Investment Management Weekly articles from February 2005

Investment Management Weekly archives from February 2005

UTIMCO To Go Public?
February 7, 2005... State Bill May Require Increased Disclosure of Assets The University of Texas Investment Management Company (UTIMCO) may soon be legally bound to post information about its investments on the Internet. If passed, Texas House Bill 193...

Idaho Endowment To Consider Alternatives.
February 7, 2005... Trustees for the $750 million Endowment Fund Investment Board of Idaho will consider investing in hedge funds and collateralized debt during its next meeting on Feb. 15, said Matthew Haertzen, manager of investments. With interest rates at...

Beantown Rolls Out Emerging Markets Search.
February 7, 2005... The $3.2 billion Boston Retirement System is searching for an emerging markets equity manager. Complete details of the search could not be ascertained, as repeated calls to Rob Tierney, the plans executive director, were not returned. ...

Mass. Pension Halts New Money for Fidelity: Demands Hard Evidence in Trader Gift Probe.
February 7, 2005... The Massachusetts state pension board announced last week that it will not invest any new money in Fidelity Investments, reprimanding the firm for the manner in which it has responded to the boards questions regarding a federal investigation of...

Colo. Plan Considers Asset Study.
February 7, 2005... The $2.4 billion Denver Public Schools Retirement System is mulling whether to conduct an asset and liability modeling study this year, said Gary Ratliff, the plans assistant investment officer. Ratliff explained that the plans last study...

Lexington Eyes Intl Equity Search.
February 7, 2005... The Town of Lexington Contributory Retirement System has issued an RFP for an international equity manager to handle approximately $15 milliona move that industry sources speculate, could spell trouble for one of the plans incumbent managers....

Lowell Launches Dual Searches.
February 7, 2005... The $180 million Lowell Retirement System has launched up to $21 million in searches, confirmed Rosemary Sullivan, retirement director. The plan will hire a manager to handle a $5 million to $15 million private equity portfolio and a real...

Chicopee Searches For Real Estate.
February 7, 2005... The $112 million Chicopee Retirement Board is seeking a private real estate investment manager to oversee approximately $1.5 million. Kevin Leonard, the plans consultant at Segal Advisors, said that the mandate is an addition to the...

Munder Seeks Institutional Director.
February 7, 2005... Seeking to build on its $79 million in assets under management, the Birmingham, Mich.-based Munder Capital will hire a marketing professional to serve as director of institutional investment services. The individual in the newly created...

Alabama Fund Seeks Large-Cap Manager.
February 7, 2005... The $25 million City of Anniston Policemens and Firemens Retirement Fund has launched a search to possibly replace an incumbent manager, said Alan Atkinson, treasurer at the Ala.-based defined-benefit plan. Atkinson said that SouthTrust was...

Oakland Hires Large-Cap Core Manager.
February 7, 2005... The City of Oakland Police and Fire Retirement System has hired Franklin Portfolio Associates to manage approximately $100 million in large-cap core equity. The move is part of the boards plan to scrap its Russell 1000 index for large-cap core...

San Jaoquin Names Search Finalists.
February 7, 2005... The $1.7 billion San Jaoquin County Employees Retirement Association has identified three finalists in its search for an emerging markets equity manager which will oversee approximately $25 million. Annette St. Urbain, an official at the...

Former Russell Pro Launches Own Firm.
February 7, 2005... Frank Russell alum Paul Greenwood has launched his own consulting initiativeGreenwood Investment Consulting. Ive been at Russell for nearly 15 years and I enjoyed every minute of it and worked with some the best, said Greenwood. But after a...

S.C. Comptroller Pushes Aid For Ignored National Guard Fund.
February 7, 2005... In a move to bring South Carolinas National Guard Pension System (NGPS) back to actuarial soundness, Comptroller General Richard Eckstrom has called on the Budget and Control Board and the General Assembly to eradicate the plans unfunded...

NACMs Valeiras Discusses Research In a Post Reg FD World.
February 7, 2005... With the implementation of regulation FD (full disclosure) in 2000, disseminating information has become faster and more readily available to the universe of securities analysts and researchers. But how does an investment management firm...

Odds & Ends.
February 7, 2005... *Smith Barneys Consulting Group has hired Bonnie Baker as first VP and director of institutional services to manage institutional business development and client service activities. Baker reports to Norman Nabhan, national director of...

CalPERS Wants Eisner Out.
February 14, 2005... The $175 billion California Public Employees' Retirement System has stated it will oppose Michael Eisner's re-election as CEO by withholding its 9.4 million shares of Disney stock at the annual Disney meeting on Feb. 11. CalPERS has voiced...

