next two...

Retirement Associations respond to Enron.
February 11, 2002... The Enron scandal has ratcheted up public anxiety about the safety of pension and retirement accounts. But while many managers and sponsors are pushing for changes to restore confidence in the system, others are calling for Congressional...

Missouri local reviews managers. (Searches).
February 11, 2002... The roughly $2.4 billion Missouri Local Government Employees' Retirement System, Jefferson City, Mo., is conducting a review of its managers which could lead to changes, said Keith Hughes, assistant executive secretary and controller at the...

American Express reels in fidelity PMs. (Manager News).
February 11, 2002... American Express Financial Corp. added three Fidelity Investments portfolio managers to its cadre of managers this week in an effort to drive growth in its asset management business, a spokesperson for American Express said. Douglas Chase,...

Martin taps Merrill talent. (Manager News).
February 11, 2002... The independent Martin Currie recently lured David Urch from Merrill Lynch in London. Urch is slated to sign on as an assistant director at the Edinburgh-based investment management firm on May 1. He will report to Jeff Saunders, who heads...

Husic hooks dresdner talent. (Marketer News).
February 11, 2002... Husic Capital Management recently installed Joe Rusbarsky as head of client relations and marketing and Ken Weeman as COO. Rusbarsky replaces Neal Howe, who recently resigned from the firm to pursue other endeavors. The firm did not release...

Prudential continues to explore Mexico. (Industry News).
February 11, 2002... Prudential Financial recently entered Mexico's private pension market. After the privatization of the country's social security system in 1997, Prudential acquired the fund management company Apolo Operadora de Sociedades de Inversion, now...

GE adds $10 billion in assets. (Industry News).
February 11, 2002... GE Asset Management, Stamford, Conn., recently announced that it added roughly $10 billion in assets during 2001, mainly in international equities and domestic large-cap value equities. The firm won a $298 million international equity...

Washington housing receives donation. (Industry News).
February 11, 2002... The Washington D.C. Housing Finance Agency (HFA) recently received a $50 million donation in private activity bond funds. Mayor Anthony Williams and Eric Price, deputy mayor for planning and economic development in D.C. approved the allocation,...

Kayne closes small-cap strategy. (Product News).
February 11, 2002... Kayne Anderson Rudnick Investment Management, Los Angeles, recently announced it will dose its Small Cap Core strategy at the end of March, said Kevin Welsh, managing director of institutional account management. The fund has roughly $1.3...

Fremont extends family of funds. (Product News).
February 11, 2002... The San Francisco-based manager Fremont Investment Advisors recently launched the Fremont New Era Growth Fund, a no-load fund that bets on concentrated domestic large-cap stocks, according to a company statement. Northstar Capital...

State street rolls out funds. (Product News).
February 11, 2002... State Street Research & Management Co. has rolled out two new funds, the Institutional Large Cap Analyst Fund and the Concentrated International Equity Fund, said Executive VP of Institutional Sales Chris Abbott. The Institutional Large...

People.
February 11, 2002... The New York Life Insurance Co. appointed Frank Boccio as GAO of the life and annuity business, its largest business operation. He will oversee underwriting, customer service, systems planning and administrative issue. Boccio will maintain his...

Weekly Leads.
February 11, 2002... Weekly Leads Plan Sponsor Fund Size Mandate Alaska State Pension 13,000 A/A Investment Board, Study Juneau, Alaska Cleveland-Cliffs, Inc., 1,200 A/A Cleveland,...

Finito.
February 11, 2002... Finito Plan Sponsor Fund Size Mandate Aegis Communications Group, 11 Other/ Dallas Semi-Bundled Provider Austin Police Retirement Fund, 267...

Search Overview.
February 11, 2002... Search Overview Plan Sponsor Mandate Lawrence Contributory U.S. Equity/Large Cap Growth Retirement System Missouri Public School Alternatives/Private Equity Retirement System...

San Joaquin to forge investment path through fog.
February 18, 2002... The San Joaquin County Employees' Retirement System is in the midst of a "liability asset" study and is weighing whether it will need to lower its portfolio return assumptions or move into new areas of the marketplace to meet fiduciary...

