Investment Management Weekly articles from February 2003

Investment Management Weekly archives from February 2003

Nevada PERS launches $500m+ search.
February 3, 2003... The $13 billion Nevada Public Employees' Retirement System has terminated its five-year relationship with its fixed-income manager, Bradford & Marzec, and launched a search to find a new manager to oversee the account, which is valued between...

Iowa places J.P. Morgan Fleming on watch.
February 3, 2003... The $15 billion Iowa Public Employees Retirement System has placed J.P. Morgan Fleming Asset Management on watch for underperformance of its domestic equity account. According to Nelson's MarketPlaceWeb.com, the firm oversees a $624...

Harvard/Templeton spat turns ugly.
February 3, 2003... Templeton Asset Management Ltd., a subsidiary of Franklin Templeton Investments has filed suit against the $19.8 billion Harvard Management Co., charging the investment arm of Harvard University with "repeated violations of federal securities...

Dallas global search nears end. (General News).
February 3, 2003... The search by the $2 billion Dallas Police & Fire Pension System for a global-bond aggregate manager is nearing completion, said Jay Jackson, the pension system's investment analyst. The plan's search has taken longer than expected, but...

San Bernardino selects RREEF. (General News).
February 3, 2003... The San Bernardino County Employees' Retirement Association has selected RREEF to take over an $80 million property-based fund, according to Timothy Barrett, executive director, chief investment officer and CFO of the retirement association....

Union loses suit over mismanaged pension. (General News).
February 3, 2003... Fiduciaries of defined-benefit plans may face greater pressure to produce profits following the Jan. 17 dismissal of an appeal by the $400 million International Union of Operating Engineers Local 825 regarding an $8 million settlement won by a...

L.A. Water & Power eyes index finalists. (General News).
February 3, 2003... The board of the $5.8 billion Los Angeles Water & Power Retirement Plan has whittled down a list of potential managers for its $1.4 billion Russell 1000 Index fund to Mellon Capital Management, Merrill Lynch, SSGA, Alliance Capital, and...

Ross Township selects finalists. (General News).
February 3, 2003... The approximately $30 million Ross Township is said to have narrowed down its search for a new fiduciary to three possible candidates. According to a source familiar with the Pittsburgh-based plan, C.S. McKee & Co., National City Bank and...

Fort Washington promotes two. (People News).
February 3, 2003... Fort Washington Investment Advisors (FWIA) has promoted portfolio manager Charles Stutenroth and VP of Private Investments Thomas Finn to VP and senior portfolio manager for the firm's private investment counsel (PIC) and large-cap growth...

Santa Barbara fund selects Peters. (People News).
February 3, 2003... The $1.3 billion Santa Barbara County Employees' Retirement System has selected Oscar Peters as its new retirement administrator. The search for a retirement administrator was initiated in August, (See IMW 8/12/02). Peters began work...

Washington State promotes Draper. (People News).
February 3, 2003... The $48 billion Washington State Investment Board has promoted Steven Draper to senior investment officer of its real estate portfolio. Draper, who was most recently investment officer for the WSIB's real estate portfolio, was appointed to...

Wells Capital adds investment products. (Industry at a Glance).
February 3, 2003... Wells Capital Management's acquisition of Montgomery Asset Management has added three new investment strategies to its stable of investment offerings. Wells, which finalized the acquisition of parts of Montgomery's institutional and retail...

Consultants shrug off Bush's address. (Industry at a Glance).
February 3, 2003... Pension fund market consultants said the effects of President George Bush's State of the Union address last week--particularly the promise of hefty tax cuts--would not much impact the industry either way. "On balance, the speech seemed...

Investors' trust in companies grows. (Industry at a Glance).
February 3, 2003... Investors' level of trust in U.S. companies has increased in the last six months, despite recent corporate scandals, a new survey found. Almost half of investors said they are confident in U.S. businesses, up from 41% last June, according...