Alaska Fund To Consider Small-Cap Search.
February 14, 2005... The investment staff of the $29.8 billion Alaska Permanent Fund Corporation will present its recommendation for small-cap investment manager searches to the board on Feb. 16 and Feb. 17. Rick Shafer, fund CIO, said the potential search...

New Mexico Fund May Invest in Alternatives.
February 14, 2005... The New Mexico Educational Retirement Board may begin adding alternative investments into its portfolio following the passage of crucial legislation, said Frank Foy, CIO of the roughly $6.2 billion fund. The proposal-which has already won...

Detroit To Review Funds After Cash Infusion.
February 14, 2005... Detroit's retirement system will consider changing its asset allocation and initiating manager searches after it receives funding from the upcoming sale of $1.2 billion of the city's pension obligation certificates, Walter Stampor, executive...

Virginia Fund Hunts for CIO.
February 14, 2005... The $1 billion Arlington County Retirement Board has launched a search for a new CIO to replace Executive Director Bruce Kallos. Kallos resigned from the fund last August amid allegations of improper use of the plan's credit card for travel and...

Big Apple Teachers Names New Exec.
February 14, 2005... The board of the approximately $30 billion New York City Teachers' Retirement System named Nelson Serrano as the plan's new executive director during its board meeting last month. Serrano has served as interim executive director since March...

Sonoma Changes Managers, Allocation.
February 14, 2005... The $1.3 billion Sonoma County Employees' Retirement Association (SCERA) has implemented a number of changes to its manager line up and asset allocation, following a Jan. 12 investment committee meeting. Retirement Administrator Gary Bei,...

Louisiana Seeks State Street Replacement.
February 14, 2005... The investment committee of the $311 million Louisiana State Police Retirement System could narrow its current list of 40 RFP submissions for its $17 million small-cap value manager search this week, said Irwin Felps, executive director of the...

OPERS Seeks Investment Pro.
February 14, 2005... The Ohio Public Employees' Retirement System (OPERS) has launched a search for a director of investments. Reporting to Executive Director Laurie Fiori Hacking, the hired individual will be responsible for the investment performance and the...

HSBC Wealth Loses Senior PM.
February 14, 2005... Alison Bisno senior portfolio at HSBC Wealth Management has left the firm to join Goldman Sachs Trust Company as its senior trust investment officer, said sources familiar with the situation. Bisno, who had been with HSBC for approximately...

Money Manager Seeks Compliance Pro.
February 14, 2005... Babson Capital Management is searching for a managing director of portfolio compliance. Based in the firm's Springfield, Mass., office, the compliance officer will be responsible for the development, administration and oversight of the...

Melrose Launches Dual Searches.
February 14, 2005... The $43 million Melrose Contributory Retirement System has launched searches for large-cap value and small-cap core equity managers, a move that could potentially replace two underperforming incumbents at the Massachusetts plan. Kevin...

Mass Muni Hunts For Large-Cap.
February 14, 2005... The $68 million Town of Methuen Retirement Board has initiated a search for a large-cap value equity manager to oversee $28 million, said Kevin Leonard, the plan's consultant at Segal Advisors "They launched a search due to performance...

Baring To Launch Japanese Hedge Fund.
February 14, 2005... Baring Asset Management expects to launch a Japan long/short equity absolute return fund within the next three months, said Ian Pascal, marketing director at Baring in London. Pascal explained that Baring was launching a Japan fund because...

JPMorgan Unit To Launch Fund In Hong Kong.
February 14, 2005... JPMorgan Alternative Asset Management-a division of JPMorgan Fleming Asset Management-will launch a multi-strategy fund-of-funds in Hong Kong on July 1, said Joel Katzman, head of the unit. The fund will invest in managers based in the...

Shepherd: Franklin Gets In Position For Large-Cap Rebound.
February 14, 2005... Kent Shepherd, portfolio managers and large-cap equity team leader at Franklin Advisers-a subsidiary of Franklin Templeton Investments-contends that the success of the firm's large-cap strategy is based in the investment team's belief in its...

Odds & Ends.
February 14, 2005... *Northern Trust Global Investments (NTGI) has hired Timothy Misik as a quantitative equity trader and portfolio analyst for its New York office. He joins the firm from Barclay's Global Investors where he was a senior equity trader. NTGI has...

Correction/Clarification.
February 14, 2005... In IMW's Feb. 7 issue Munder Capital Management's asset under management were misstated in the "Munder Seeks Institutional Director," story. The firm has $37.8 billion in assets under management, not $79 million as reported. IMW regrets...

