Investment Management Weekly articles from January 2002

Investment Management Weekly archives from January 2002

Billions in railroad assets will be up for grabs.
January 7, 2002... President George W. Bush inked his signature on H.R. 10 on Dec. 21, which calls for the transfer of roughly $15.3 billion from the Railroad Retirement Account to a trust fund. The creation of the new fund will prompt the recruitment of a...

Colorado PERA to launch study.
January 7, 2002... The $27.3 billion Colorado Public Employees Retirement Association will launch an asset liability study soon, and the results should be in by June, according to a spokesperson for the fund. It is unclear at this time what kind of manager...

DC plan to hire two, terminate an option.
January 7, 2002... The roughly $200 million Wisconsin Public Service Corp., Green Bay, Wis., seeks a manager to handle a new lifestyle fund. The fund also plans to hire a firm to run a new large-cap fund for its 401(k) defined contribution plan and will terminate...

Seattle to seek Alt. managers. (Searches).
January 7, 2002... The $1.5 billion Seattle City Employees' Retirement System is gearing up to search for alternative investment managers to divvy up a $40 million mandate. A timetable to hire the "unspecified number of firms" has yet to be determined, Assistant...

Taunton hunts for actuary. (Searches).
January 7, 2002... The roughly $113 million Town of Taunton Contributory Retirement System is seeking a firm to provide actuarial services, according to the Massachusetts Public Pension Forum's Web site, www.mppf.org. Requests for proposals are due on January...

Pittsfield seeks investment consultant. (Searches).
January 7, 2002... The roughly $82 million Town of Pittsfield Contributory Retirement System, Pittsfield, Mass., is seeking proposals for investment consultant services, according to the Massachusetts Public Pension Forum's Web site, www.mppf.org. Proposals...

Milwaukee reviews bonds & equities. (Searches).
January 7, 2002... The roughly $2.9 billion Milwaukee Employees' Retirement System will review its fixed-income and equity investments this quarter, which could possibly lead to searches, said CIO Jennifer Shannon. The fund launched an asset allocation study...

Canada hires three private equity firms. (Hires).
January 7, 2002... The roughly $7.6 billion Canada Pension Plan Investment Board, Toronto, recently awarded a total of $500 million in private equity mandates to three U.S. asset management firms. The awards raise the fund's total commitment to the asset class to...

Colorado fire funds Jarislowski. (Hires).
January 7, 2002... The roughly $2.3 billion Colorado Fire & Police Pension Fund selected Jarislowski Frasier to run an international equity, portfolio, said Bill Morris, deputy executive director at the fund. The portfolio will be worth at least $50 million,...

MetWest gains knight as MD. (Manager News).
January 7, 2002... Peter Knight recently signed on as a managing director for Metropolitan West Financial in Los Angeles. In Knight's new capacity, he is responsible for new business development for the diversified financial services holding company with...

Regulatory outlook for 2002. (Industry News).
January 7, 2002... Looking ahead to 2002 there are several issues both with fund regulation and proposed legislation that will likely reach some conclusion this year. Late last year, the Securities and Exchange Commission sent out a letter seeking comment on the...

Wells REIT acquires windy point. (Industry News).
January 7, 2002... The Wells Real Estate Investment Trust recently completed its biggest single property acquisition since its inception. On Dec. 31, Wells REIT acquired Windy Point I and II for $89,275,000. The property is 486,956 square feet and it is...

Alternative firms unleash hedge fund. (Product News).
January 7, 2002... The Naples, Fla.-based LJH Global Investments and Caprock Capital Advisors, Texas, recently closed a joint venture agreement to offer a hedge fund product called the Caprock Advantage, according to a statement released by LJH Global. Hedge...

Weekly leads.
January 7, 2002... Weekly Leads Plan Sponsor Fund Size Mandate Ascension Health, 5,500 Alternatives/ St. Louis Hedge Fund-of-Funds California Public Employees' RS,...

Search overview.
January 7, 2002... Search Overview Plan Sponsor Mandate State of Louisiana U.S. Fixed Income Washington State Investment Board Alternatives/Hedge Funds Washington State Investment Board Real Estate...