Utility company to take inventory.
February 18, 2002... TXU Corp. intends to call on its actuary to estimate the number of existing employees who opted to invest in the company's recently launched cash balance retirement fund, said Trust Investments Manager John Thompson. The hybrid retirement...

Public plans take to private equity.
February 18, 2002... Private equity players are establishing new rules in the asset allocation game. So far this year, IMW has reported that six large pension funds have expanded their private equity allocations. To meet the increased interest in the class and...

Partners Healthcare may search. (Searches).
February 18, 2002... The investment committee of the roughly $3.4 billion Partners Healthcare System, Boston, is reviewing whether to increase its alternative venture capital and private equity allocations, which could lead to up to $150 million in searches, a...

Fidelity wins mandate from Ohio. (Hires).
February 18, 2002... The Fidelity Management Trust Co. recently scored a $161 million domestic equity portfolio with the $52 billion Public Employees' Retirement System of Ohio, a spokesperson for the fund said. The money will be invested in Fidelity's...

PBS&J farms out DC plan to INVESCO.
February 18, 2002... The Miami-based consultant engineering company PBS&J recently decided to farm out its investment management and recordkeeping to INVESCO Retirement in Atlanta. PBS&J previously handled its $105 million defined contribution plan, along with...

Seattle ERS to strike up two deals.
February 18, 2002... The Seattle Public Employees' Retirement System will bring two new domestic stock managers into their den, Wellington Management Co. and Bear Stearns Asset Management. The board recently negotiated contracts with the asset managers, but...

Union brings State Street into family.
February 18, 2002... The Automotive Industries Pension Trust scripted a business deal with State Street Research & Management Co. to manage a $55 million portfolio of a small-cap value stocks. The Automotive Industries Pension Trust is a multi-employer trust...

Mazama snaps up State Street's Klotter. (Marketer News).
February 18, 2002... State Street Bank & Trust Co. recently lost Donald Klotter to Mazama Capital Management. He has been appointed VP of marketing and client service. Klotter brings 14 years of experience to the table. At State Street, he most recently served...

SSgA gives Jackson inst'l & HNW plate. (Industry News).
February 18, 2002... A month after Boston-based State Street Global Advisors (SSgA) folded its Professionals Group into its Private Asset Management Unit, the firm announced that its domestic large-cap stock team would make room for another player, Gardner Jackson....

The NASDAQ and KLD team up.
February 18, 2002... The NASDAQ and KLD Research & Analytics launched the first socially screened index of NASDAQ companies on Feb. 12. The KLD-NASDAQ SocialSM index will list roughly 290 companies. It is a market-value weighted index. Technology, financial and...

Nelson enhances analytic tools. (Product News).
February 18, 2002... Nelson Information is set to launch Industry Insight this month. It will give money managers one more weapon to leverage in the battle for assets in a cutthroat economic environment. The Web-based product offers new ways to analyze market...

Clarification.
February 18, 2002... Lucent was incorrectly identified as a new client of Fidelity Management Trust Co.'s in an IMW article published in the 2/4/02 issue.

Weekly leads. (Search News).
February 18, 2002... Weekly Leads Plan Sponsor Fund Size Mandate AP7, 2,200 Alternatives/ Stockholm, Sweden Hedge Funds Colorado Employees' RA, ...

Search overview.
February 18, 2002... Search Overview Plan Sponsor Mandate Florida State Board of U.S. Equity/Large Cap Administration Growth Ohio School Employees' Retirement U.S. Equity/Active System ...

People. (Faces and Places).
February 18, 2002... Franklin Templeton Investments recently promoted Mark Meyer to executive VP and director of sales of the Franklin Templeton Private Client Group (FTPCG). Franklin Templeton also introduced Fiduciary Trust Co. International investment strategies...

Calendar. (Faces and Places).
February 18, 2002... April 28-May 1: The 25th Annual AIMSE Marketing & Sales Conference, Boca Raton Resort & Club, Fla. The Association of Investment Management Sales Executives will convene in Boca Raton to discuss ways professionals can in prepare and conquer the...

Illinois terminates Dresdner, could lead to overhaul.
February 25, 2002... The roughly $22.6 billion Illinois Teachers' Retirement System, Springfield, Ill., has a massive portfolio up for grabs. The fund terminated Dresdner RCM Global Advisors which managed a $553 million active international equity portfolio and it...

