Investment Management Weekly articles from February 2007

Investment Management Weekly archives from February 2007

Putnam Investments Sold to Great-West Lifeco.
February 5, 2007... Putnam Investments will be acquired from Marsh & McLennan Companies (MMC) by Great-West Lifeco, a subsidiary of the Canada-based Power Financial Corporation for $3.9 billion, according to a statement issued by Putnam. Putnam will remain...

Kansas City Cops Make New Allocations: Manager Searches on the Horizon?
February 5, 2007... The Kansas City Police Employees' Retirement System (KCPERS) recently adopted an asset allocation policy that would allow for investments in emerging markets, commodities and high yield bonds. According to the minutes of a Jan. 9 board...

San Joaquin Considers New 175/75 Strategy.
February 5, 2007... The $2.1 billion San Joaquin County Employees' Retirement Association, could soon issue an RFP for a quantitative long/short equity manager, said Robert Palmer, administrator at the California plan. At its Jan. 26 board meeting, the plan...

Illinois Teachers' Defends Hedge Funds: Fund Moving Forward with Search.
February 5, 2007... At the end of last year, the $39 billion Teachers' Retirement System of the State of Illinois (TRS) made its first allocation to hedge funds-2.5% of the plan's total assets or roughly $1 billion. Shortly after, the Chicago Tribune began to...

Indiana TRF Launches Real Estate Searches.
February 5, 2007... The $4.8 billion Indiana State Teachers' Retirement Fund (TRF) has issued RFIs for a value-added real estate commingled fund manager and for a real estate core commingled fund manager. Each portfolio will be between $70 and $80 million. ...

LA Guns & Hoses Considers PE Changes.
February 5, 2007... The $14.8 billion Los Angeles Fire & Police Pension System (LAFPP) was scheduled to discuss possible changes to its private equity investment program at a Feb. 1 meeting. Documents on the board's Web site indicate that Pension Consulting...

Pa. School Fund Hires Managers.
February 5, 2007... The board of the $52 billion Pennsylvania Public School Employees' Retirement System (PSERS) recently approved several investments, said Evelyn Tatkovski, the plan's spokeswoman. At a Jan. 25 meeting, the board made commitments of up to...

New Head of Class For Arkansas TRS.
February 5, 2007... The search for a new executive director of the $10 billion Arkansas Teachers' Retirement System (ATRS) is finally over, now that the board has hired Paul Doane, a senior VP with Oppenheimer Capital Management. Doane was offered the...

Dallas 911 Narrows Down GAA Search.
February 5, 2007... The board of the $2 billion Dallas Police & Fire Pension System (DPFP) interviewed four finalists for its global asset allocation (GAA) mandate at a Jan. 23 meeting. Richard Tettamant, the plan's administrator, said that PIMCO, Mellon...

West Virginia Pension Merger Is a No Go.
February 5, 2007... A West Virginia judge has blocked the proposed merger of the $2.17 billion West Virginia Teachers' Retirement System (TRS) and the $748 million West Virginia Teachers' Defined Contribution Plan (TDC). Reportedly, the judge determined that...

Alaska Funds May Sue Mercer.
February 5, 2007... Alaska Governor Sarah Palin has requested $12 million from the state's legislature to sue former actuary Mercer Human Resources Consulting, according to published reports. The potential suit follows an investigation that began last year...

Hedge Funds Need Better Risk Controls.
February 5, 2007... With competition so fierce in the hedge fund industry, particularly for institutional money or to be selected for a fund-of-funds platform, hedge funds must pay greater attention to risk management, valuation and transparency, according to a...

Odds & Ends.
February 5, 2007... *Thomas Moutes has been appointed assistant general manager of the $10.5 billion Los Angeles City Employees' Retirement System. Moutes served as the interim assistant general manager for four months while also serving as head of the plan's...

CalSTRS and AOL Reach Settlement.
February 12, 2007... The $157.8 billion California State Teachers' Retirement System (CalSTRS) has reached a settlement in its lawsuit against AOL Time Warner and many of its associates. The suit alleged that AOL inflated its stock prices in 2000 and 2001, prior to...

Seattle City Employees' R.S. Seeks Consultants.
February 12, 2007... As first reported on imweekly.com (2/6/07), the $1.5 billion Seattle City Employees' Retirement System is searching for several consultants to assist the fund as it makes maiden investments in real estate, hedge funds and private equity. ...

