Investment Management Weekly articles from February 2009

Investment Management Weekly archives from February 2009

T. Rowe Price Hit Hard in 4Q08.(At Press Time)
February 2, 2009... Byline: Editorial Staff The fourth quarter of 2008 was not kind to T. Rowe Price according to a statement issued by the manager. The firm's assets under management dropped by 27% from the third quarter and were 31% lower than the same...

Russell Investments To Cut Staff.(Industry At A Glance)
February 2, 2009... Byline: Marc Sorondo Asset manager Russell Investments has announced plans to cut its 2,100 person staff by 20%, or approximately 420 people, according to a statement issued by the firm. Russell gave few specifics in the announcement,...

WSIB Preps For Search to Replace Dear.(Industry At A Glance)
February 2, 2009... Byline: Marc Sorondo The Washington State Investment Board (WSIB) held a special meeting to discuss the replacement of Joseph Dear, the current executive director, who is leaving the post in March. Liz Mendizabal, spokeswoman for the...

Northern Trust Names New CIO For NTGI Unit.(Industry At A Glance)
February 2, 2009... Byline: Jakema Lewis Robert Browne has joined Northern Trust, where he will serve as the CIO for Northern Trust Global Investments (NTGI). He is replacing Orie Dudley, who has retired. Browne will be based in Chicago and report to...

NewOak Capital Enters Distressed Arena.(Industry At A Glance)
February 2, 2009... Byline: Editorial Staff NewOak Capital is launching a distressed long/short strategy with a focus on companies already in bankruptcy, Leveraged Finance News, IMW's sister publication reported last week. NewOak co-founder Ron D'Vari...

Odds & Ends.(Odds & Ends)
February 2, 2009... Byline: Editorial Staff * The $25 billion Tennessee Consolidated Retirement System has named Lamar Villere director of its new private equity investment program, where he will be responsible for implementing a 3% private equity allocation...

Texas Perm. Postpones Advisor Search.(News)
February 2, 2009... Byline: Jakema Lewis The $25 billion Texas Permanent School Fund (TPSF) has placed its search for an investment consultant on hold, said spokeswoman Debbie Ratcliffe. Ratcliffe said that at its most recent meeting the decision was...

Dallas 911 Keeps an Eye on Mellon.(News)
February 2, 2009... Byline: Jakema Lewis Going forward, the $2.8 billion Dallas Police & Fire Pension System (DPFP) will be observing one of its global asset allocation (GAA) managers. According to the minute summary of a board meeting held earlier this...

CalSTRS to Discuss Equity Structure.(News)
February 2, 2009... Byline: Marc Sorondo The $126.4 billion California State Teachers' Retirement System (CalSTRS) will discuss suggestions made by staff and Pension Consulting Alliance (PCA) regarding the plan's equity allocation this week. These...

Michigan Plan Trims Down Timber.(News)
February 2, 2009... Byline: Jakema Lewis The nearly $304 million City of Ann Arbor Retirement System has slashed the timber portion of its asset allocation. At its last board meeting of 2008, consultant Gray & Co. suggested that the plan remove a portion...

Connecticut Plan Removes Firm From Roster.(News)
February 2, 2009... Byline: Marc Sorondo The $117 million Town of Manchester, Connecticut Pension Board has decided to terminate Meridian Capital Partners from a $3 million diversified investment, according to The Hartford Courant. The minutes from the...

Consultant Search Launched At Mass. Plan.(News)
February 2, 2009... Byline: Marc Sorondo The Plymouth County Retirement Association has launched a search for an investment consultant as part of a due diligence process, confirmed Bill Farmer, administrator of the $693.5 million fund. Farmer said that...

Pa. School Plan Taps Firm for Bank Loans.(News)
February 2, 2009... Byline: Marc Sorondo The Pennsylvania Public School Employees' Retirement System (PSERS) approved an investment of up to $500 million in a senior loan account with Sankaty Advisors at a meeting last month. The account invests in...

L.A. City Plan Looks at The Boston Co.(News)
February 2, 2009... Byline: Marc Sorondo The Los Angeles City Employees' Retirement System (LACERS) discussed a portfolio managed The Boston Co. last week, the agenda for a Jan. 27 meeting indicates. The Boston Co. first started managing a global emerging...

San Jose Police and Fire Board Loses Two.
February 9, 2009... Byline: Editorial Staff The board of trustees of the $2.56 billion San Jose Police and Fire Department Retirement Plan is short two members following the abrupt resignation of its employee representatives last week. According to the...