Weekly Leads.
February 3, 2003... Weekly Leads Investment Management Weekly's Weekly Leads Includes search and hire activity for the week ending January 30. The IMW staff believes the information, which was gathered from a variety of sources, to be reliable, but all...

Search Overview.
February 3, 2003... Search Overview Plan Sponsor Mandate Brookline Retirement System, Mass. Real Estate Buffalo Laborers Pension Fund U.S. Equity/ Large Cap Value...

Calendar.
February 3, 2003... The staff at IMW has gathered the following items from a variety of sources. The IMW staff believes the information in this section to be reliable, but all information should be confirmed with the various organizations. Jan. 29-31: The 9th...

Clarifications.
February 3, 2003... In IMW's Jan. 27 story titled, Dresdner Appoints New Co-CIO, Joanne Howard's title was misstated. Howard is Dresdner ICM Global Investors co-CIO of large-cap equities. In IMW's Jan. 13 story titled Investors Win Proxy Suit, the plaintiffs...

Mellon merges subsidiaries. (At Press Time).
February 3, 2003... Mellon Financial Corp. has merged its three fixed-income subsidiaries into one entity. Certus Asset Advisors, Mellon Bond Associates and Standish Mellon Asset Management, will now be known collectively as Standish Mellon Asset Management,...

FTI bolsters client services. (At Press Pime).
February 10, 2003... Fiduciary Trust International added VP Christopher Morgan and senior VP Catherine Alsop to its Big Apple client services roster. Alsop will manage several client relationships in ETI s global and international equity strategies, and Morgan...

L.A. Fire to search for index bond managers.
February 10, 2003... The $9.3 billion Los Angeles Fire & Police Pension System will search for a manager to oversee an indexed fixed-income allocation that could be worth well over $100 million. The plan first contemplated making an allocation to the passive...

L.A. Power plans multiple searches.
February 10, 2003... The $5.8 billion Los Angeles Water & Power Retirement Plan intends to launch several searches for money managers, with requests for proposal for each search set to be issued before April, according to a plan source. The first will be for a...

Pension insurer faces uncertain future.
February 10, 2003... The Pension Benefit Guaranty Corp.'s (PBGC) future looks precarious as it starts the year with virtually nothing left of its surplus. PBGC, which insures defined-benefit pension plans, began 2003 on a sour note, reporting a record $3.6...

Birmingham eyes mid-cap value. (General News).
February 10, 2003... The $774 million Birmingham Retirement System will search for a mid-cap value manager to oversee approximately $35 million in the coming months. Folasade Olanipekun, executive director, said that the pending search was at the...

San Joaquin examines real estate. (General News).
February 10, 2003... The $1.3 billion San Joaquin County Employees' Retirement System is researching the various types of real estate investments-a move that could possibly lead to the implementation of a real-estate portfolio. "We are in an education mode....

Bristol eyes hedge funds. (General News).
February 10, 2003... The $324 million Bristol General Retirement System--seeking to diversify its investment portfolio and meet its actuary rate of 8.5%--may look to add an allocation to hedge funds. John Boi, chairman of the retirement fund, said he expected...

Cincinnati to assess asset liabilities. (General News).
February 10, 2003... The Cincinnati Retirement System has awarded two consultants the job of undertaking an asset liability study for the $2 billion system. Encino, Calif.-based Pension Consulting Alliance will join forces with EFI Asset/Liability Management...

Michigan MERS' search is in progress. (General News).
February 10, 2003... The $3.5 billion Municipal Employees Retirement System of Michigan (MERS) is in mid-search for a $50 million active mid-cap fund manager. Director of investments Jeb Burns said MERS staff is boiling a list of potential candidates for the...

Big easy to explore more alternatives. (General News).
February 10, 2003... The $310 million New Orleans Employees' Retirement System may consider expanding its alternative investment portfolio with the addition of real estate investment trusts (REITs) and gold, as a means of diversification. "We are exploring...