San Diego Port Fund Looks to Sever Ties with City.
February 21, 2005... The San Diego Unified Port District will issue a proposal that would make its $124 million in retirement assets separate from the $2.4 billion San Diego City Employees' Retirement system. The impetus for the proposal stems from the $1.37...

KPERS on Prowl for Enhanced Index Manager: $200-500M Up For Grabs.
February 21, 2005... The $11 billion Kansas Public Employees' Retirement System has instigated a search for an enhanced index manager to oversee between $200-500 million. Reasons for the search could not be determined, as Rob Woodard, the plan's CIO declined...

Illinois State to Launch $550M Hedge Fund Search.
February 21, 2005... The $10.6 billion Illinois State Board of Investments will launch a hedge fund-of-funds search in May, said Bill Atwood, executive director of the fund. The search results from a December 2003 board vote to adopt a new asset allocation...

Indiana State Teachers' Sparks $1B in RFIs.
February 21, 2005... The defined-benefit plan of the $7.2 billon Indiana State Teachers' Retirement Fund, following an asset allocation study, has initiated RFIs for managers to oversee investments in international equity, smid-cap growth and global tactical asset...

School District Halts Consultant Hire: Plan Awaits More Funding.
February 21, 2005... The roughly $5 million Amity Regional School District Non-Certified Retirement System has postponed its hire of a new general investment consultant, as a result of "funding constraints" at the plan. The initial search, which was launched...

COPERA Under Fire for Spending Practices.
February 21, 2005... Allegations of questionable spending by staff members at the Colorado Public Employees' Retirement Association (COPERA) have led legislators to create a committee to watchdog the $31 billion plan. Reportedly under investigation are $1,000...

Oregon Hunts for Fund Professional.
February 21, 2005... The Oregon Investment Council (OIC) is searching for a principal executive manager for the Oregon Public Employees' Retirement System, according to a document posted on OIC's Web site. Full details on the search could not be ascertained as...

Colorado Plan Chooses SSR Replacements.
February 21, 2005... The board of the $225 million El Paso County Retirement Plan has hired Roxbury Capital Management and Lee Munder Investments to oversee $17 million in small-cap growth and $25 million in small-cap value, respectively, said David Klemmer, plan...

Endowment Fund Drops Fidelity.
February 21, 2005... The $844 million endowment fund of the University of Missouri has terminated Fidelity Investments and selected two new managers to oversee the $261 million U.S. large-cap equity account, a fund official said last week. During the board's...

Tennessee Swaps Callan For SIS.
February 21, 2005... Strategic Investment Solutions (SIS) was appointed the new consultant of the Tennessee Consolidated Retirement System, replacing Callan Associates, which had been the plan's consultant since 1988. Steve Curry, assistant to the State...

Arizona Fund Sticks With Consultant.
February 21, 2005... The board of the Industrial Commission of Arizona has decided to retain Lowery Asset Consulting as its general consultant, said Glenn Hurd, assistant plan administrator. Hurd said that UBS PRIME Asset Consulting Group and Callan Associates...

Foundation Chooses Managers.
February 21, 2005... The Medical College of Ohio (MCO) and the Medical College of Ohio Foundation have hired four investment managers as part of the college's new investment policy to invest in long-term strategies. Sabrina Taylor, administrative director for...

Schwarzenegger Terminates Opposing CalSTRS Board Members.
February 21, 2005... One surefire way to suffer the wrath of the "Terminator" is to oppose him, or it would seem. Earlier this month, California Governor Arnold Schwarzenegger removed four board members from the $126 billion California State Teachers...

California DB Plans Without Social Security Face Uncertainty.
February 21, 2005... Defined benefit pension plans in California that do not currently participate in Social Security could face a myriad of complex issues if Governor Arnold Schwarzenegger's plan to replace defined benefit plans with defined contribution platforms...

Putnam's Saef: Public Plans Must Match Assets, Liabilities.
February 21, 2005... Jeffrey Saef, managing director and director of investment strategy and research at Putnam Global Institutional Management, asserts that different constraints, demographics and other characteristics of corporate and public pension plans must be...

Odds & Ends.
February 21, 2005... *Steve Oristaglio will retire as the head of investments at Putnam Investments later this year. Oristaglio has been with the firm since 1998. He will be replaced by Kevin Cronin, deputy head of investments. Additionally, Joshua Brooks, managing...