Minnesota Plans Consider Joining Forces.
February 9, 2009... Byline: Marc Sorondo The $800 million Minneapolis Employees Retirement Fund (MERF) is looking to merge with the $12.7 billion Public Employees' Retirement Association of Minnesota (PERA) in an effort to save the failing smaller fund. ...

Florida Plan Picks up New Consultant.
February 9, 2009... Byline: Marc Sorondo The $369.4 million City of Lakeland Employees' Pension System has awarded an investment consulting contract to The Bogdahn Group. Along with Bogdahn, the board had also considered Consulting Services Group and...

Wyoming Plan to Increase Investment Oversight.
February 9, 2009... Byline: Editorial Staff The $4.6 billion Wyoming State Retirement System could see an increase to its in-house investment staff, if state treasurer Joe Meyer gets his way. Meyer submitted a request with legislators late last year...

Kansas City Plan Rolls out HY Search.
February 9, 2009... Byline: Jakema Lewis The $600 million Kansas City Police and Civilian Employees' Retirement System has instructed its consultant to begin prepping a search for a high yield fixed-income manager, said James Pyle, manager of the Missouri...

Odds & Ends - February 6, 2009.
February 9, 2009... Byline: Editorial Staff * Harris Investment Management has named Barry McInerney president and CEO, effective Feb. 9. He replaces William Leszinske, who is retiring at the end of the month. McInerney currently serves as managing director...

What Happens Once We're Stimulated?
February 9, 2009... Byline: Dave Lindorff It's looking like sometime in the next week or so, Congress will settle on some kind of stimulus package-a close to $1 trillion mix of spending initiatives and tax cuts designed to kick-start the economy. There is...

UTIMCO Chairman Steps Down.
February 9, 2009... Byline: Editorial Staff Robert Rowling, a regent of the University of Texas and chairman of the $18.4 billion University of Texas Investment Management Co. (UTIMCO) resigned during questioning by state senators earlier this week, according...

Rockwood Capital Adds on RE Pro.(News)
February 16, 2009... Byline: Editorial Staff Sharon Ann Miller has been named a managing director at private real estate investment firm Rockwood Capital. She will lead the firm's Investor Relations efforts and focus on client service, marketing and...

Kansas PERS on the Hunt for International Equity.(News)
February 16, 2009... Byline: Marc Sorondo In a move to diversify its international equity holdings, the Kansas Public Employees' Retirement System (KPERS) has issued an RFP for a manager in the space to oversee an active core portfolio. Vince Smith, CIO...

New Mexico PERA Enhances PE Roster.(News)
February 16, 2009... Byline: Marc Sorondo The New Mexico Public Employees' Retirement Association (NMPERA) approved a new private equity investment at a meeting yesterday, beefing up its portfolio by $20 million. Robert Gish, the plan's director of...

Morgan Stanley Places Kalsi on Leave.(News)
February 16, 2009... Byline: Editorial Staff Morgan Stanley's global head of real estate investing, Sonny Kalsi, has been placed on administrative leave, effective immediately, according to a Bloomberg report. The measure was taken for undisclosed reasons....

Federated Hires for Institutional Sales.(News)
February 16, 2009... Byline: Editorial Staff Leland Scholey has been tapped by Federated Investors to serve as VP and senior sales representative for global institutional sales, where he will cover large plan sponsors, foundations and endowments, public plans,...

UTIMCO Bonus Dustup Roils Texas Politics.(News)
February 16, 2009... Byline: Rich Williamson, The Bond Buyer The abrupt resignation of a University of Texas regent overseeing investments for the state's Permanent University Fund (PUF) has become an issue in the political battle between Gov. Rick Perry and...

A Partial Solution to the Debt Puzzle.(News)
February 16, 2009... Byline: Ken MacFadyen As of early February, the private equity market remained dead. Lenders, still gun-shy, are only backing the strongest credits, while potential targets have little incentive to sell into the teeth of a historic...

Connecticut Plan Pushes Back Search Deadline.(News)
February 16, 2009... Byline: Jakema Lewis By The Town of Fairfield joint pension board has extended the proposal due date for its investment consultant search to Feb 25, according to the town's Web site. Last month, the plan terminated incumbent NEPC,...

Tulare County Whittles Down Search Finalists.(News)
February 16, 2009... Byline: Marc Sorondo The Tulare County Employees' Retirement Association (TCERA) met with four firms it was considering for a small- to mid-cap value mandate this week, confirmed David Kehler, administrator at the $1 billion California...