Houston's bravest appoint new CIO. (General News).
February 10, 2003... The $1.6 billion Houston Firefighters' Relief & Retirement Fund has appointed Christopher Gonzales as its new chief investment officer. Gonzales replaces Danny Bowers, who left the plan in August, 2002. Gonzales, who served as interim...

Utendahl acquires Greystone. (General News).
February 10, 2003... Utendahl Capital Management has acquired Greystone Capital Management--a Hartford, Conn-based minority-owned fixed-income manager--for an undisclosed sum. The transaction, which was completed late last year, makes the new entity--UCM...

Austin plan nears manager decision. (General News).
February 10, 2003... The $1.2 billion City of Austin Employees' Retirement System is one step closer to completing its manager search for a $28 million small-cap growth account. With assistance from its consultant, Summit Strategies, the retirement board has...

Hamilton lane CEO scotches sale Rumors. (General News).
February 10, 2003... Rumors have been rampant that Hamilton Lane Advisors--the Cynwyd, Pa.-based private equity consulting firm--has been in the process of looking for a buyer for its $23 billion in private equity assets under advisement. However, Hamilton CEO...

Hartford plan sticks with manager. (General News).
February 10, 2003... The Hartford Municipal Employees Retirement System has agreed to extend its relationship with Greystone Capital Management despite its recent acquisition by Utendahl Capital Management. Kathleen Palm, treasurer, said that Greystone which...

Lawmakers to WSIB: boost venture capital. (Industry at a Glance).
February 10, 2003... Washington state lawmakers are putting pressure on the $51 billion Washington State Investment Board (WSIB) to increase venture capital investments in Washington-based startups. Currently under review by the Washington legislature is Bill...

Interpreting fund data can be dicey. (Industry at a Glance).
February 10, 2003... In the wake of the dramatic, forced release of private equity fund performance data by three giant institutions, there is good news and bad news. The good news: Performance illusions have been shattered in the secretive private equity...

Deutsche A.M. Banks on long-term strategy. (Investment Manager Profile).
February 10, 2003... Leo Grohowski, Chief Investment Officer, Deutsche Asset Management, Americas, began his career in investment management in 1980 as a portfolio manager at Princeton Bank & Trust of New Jersey. His career at DeAM was jump started in 1996...

Weekly Leads.
February 10, 2003... Weekly Leads Investment Management Weekly's Weekly Leads includes search and hire activity for the week ending January 9. The IMW staff believes the information, which was gatherd from a variety of sources, to be reliable, but all...

Search Overview.
February 10, 2003... Search Overview Plan Sponsor Mandate Bristol General RS A/A Chicago Public School Teachers' PT & RF REITs Chicago Public School Teachers' PT & RF Real Estate/Non Core Concordia...

Calendar.
February 10, 2003... The staff at IMW has gathered the following items from a variety of sources. The IMW staff believes the information in this section to be reliable, but all information should be confirmed with the various organizations. Feb. 26-28: Opal...

Arkansas hires new deputy director. (At Press Time).
February 17, 2003... The $7 billion Arkansas Teachers' Retirement System has hired Julie Cabe as its new deputy director. Cabe, most recently the associate director at the Arkansas Department of Higher Education, replaces Angelo Coppola, who resigned from the...

Strapped Virginia state fund to issue POBs.
February 17, 2003... The $5.2 billion West Virginia Investment Management Board is preparing to issue $3.9 billion in pension obligation bonds (POBs) in a move to alter its underfunded status. The board's Chief Investment Officer, T.J. Canon, said that the plan...

Large caps are up for grabs in New Mexico.
February 17, 2003... The $6 billion New Mexico Educational Retirement Board has launched a search for one or more large-cap growth managers to oversee a $475 million mandate. Frank Foy, the plan's chief investment officer, said that contracts for Putnam...