Knoxville to learn about alternatives.
February 25, 2002... The board for the Knoxville City Employees' Pension Fund will be buckling down for educational sessions about the alternative investment arena this spring, Executive Director Mike Cherry said. Cherry and the system's consultant, Daniel...

Industry raises eyebrow at Bogle plan.
February 25, 2002... Two weeks ago, Jack Bogle, founder of the Vanguard Group, suggested that index fund companies form a federation aimed at pressuring corporations to better-serve their shareholders, an idea industry observers said is more symbolic rhetoric than...

Washington U. wants new relationships. (Searches).
February 25, 2002... The University of Washington is looking to do business with managers who specialize in venture capital, private equity and opportunistic investments, said V'Ella Warren, treasurer-board of regents for the $1.1 billion endowment fund. "We...

Arizona launches search for custodian. (Searches).
February 25, 2002... The $24.5 billion Arizona State Retirement System (ASRS) recently issued an RFP for a custodian bank. Proposals are due March 27. The winner will be responsible for securities accounting, safekeeping, reporting, and maintaining a database...

Kimberly brings two firms into fold. (Hires).
February 25, 2002... Kimberly-Clark Corp. recently recruited Advanced Investment Management, Pittsburgh, as an asset allocation overlay strategist and Armstrong Shaw Associates in New Canaan, Conn., as a large-cap core manager, said Assistant Treasurer Bob Frazier....

Carpenters hand investment tools to CIGNA. (Hires).
February 25, 2002... The $650 million New York City Council of Carpenters' Annuity Fund recently selected the Taft-Hartley gurus at CIGNA Retirement & Investment Services to provide investment options for plan participants. "This is an increasing trend in the...

Northern Trust to monitor metal fund. (Hires).
February 25, 2002... Northern Trust won a fiat from the $11.3 billion Pension Fund for the Metal Industry in the Netherlands (PMI) to provide the fund with global custody services. Northern Trust's responsibilities include regulatory reporting for the Chamber...

Colorado PERA wields alt. power. (Fund News).
February 25, 2002... The roughly $27 billion Colorado Public Employees' Retirement Association recently liberalized certain investment policies. At the fund's February meeting, board members voted to loosen restrictions imposed on the investment staff....

New Mexico to pick value strategist. (Fund News).
February 25, 2002... The roughly $6 billion New Mexico Educational Board will interview three finalists for a $315 million mandate on Feb. 28, CIO Frank Foy said. The winner will actively manage a $315 million large-cap value portfolio, a new mandate. The...

Arkansas fund loses Greer. (Industry News).
February 25, 2002... John Greer recently resigned from the executive director post for the Arkansas Deferred Compensation Plan and the Arkansas State and Public Life & Health Insurance Board, according to a spokesperson for the Little Rock-based deferred...

Sonic trading extends to inst'l community. (Product News).
February 25, 2002... Sonic Trading recently launched a direct access trading solution for institutional investors, according to a statement issued by the New York-based full-service agency brokerage and technology firm. Sonic's system provides investors with...

Weekly Leads.
February 25, 2002... Weekly Leads Plan Sponsor Fund Size Mandate Illinois Teachers' Retirement 22,600 Int'l Equity/Active System, Springfield, Ill. Illinois Teachers' Retirement 22,600 U.S. Equity/Small-to- System,...

Updates.
February 25, 2002... Updates Plan Sponsor Fund Size Mandate Size Arkansas Deferred Compensation 200 Other/ up to 200 Plan, Little Rock Plan Providers New Mexico...

Finito.
February 25, 2002... Finito Plan Sponsor Fund Size Mandate Briggs & Stratton Corp., 920 Int'l Fixed Income/ Milwaukee Convertibles Curtiss-Wright Corp., ...

Search Overview.
February 25, 2002... Search Overview Plan Sponsor Mandate AP7, Stockholm Alternatives/Hedge Funds Colorado Employees' Retirement U.S. Equity/Small Cap Growth Association Indiana University...

People.
February 25, 2002... Anne Tatlock, chair and CEO of Fiduciary Trust Co. International was voted into the board of trustees at the Mayo Foundation. Tatlock serves as a board member for several boards including Franklin Resources, Fortune Brands and Merck & Co. ...