Milwaukee County Retains BNY Mellon.(News)
February 16, 2009... Byline: Jakema Lewis The Milwaukee County Employees' Retirement System has hired a firm to run a cash overlay investment program at the fund. BNY Mellon was recently selected by the board to invest the proceeds from $400 million in...

Odds & Ends.(News)
February 16, 2009... Byline: Editorial Staff *Brian King has been named public equity investment officer at the $9.6 billion Kansas Public Employees' Retirement System. King was previously KPERS' public markets investment analyst. Hudepohl & Associates...

Indiana PERF Taps Equity Market.(News)
February 16, 2009... Byline: Jakema Lewis The $16 billion Indiana Public Employees' Retirement Fund (PERF) has rolled out a search that would affect its international equity portfolio. According to the RFP issued for the process, the plan is seeking...

UTIMCO Picks Replacement Chairman.(News)
February 16, 2009... Byline: Editorial Staff The $18.4 billion University of Texas Management Co. (UTIMCO) has reportedly named Erle Nye as its new chairman. According to The Dallas Morning News, UTIMCO's board of directors chose Nye to replace Robert...

Hard Times Could Spell Good Fortune for NewOak.(News)
February 16, 2009... Byline: Dave Lindorff Times are hard in America these days, and for the moment at least, Ron D'Vari likes it that way. D'Vari is co-founder and CEO of NewOak Capital, a New York-based fund management and advisory firm founded last summer...

Mellon Capital Offers New Bond Product.(News)
February 16, 2009... Byline: Editorial Staff BNY Mellon Asset Management subsidiary Mellon Capital Management Corporation has rolled out a new High Quality Long Corporate Bond Strategy. The strategy is designed to protect the assets of pension funds...

Aloha State Posts $3 Billion Loss.(News)(Financial report)
February 16, 2009... Byline: Editorial Staff The Hawaii Employees' Retirement System (HERS) took a hard hit to its portfolio, suffering a loss of $2.95 billion in 2008, $1.19 billion of which was experienced during the final three months of last year. The...

CalSTRS Greenlights Equity Changes.(News)
February 16, 2009... Byline: Marc Sorondo The California State Teachers' Retirement System (CalSTRS) will now combine its domestic and international equity allocations into a single global equity allocation, said Ricardo Duran, spokesman for the $126.4 billion...

CalPERS Looks at Six for Equity Pools.(News)
February 16, 2009... Byline: Marc Sorondo The California Public Employees' Retirement System (CalPERS) will consider additions to its spring-fed equity manager pools at a meeting next Tuesday. The investment committee will discuss recommendations made by...

Harvard Cuts Domestic Equity Holdings.(News)
February 16, 2009... Byline: Editorial Staff The Harvard Management Company (HMC), which oversees the $28.8 billion endowment of Harvard University, sold off 67% of its domestic equity holdings in the fourth quarter of 2008, according to SEC filings, Bloomberg...

Agecroft Partners Plots International Expansion.(News)
February 16, 2009... Byline: Editorial Staff Agecroft Partners plans to expand its presence in the Middle East and Asia later this year and will be looking for professionals to help in its efforts, the hedge fund consulting firm and third party marketer has...

Search for Consultant Launched at Alaska Plan.(News)
February 16, 2009... Byline: Jakema Lewis The Alaska Retirement Management Board (ARMB) has launched a search for a general consultant. The selected firm would assist with asset allocation, manager selection and performance measurement, among other duties....

Fidelity Hires New Head of Asset Management Strategy.(News)
February 23, 2009... Byline: Editorial Staff Anthony Ryan has joined Fidelity Investments as head of its asset management strategy and product development unit, a newly created position with the firm. In this role, Ryan will oversee Fidelity's long-term...

Tulare County Nears Search Completion.(News)
February 23, 2009... Byline: Marc Sorondo The Tulare County Employee' Retirement Association (TCERA) hopes to have due diligence on the final two firms in its $80 million small to-mid-cap domestic value equity search completed in March, said David Kehler. ...

New Mexico ERB Redeems Assets.(News)
February 23, 2009... Byline: Marc Sorondo Citing ties to alleged Ponzi schemer Bernard Madoff, the $6.6 billion New Mexico Educational Retirement Board (NMERB) will redeem its assets from Austin Capital Management (ACM), said Bob Jacksha, CIO with the fund....