San Diego Port Fund May Have to Stay Put.
February 28, 2005... A proposal to separate the $124 million San Diego Unified Port District's pension system from the $2.4 billion San Diego City Employees' Retirement System has been halted for the time being. Stating that there is not sufficient time to...

N.M. Eyes Hedge Fund-of-Funds, Consultant.
February 28, 2005... The $12.4 billion New Mexico State Investment Council-which houses the Land Grant Permanent Fund and the Severance Tax Permanent Fund-has launched a search for one or more hedge fund-of-funds managers to oversee approximately $350 million, said...

Sources: E &Y to Shutter Advisory Services: Clients, Employees Still in the Dark.
February 28, 2005... Accounting and auditing giant Ernst & Young, is said to be closing its financial advisory services division, a move sources speculate would lead to the elimination of several hundred positions in the department and leave clients scrambling for...

OCERS May Launch Small-Cap Searches.
February 28, 2005... The approximately $5 billion Orange County Employees' Retirement System was set to approve searches for a small-cap growth and a small-cap international equity manager during its on Feb. 23 retirement board meeting. Details regarding the...

Fitchburg Launches Dual Searches.
February 28, 2005... The $50 million Fitchburg Retirement Board issued two separate RFPs last week. Up for grabs is a $5 million small/smid-cap core account and a $35 million large-cap core mandate. A document obtained by IMW indicated that Fitchburg is...

Illinois Teachers Place Two On Watch.
February 28, 2005... The $33.6 billion Teachers' Retirement System of The State of Illinois has placed Ariel Capital Management and Boston Partners on watch for performance issues. John Day, plan spokesman, said that both firms had two consecutive quarters of...

Mass. Fund Places $72M Up for Grabs.
February 28, 2005... The Andover Retirement Board launched $72 million in investment management searches last week. Full details of the search could not be ascertained, as Elena Kothman, retirement administrator referred further questions to the board's...

Alaska Fund Seeks Greater Trustee Control.
February 28, 2005... The $29.8 billion Alaska Permanent Fund Corporation is attempting to transfer the responsibility of approving new asset classes from the state's legislators to the fund's trustees, said Rick Shafer, CIO of the Permanent Fund. A legislative...

West Va. Executive is Suspended.
February 28, 2005... The West Virginia Consolidated Public Retirement Board has reportedly suspended Executive Director Joseph Jankowski with pay, pending the outcome of an investigation into how he handled a services contract with an investment firm. ...

Texas Board Aims For Portfolio Enhancement.
February 28, 2005... The $20.9 billion Texas Permanent School Fund approved the use of futures in its investment portfolio at a board meeting earlier this month, said Debbie Ratcliffe, a spokeswoman for the fund. "The board agreed that the fund could purchase...

Ivy League College To Hire Real Estate Office.
February 28, 2005... Dartmouth College has narrowed its search for a real estate investment officer to six candidates. Woody Simonds, financial officer in the real estate office at the Hanover, N.H. college, declined to name the finalists, but explained that...

Violations Found at Louisiana School ERS.
February 28, 2005... The results of an audit performed on the Louisiana School Employees' Retirement System (LSERS) revealed possible conflicts of interest with the relationships between board members and the fund's investment managers and consultants, the state's...

ACERA Changes To Meet Return Goals.
February 28, 2005... The investment committee of the $4 billion Alameda County Employees' Retirement Association has approved recommendations by its consultant, The Townsend Group, in order to boost the total return of its real estate portfolio. ACERA's CIO,...

San Antonio Fund Reviews Finalists.
February 28, 2005... The $1.4 billion San Antonio Fire and Police Pension Fund has selected Northern Trust Global Investments, Progress Investment Management, FIS and Capital Prospects as finalists in its emerging manager search. It could not be determined...

Louisiana Names Small-Cap Finalists.
February 28, 2005... Six finalists have been named in Louisiana State Police Retirement System's search for a small-cap value manager, said Kimberly Gann, assistant director of the $311 million pension fund. Barrow, Hanley, Mewhinney & Strauss, Fisher...

FdG Associates: A Private Equity Firm Focused On Family Enterprises.
February 28, 2005... FdG Associates is a middle-market, New York-based, private equity firm that began in 1995 as an investment vehicle established by two families focused on re-capitalizing family-owned businesses in North America: the Fisher Brothers, office...

Odds & Ends.
February 28, 2005... *Robeco Investment Management has hired Paul Heffernan as a managing director in its sales and client services division. He will be responsible for accounts in the southern U.S. Heffernan joins the firm from AMVESCAP Retirement Inc., where he...