Maryland Launches Core-Plus Bond Search.
February 12, 2007... The $34 billion Maryland State Retirement & Pension System has issued an RFI for managers to oversee a portion of the plan's bond allocation, confirmed Anne Budowski, a spokeswoman at the Baltimore fund. "This is primarily a domestic...

Northern Trust Enters 130/30 Market.
February 12, 2007... Keeping up with investment trends and demand, Northern Trust Global Investments (NTGI) launched a quantitative 130/30 core equity strategy last week and is gearing up to unveil a global 130/30 strategy during the third quarter, said Jeremy...

Anniston 911 Seeks Real Estate Manager.
February 12, 2007... The $26.5 million City of Anniston Policemen's & Firemen's Retirement Fund has launched a search for a core real estate manager, according to the Web site of Dahab Associates, the Alabama plan's consultant. The hired firm will oversee a...

Iowa PERS Issues Portable Alpha RFP.
February 12, 2007... The $20 billion Iowa Public Employees' Retirement System (IPERS) is searching for a global multi-strategy, multi-asset class manager. "The RFP is part of our search for portable alpha strategies for use in the restructuring of our domestic...

W. Va. May Make New Allocations.
February 12, 2007... Lawmakers in West Virginia are once again considering a bill that would allow the state's Investment Management Board to diversify its assets. The board makes investment decisions on behalf of the consolidated pension plan, the defined...

OPERS Chooses Two Minority Managers.
February 12, 2007... The $77.6 billion Ohio Public Employees' Retirement System (OPERS) has selected two firms in its search for manager-of-minority managers within the plan's domestic equity asset class, said Richard Baker, spokesman for the plan. Leading...

New York State Plan Hires Managers.
February 12, 2007... The $89 billion New York State Teachers' Retirement System (NYSTRS) recently approved investments in private equity and real estate, according to the plan's Web site. At a Jan. 25 meeting, the board authorized seven new private equity...

Canadian Fund Director Steps Down.
February 12, 2007... CEO and president of the $48 million Ontario Municipal Employees' Retirement System (OMERS), Paul Haggis, has announced that he will be leaving the plan this year. According to its Web site, Haggis has been with OMERS for three-and-a half...

New Mexico Plan Looks At Investments.
February 12, 2007... The $11.5 billion New Mexico Public Employees' Retirement Association (NM PERA) was scheduled to discuss two potential hedge fund investments on Feb. 6, confirmed Robert Gish, investment director with the plan. The fund was expected to...

Kentucky ERS Picks New CIO.
February 12, 2007... The search for a new CIO for the $16 billion Kentucky Employees' Retirement System (KERS) is over, as Adam Tosh was chosen to fill the position, effective Feb. 1. According to a statement issued by the plan, Tosh had worked for the...

Former Maryland CIO Joins Money Manager.
February 12, 2007... T. Rowe Price has hired Steven Huber as a senior portfolio manager for its bond team, the firm announced last week. Most recently, Huber was with the Maryland State Retirement and Pension System. The fund announced last year that he would...

Colorado Heads Towards Sudan Divestment.
February 12, 2007... It's not always a clear-cut answer: To do business or not with a government that sponsors genocide? On the one hand, money talks and investors, especially large institutional investors like Colorado's $35.2 billion pension plan, can use...

Kentucky Could Give Retirement Systems Surplus Funds.
February 12, 2007... Kentucky Governor Ernie Fletcher has recommended to the general assembly putting $50 million of an estimated $401 million surplus into the state's two retirement systems, Jodi Whitaker, spokeswoman for the governor's office, told IMW last week....

Don't Call in the Taxidermists Yet: DB Plans Offer Business Opportunities.
February 12, 2007... While defined benefit plans at large corporations may be going the way of the dinosaur, it might be a little early to call in the taxidermists. For fund companies, catering to the survivors can present a lucrative business opportunity. ...

Odds & Ends.
February 12, 2007... *Alternative asset management firm GSC Group has appointed David Goret to senior managing director. Goret has been with the firm since 2004, previously serving as a managing director and then general counsel and chief compliance officer. ...