People. (Faces and Places).
January 7, 2002... General Electric recently appointed three new officers. Jeffrey Malehorn was named CEO of GE Capital Global Financial Restructuring. He has been senior VP and managing director, Europe at GE Capital Real Estate since 1999. The company also...

Calendar. (Faces and Places).
January 7, 2002... Jan 27-30: The 8th Annual Beneficial Owners Summit on Domestic and International Securities Lending, The Phoenician Re sort, Scottsdale, Ariz. The conference will house more than 3o institutional investors with billions of purchasing power. For...

Pending legislation. (Industry News).
January 7, 2002... On the legislative front, there are two bills before Congress that will likely be decided on this year, according to industry lawyers. In June 2001, House. Rep. John Boehner (R-Ohio), who chairs the Committee on Education and the Workforce,...

More pressing matters. (Industry News).
January 7, 2002... The Boehner bill has a good chance of getting passed, but is far from the most pressing item in front of Congress, said Barry Barbash, an industry lawyer and former director with the SEC. Also, the recent problems at Enron and its pension plan...

Finito.
January 7, 2002... Finito Plan Sponsor Fund Size Mandate Size Canada Pension Plan 7,500 Alternatives/ 200 Investment Board, Toronto Private Equity Canada Pension Plan...

Search Overview.
January 7, 2002... Search Overview Plan Sponsor Mandate Illinois Teachers' Retirement System U.S. Equity Illinois Teachers' Retirement System U.S. Fixed Income Los Angeles Fire & Police Pension System ...

Indiana public launches value and growth search.
January 14, 2002... The roughly $10 billion Indiana Public Employees' Retirement System, Indianapolis, recently launched over $1.55 billion worth of domestic small-cap and midcap equity searches focusing on value and growth managers, said CIO Patricia Gerrig....

San bernardino shakes up roster.
January 14, 2002... The $3.4 billion San Bernardino County Employees' Retirement Association recently employed Cooper Consulting to find a private equity consultant. Once the consultant is hired, the firm will be instructed to recruit private equity managers to...

Fourth quarter ends year on high note.
January 14, 2002... The tumultuous fiscal year of 2001 had a happy ending: the fourth quarter brought in brought in more money than any other quarter all year. Money managers raked in more than $33 billion, worth of booty in the fourth quarter, almost $20 billion...

Correction.
January 14, 2002... In IMWs "A Look Back At the Big Two", 12/31/01, it should have said Daniel Szente, CalPERS former Chief Investment Officer resigned in November.

Chicago muni to fill R.E. target. (Searches).
January 14, 2002... The roughly $5.8 billion Chicago Municipal Employees Annuity & Benefit Fund, Chicago, may increase its real estate allocation by 2.5% or $145 million this year which could lead to manager searches, said Comptroller Terrance Stefanski. It...

Workers' seeks large cap firm. (Searches).
January 14, 2002... The roughly $1 billion Workers' Compensation Reinsurance Association, St. Paul, Minn., recently launched a search for a manager to run a $50 million domestic large-cap growth equity portfolio, said Keith Summers, director of investments. ...

Stamford to replace bond manager. (Searches).
January 14, 2002... The roughly $185 million City of Stamford retirement fund has launched a search for a fixed income manager to handle a portfolio valued at up to $35 million, said Barry Kaplan, the fund's benefits manager. Mark Wetzel, the fund's...

Seattle seeks real estate handlers. (Searches).
January 14, 2002... The Seattle City Employees' Retirement System will issue a request for information from real estate managers. Approximately $35 million worth of assets will be up for grabs, said Assistant Executive Director Mel Robertson for the $1.5 billion...

Canada pension on P.E. roll. (Hires).
January 14, 2002... The roughly $7.6 billion Canada Pension Plan Investment Board, (CPP) Toronto, recently awarded $100 million to Paul Capital Partners, to be spread out over six years into a fund-of-funds vehicle investing in North American venture capital, said...