Putnam Bulks up Research Efforts.(News)
February 23, 2009... Byline: Editorial Staff Putnam Investments has appointed David Glancy as a managing director and portfolio manager, where he will work with the firm's research team to identify strategies across the whole capital structure. Glancy...

Foundations to Stick with Investment Schemes.(News)
February 23, 2009... Byline: Editorial Staff A January 2009 survey conducted by Citi Institutional Consulting and the Association of Small Foundations has found that despite posting market losses last year, most foundations will maintain their existing...

Idaho Endowment Moves Search Engine Along.(News)
February 23, 2009... Byline: Jakema Lewis The $1.1 billion Idaho Endowment Fund Investment Board (EFIB) will meet with candidates vying for available mandates in emerging markets and U.S. mid-cap growth equity on Friday, Larry Johnson, manager of investments...

D.C. Plan to Review Assets.(News)
February 23, 2009... Byline: Marc Sorondo The Metropolitan Washington Council of Governments (COG) is gearing up to review the investment strategies for its defined benefit pension plan, which has prompted a search for an investment advisor. Carl Kalish,...

Odds & Ends.(News)
February 23, 2009... Byline: Editorial Staff *Private equity firm Kohlberg Kravis Roberts (KKR) have named Suzanne Donohoe as managing director and global head of the firm's client and partner group, a new position in which she will focus on client...

Public Pension Plans Projected to Weather the Financial Storm.(News)
February 23, 2009... Byline: Lydell C. Bridgeford, Employee Benefit News If past is prologue, then the retirement assets and funding levels of state and local pension plans will emerge from this recession financially healthy, suggests new research by pension...

CalPERS Prez Elected for Fifth Term.(News)
February 23, 2009... Byline: Editorial Staff The board of the California Public Employees' Retirement System has elected Rob Feckner to his fifth term as president. Feckner was first elected to the board at the $170.4 billion plan in 1998. "I feel...

North Carolina Pension Needs Cash Infusion.(News)
February 23, 2009... Byline: Editorial Staff The $77 billion North Carolina retirement system proudly boasts that it is one of the few plans in the nation that is fully funded, and now the state's treasurer Janet Cowell is seeking the help of legislators to...

Poll Shows Financial Crisis Affects on U.S. and Global Pensions.(News)
February 23, 2009... Byline: Marc Sorondo The financial crisis has hit pensions funds across the world pretty hard. Those plans, which have seen assets and funding levels drop over the past year are now looking at their assets and liabilities, making changes,...

Moelis Hires Former Morgan Stanley MD.(News)
February 23, 2009... Byline: Avram Davis Roger Hoit, a former Morgan Stanley managing director, has joined New York-based investment bank Moelis & Company. At Morgan Stanley, Hoit was a part of the firm's global financial sponsors group. In this position,...

Mercer and Callan to Join Forces.(News)
February 23, 2009... Byline: Jakema Lewis New York-based Mercer and Callan Associates are creating a mega investment consulting shop, as the two firms have announced plans to merge their operations. Mercer, a wholly owned subsidiary of Marsh & McLennan...

SFERS Commences Search, Adds To Private Equity.(News)
February 23, 2009... Byline: Marc Sorondo The San Francisco City & County Employees' Retirement System (SFERS) has issued an RFP for currency overlay services, confirmed David Kushner, deputy director of investments with the $12.2 billion plan. The RFP...

Loomis Sayles Hires New VP.(News)
February 23, 2009... Byline: Editorial Staff Walter "Buzz" Thorman has joined Loomis, Sayles & Company as a VP in its Institutional Services Group. He will focus on the firm's corporate, endowment and foundation markets efforts on the east coast, said...

Legg Mason Names New Institutional Head.(News)
February 23, 2009... Byline: Editorial Staff Kimberly Mustin has been appointed as a managing director at Legg Mason, where she will serve as head of the firm's institutional business for the Americas. Mustin will report to Legg Mason's senior executive VP...

Luzerne County Considers New Asset Mix.(News)
February 23, 2009... Byline: Jakema Lewis The Luzerne County Retirement System is currently considering shifting its asset allocation to roughly 80% fixed-income and 20% equity," confirmed Rick Hummer, pension coordinator. Currently, Luzerne County has an...

Orange County Moves Forward with Searches.(News)
February 23, 2009... Byline: Marc Sorondo The Orange County Employees' Retirement System (OCERS) has approved a candidate profile for a U.S. large-cap growth equity manager search, Robert Kinsler, spokesman for the $6.4 billion plan, told IMW. He said the...