Kentucky Plan's CIO Linked to MDL Capital.
February 19, 2007... The $16 billion Kentucky Employees' Retirement System (KERS) recently announced its selection of Adam Tosh as its new CIO. His hire ended a nine-month search to replace John Krimmel, who left amidst suspicions that he had ties to a shady real...

Indiana PERF to Lose Executive Director.
February 19, 2007... David Adams has stepped down from his position as executive director of the $16.1 billion Indiana Public Employees' Retirement Fund (PERF). Last week, the fund announced that Adams submitted his resignation, effective June 1. He joined the...

Orange County ERS to Consider Searches.
February 19, 2007... The $6.5 billion Orange County Employees' Retirement System (OCERS) is expected to approve searches in real estate and timber at tomorrow's board meeting. According to the agenda posted on the California fund's Web site, the board will...

Glenmede Discusses Long/Short Strategies.
February 19, 2007... The way Gordon Fowler sees things, if you develop specialized knowledge to make yourself a savvy investor and only only use that knowledge to decide which stocks to buy, then you have just wasted half your knowledge. Fowler and his team...

Texas TRS Could See New Asset Mix.
February 19, 2007... Quite a few changes could be in store for the $107 billion Teacher Retirement System of Texas (TRS), including a revamp of the plan's asset allocation and manager roster, as well as new staff hires, according to published reports. The new...

SDCERS Considers Private Equity.
February 19, 2007... The investment committee of the $3.13 billion San Diego City Employees' Retirement System (SDCERS) was scheduled to discuss and possibly approve private equity as an eligible asset class at a Feb. 12 meeting, according to the plan's Web site....

Worcester Seeks Global TAA Firm.
February 19, 2007... The $710 million Worcester Retirement System has issued an RFP for a manager to oversee a $20 million investment in a global tactical asset allocation (GTAA) strategy. According to the RFP, the board seeks only stand-alone, actively...

Aloha State Chooses New Consultant.
February 19, 2007... The $10.5 billion State of Hawaii Employees' Retirement System has selected Pension Consulting Alliance (PCA) as its new general investment consultant. PCA replaces Callan Associates. "Callan had an extremely successful relationship...

Lakeland Fund Gets New Director.
February 19, 2007... The $500 million City of Lakeland Employees' Retirement System has a new director in the form of Kevin Torres, a lawyer from Louisiana who recently signed a contract confirming his acceptance of the position with the Florida plan. ...

San Fran Approves PE Investments.
February 19, 2007... The board of the $15.2 billion San Francisco City & County Employees' Retirement System (SFERS) approved three private equity investments at its Feb. 13 board meeting. Norm Nickens, executive assistant with SFERS, said that the fund...

LA 911 Considers New Investments.
February 19, 2007... The board of the $14.8 billion Los Angeles Fire & Police Pension System (LAFPP) considered two potential real estate investments at a Feb. 15 board meeting. According to the agenda, the plan's real estate investment consultant, The...

LACERA Considers More Real Estate.
February 19, 2007... The $35 billion Los Angeles County Employees' Retirement Association (LACERA) was set to discuss two potential real estate investments at its Valentine's Day meeting, according to the fund's Web site. The board was set to discuss possibly...

Odds & Ends.
February 19, 2007... * Los Angeles Mayor Antonio Villaraigosa has announced that over $27 million in retirement fund investments in companies that do business with Sudan will be withdrawn. Analysts identified over $27 million invested in such companies, and the...

Bigger Role Seen for Hedge Funds.
February 19, 2007... Hedge funds are viewed as high-risk investments and the average investor tends to shy away from them. But they can complement and offer diversification in an investor's portfolio, according to a recent Lipper "Research Series" report, The Role...

CalSTRS Explains Sudan Divestment Status.
February 19, 2007... Despite public reports stating that the $157.8 billion California State Teachers' Retirement System (CalSTRS) is ready to start selling its investments in companies with ties to Sudan, Sherry Reser, spokeswoman for the plan, said this is merely...

Peach State Denied Increase in Int'l Investments.
February 26, 2007... Hopes of the $65 billion Employees' Retirement System of Georgia ramping up its international investing efforts were squashed last week after a House bill failed to gain approval. The bill would have allowed the fund to invest up to 20% of...