Hometowns ignore NYC's "terror state" three.
February 17, 2003... A move by two New York City pension funds to persuade three megacap U.S. companies to investigate their business ties to terrorist-linked countries such as Iran and Syria is not resonating well with funds outside the New York and Washington...

San Jose 911 shops for real estate. (General News).
February 17, 2003... The $1.2 billion San Jose Police & Fire Retirement System will search for a manager to replace the soon-to-be defunct PMRealty Advisors. Donna Busse, the fund's investment officer, said that the manager handled a roughly $75 million core...

Denver plan explores hedge funds. (General News).
February 17, 2003... The Denver Public Schools Retirement System is exploring the potential advantages of diversifying some of its $2.5 billion in assets into hedge funds. Executive Director David Stella said a possible search could occur later this year. ...

Orange County doles funds to incumbents. (General News).
February 17, 2003... The Orange County Retirement System's board has recommended that the approximately $80 million real estate mandate previously managed by PMRealty Advisors should be distributed to the $4.6 billion plan's incumbent real estate managers, American...

San Fran embarks on actuary search. (General News).
February 17, 2003... The $12 billion San Francisco City & County Employees' Retirement System has issued a request for proposal (RFP) for actuarial consulting services, ahead of the June 30 expiration of Towers Perrin's consulting contract, the plan's executive...

San Franc City launches consultant search. (General News).
February 17, 2003... San Francisco City & County Employees' Retirement System is in the first stages of a search for a non-discretionary investment consultant to advise the system on its $1.3 billion in alternative assets. Issued last week, the request for...

Brockton searches for small-cap value. (General News).
February 17, 2003... The $170 million Brockton Contributory Retirement Plan has launched a search for a manager to oversee a $10 million small-cap value account. Matthew Seney, the plan's consultant at Wainwright Investment Counsel, said that the search was...

Waltham Contributory goes international. (General News).
February 17, 2003... The $105 million Waltham Contributory Retirement System will search for a manager to handle up to approximately $11.5 million in an international commingled account, in an effort to gain more international equity exposure. Matthew Seney,...

Lawmaker asks plans to buy state bonds. (General News).
February 17, 2003... Indiana Rep. Chet Dobis (D., Merrillville) is asking members of the state's retirement plans to invest their savings in state-issued bonds in an attempt to abate its $850 million deficit. The idea is strictly voluntary, but the way Dobis...

N.C. Sen. files bill to protect assets. (General News).
February 17, 2003... North Carolina's State Sen. Eric Reeves filed a bill last week to amend the state constitution prohibiting allocated funds from being withheld from the $42 billion North Carolina State Retirement System. The filing was reportedly in...

Boston Partners eye global strategy. (Industry at a Glance).
February 17, 2003... The $8.5 billion Boston Partners Asset Management will launch an international value strategy by mid-year. Boston Partners' Chief Operating Officer William Kelly said that the international strategy--which is a first for the firm--will be...

Investors file record resolutions in 2003. (Industry At a Glance).
February 17, 2003... Shareholder resolutions reached a record number this year--862, up from 802 last year--according to a proxy season overview report by prominent activist proponents. The deadline for most shareholder resolutions may be over, but that isn't...

Pimco's Leavy banks on near-term turnaround. (Investment Manager Profile).
February 17, 2003... Jim Leavy, senior VP of institutional marketing, Pimco Equity Advisors Analyzed separately, the impending threat of war with Iraq, the uncertain domestic economy, and the still sluggish stock market can leave some investors paralyzed with...

Weekly leads.
February 17, 2003... Weekly Leads Investment Management Weekly's Weekly Leads includes search and hire activity for the week ending February 13. The IMW staff believes the information, which was gathered from a variety of sources, to be reliable, but...

Calendar.
February 17, 2003... The staff at IMW has gathered the following items from a variety of sources. The IMW staff believes the information in this section to be reliable, but all information should be confirmed with the various organizations. Feb. 26-28: Opal...