Maryland Hunts for Investment Consultant.
February 26, 2007... The $34 billion Maryland State Retirement and Pension System has launched a search for an investment consultant-a move which could potentially unseat the incumbent Ennis Knupp + Associates. Anne Budowski, a spokeswoman for the Baltimore...

NYC Seeks Environmental Equity Managers.
February 26, 2007... The $100 billion New York City Retirement Systems (NYCRS), which includes the Employees' Retirement System and the Teachers' Retirement System, has launched a search for managers to oversee environmental and sustainable investment strategies in...

Hope Floats: Fortress' impressive IPO has the hedge fund community eyeing similar flotations.
February 26, 2007... The new year has brought a revolution to the hedge fund industry, as the much talked-about and very successful initial public offering of Fortress Investment Group earlier this month not only marked the first time a U.S. hedge fund went public...

New Mexico Plan Seeks Managers.
February 26, 2007... The $9.1 billion New Mexico Educational Retirement Board has issued an RFP for managers to oversee non-U.S. equity mandates for the fund. The total size of the mandate is $750 million, which the fund plans to divide equally between growth...

LA County Hunts For PE Advisor.
February 26, 2007... The $35 billion Los Angeles County Employees' Retirement Association (LACERA) has issued an RFP for a private equity portfolio monitoring and performance reporting service provider. The search comes as a result of a new private equity...

CalPERS Starts New Manager Program.
February 26, 2007... The $231.5 billion California Public Employees' Retirement System (CalPERS) is gearing up to launch a search for a spring-fed pool of advisors for a new emerging manager fund-of-funds program. At the end of March, the pension fund will...

Oklahoma Police Eyes New PE Allocations.
February 26, 2007... The $1.6 billion Oklahoma Police Pension and Retirement System (OPPRS) considered changes to its private equity portfolio structure at a Feb. 21 meeting. According to the agenda, the board discussed possible allocations to three private...

LACERS To Pick New Consultant.
February 26, 2007... The investment committee of the $10.5 billion Los Angeles City Employees' Retirement System (LACERS) will recommend that the board select Courtland Partners as its new real estate consultant at the fund's meeting tomorrow, confirmed a source...

Illinois Teachers' Watches Managers.
February 26, 2007... The $40 billion Teachers' Retirement System of the State of Illinois (TRS) made several investment decisions at its recent board meeting, resulting in the firing of one of the fund's managers. The board voted to terminate Payden & Rygel...

Hedge Fund Hires Credit Suisse Bond Pro.
February 26, 2007... Fixed-income hedge fund Highland Financial Holdings Group has hired Sheila Huang as director and portfolio manager of the firm's high-grade strategies division. The move reflects, and continues to be part of, ongoing efforts at Highland...

New Jersey Approves Investments.
February 26, 2007... The $79.4 billion New Jersey Division of Investment (DOI) made commitments in private equity, hedge funds and real estate at a Feb. 15 meeting, according to its Web site. The DOI approved direct hedge fund investments of $75 million in...

T. Rowe Price Breaks Ground in Canada.
February 26, 2007... Asset management firm T. Rowe Price is planning to enter the Canadian marketplace, the firm announced last week. T. Rowe Price has hired Wendy Brokin as director of Canadian business development and client service. She will open a...

Newton R.B. Could Become Property of PRIM.
February 26, 2007... The $250 million Newton Retirement Board is in the process of deciding whether or not to hand the management of the system's assets over to the state run Pension Reserve Investment Management Board (PRIM) following a local blue-ribbon...

SEI Sees Non-Profit Growth.
February 26, 2007... There appears to be a trend emerging in the non-profit community in which more and more groups have been moving their assets into manager-of-manager strategies, according to SEI Investments, who found that in 2006 its non-profit assets under...

Odds & Ends.
February 26, 2007... *The $23 billion Illinois Municipal Retirement Fund (IMRF) recently announced that it is fully funded for the first time since 2001. The fund reportedly was 100.5% funded as of Dec. 31 and current estimates suggest that it is 103% funded. The...

We Couldn't Make This Up If We Tried!
February 26, 2007... Chapman Escapes Jail Time...Again Nathan Chapman, who has become somewhat of a household name in the scandal plagued investment management industry, has managed to convince a judge to postpone the start of his prison term from March to June...