Citigroup pro joins state plan. (At Press Time).
February 24, 2003... New York State Comptroller Alan Hevesi has named former Citigroup VP David Loglisci private equity chief for the $115 billion Common Retirement Fund. Loglisci was chief of staff for Senate Democratic Leader Martin Connor from 1992 to 1994....

Virginia earmarks $500m for hedge funds.
February 24, 2003... The board of the $37 billion Virginia Retirement System has given the green light to a $500 million hedge fund program, the plan's spokeswoman, Jeanne Chenault said. In the wake of the decision, a search has begun for a strategic hedge...

ACERA contemplates real estate search.
February 24, 2003... The $3 billion Alameda County Employees' Retirement Association is mulling over whether to initiate a search to replace the soon-to-be-defunct PMRealty Advisors. "We would possibly do a search in the next few months," Alameda Senior...

Trusco, DACM funds may be conflicted.
February 24, 2003... Trusco Capital Management and D. A. Capital Management have struck a curious partnership that industry experts worry may expose two funds to conflicts of interest. Trusco announced Feb. 13 that it had acquired DACM's mid-cap equity...

Sterling Heights 911 probes real estate. (General News).
February 24, 2003... The Sterling Heights Police & Fire Pension Board will investigate real estate as part of its on going asset allocation study, a plan official said. "The board is doing its five year asset review and it is getting educated on how to invest...

CalSTRS to hire real estate consultant. (General News).
February 24, 2003... The $92 billion California State Teachers Retirement System is tentatively set to issue a request for proposal (REP) for a new consultant contract in June, following the expiration of its current real estate consultant, CalSTRS spokeswoman...

Merced County drops two, hires two. (General News).
February 24, 2003... The $350 million Merced County Employees' Retirement System has terminated Bradford & Marzec and J.P. Morgan Fleming Asset Management, and has hired Lincoln Capital Management and Standish Mellon Asset Management as replacements. Richard...

CalSTRS hires new gatekeeper. (General News).
February 24, 2003... After a year of bids, appointments and negotiations, California State Teachers' Retirement System (CalSTRS) has announced the final shuffle to its roster of advisors and gatekeepers. Last week the plan replaced longtime advisor and gatekeeper...

Ohio School plan reviews managers. (General News).
February 24, 2003... The $6.5 billion Ohio School Employees' Retirement System has initiated a full review of its investment manager line up. Robert Cowman, the plan's new director of investments, said that many of the plan's managers had been on board for...

Cowman quits Ohio workers Comp Bureau. (General News).
February 24, 2003... Robert Cowman, chief investment officer of the Ohio Bureau of Workers' Compensation has left the bureau to join the $6.5 billion Ohio School Employees' Retirement System as its new director of investments. Cowman replaces Doug Sisson who left...

Corporate plans favor bundled services. (General News).
February 24, 2003... U.S. corporate pension plans are discovering the value of bundling the investment management and administration services of their defined-benefit programs (DB), according to a recent study by industry research firm Greenwich & Associates. ...

Hedge fund pros question merits of increased transparency rules.
February 24, 2003... Transparency has always been an issue in the hedge fund arena. While they have provided investors with lucrative returns, they remain something of a black box. However, federal regulators have begun to crack down on the unmonitored...

Putnam's brown readies clients for single-digit turnaround. (Manager Profile).
February 24, 2003... After five years with the $245 billion Putnam Investment, Senior Managing Director and Head of Institutional Management John Brown has been through some of the best of times and worst times in market history. Key to weathering the storm,...

Weekly Leads.
February 24, 2003... Weekly Leads Investment Management Weekly's Weekly Leads includes search and hire activity for the week ending Feb. 20. The IMW staff believes the information, which was gathered from a variety of sources, to be reliable, but all...

Calendar.
February 24, 2003... The staff at IMW has gathered the following items from a variety of sources. The IMW staff believes the information in this section to be reliable, but all information should be confirmed with the various organizations. Mar. 9-11: The Opal...