Partnership reels in $600 million. (Hires).
January 14, 2002... Connor, Clark & Lunn Arrowstreet Capital (CC&L), Toronto, a partnership that invests in non-Canadian equities, has been awarded $600 million by 60 institutional investors to invest in a non-Canadian equity product, said Bruce Clarke, managing...

Louisiana may anoint southern. (Fund News).
January 14, 2002... The board for the $98 million Louisiana Baptist Foundation is considering whether to invest all or a portion of its assets in Southern Baptist Annuity Board of Dallas, said Executive Director Wayne Taylor. The Southern Baptist Annuity...

Cohen directors go to Neuberger. (Manager News).
January 14, 2002... Steven Brown and Elizabeth Reagan recently defected from Cohen & Steers Capital Management to join Neuberger Berman as managing directors in its newly-formed real estate department. "We wanted to get into real estate because it's an...

Baring appoints new partner. (Manager News).
January 14, 2002... Baring Private Equity Partners Asia (BPEP Asia) appointed Edward Yang as operating partner for the Baring Asia Private Equity Fund II. Yang has 28 years of experience in the industry, most recently as EDS Corp.'s senior VP. and president of...

State street lassoes sarath. (Manager News).
January 14, 2002... State Street Global Advisors (SSgA) recently hired Sarath Sathkumara as a senior portfolio manager in its active emerging markets team. Sathkumara has roughly 20 years if experience in international markets. Most recently, he worked for...

Goldman reels in MD of sales. (Marketer News).
January 14, 2002... Doug Angstrom joined Goldman Asset Management (GSAM) as a managing director to run its public pension fund sales effort in the U.S. and Canada, a GSAM spokesperson said. Angstrom banded together with the firm's team in New York, and like...

Merrill cuts 9,000 jobs. (Industry News).
January 14, 2002... Responding to dismal fourth-quarter earnings, financial services giant Merrill Lynch said that it will cut 9,000 jobs and take a pre-tax charge totaling $2.2 billion. The firm expects fourth-quarter net revenues to fall about 8% below the...

Weekly leads.
January 14, 2002... Weekly leads Plan Sponsor Fund Size Mandate Size Ohio State Highway Patrol RS, 600 Real Estate/ up to 24 Columbus, Ohio Timberland Ohio State...

Finito.
January 14, 2002... Finito Plan Sponsor Fund Size Arlington County Supplemental RS, 1,100 Arlinton, Va. Arlington County Supplemental RS, 1,100 Arlinton, Va. Arlington County Supplemental RS,...

Search overview.
January 14, 2002... Search overview Plan Sponsor Mandate Ascension Health Alternatives/Hedge Fund-of-Funds California Public Employees' U.S. Equity/Growth ...

People. (Faces and Places).
January 14, 2002... Search 401k recently named Thomas Plumb president and CEO. He replaces Eric Schneeman, who will step aside to run the company's sales, marketing and client service efforts. Plumb hails from U.S. Bancorp. He served the company for 22 years in a...

Calendar. (Faces and Places).
January 14, 2002... February 20-22: Investing in Biotechnology: The Value, The Risks, The Rewards. The Waldorf-Astoria, New York City. The conference is one of the largest life science investor events on the East Coast. For more information, or to attend this...

Fourth quarter 2001 search round up.
January 14, 2002... IMW's Fourth Quarter Round Up includes all completed search activity reported from Oct. 1 to Dec. 31 of 2001. Hiring activity rose in the fourth quarter with managers raking in roughly $33.01 billion, more than twice the amount they did last...

Canada post to shell out millions to bond firms.
January 21, 2002... The roughly $5 billion Toronto-based Canada Post pension fund has launched searches for two Canadian bond handlers to take on $138 million each, said Doug Greaves, the fund's VP and CIO. The Canadian fixed-income portfolios will be...

Illinois pushes to award minority firms.
January 21, 2002... The roughly $22.6 billion Illinois Teachers' Retirement System, Springfield, Ill., will conduct an asset allocation study in the first quarter geared towards improving the fund's allocation to minority-owned money managers, said Executive...

L.A. polices review could lead to changes.
January 21, 2002... The board for the Los Angeles Fire & Police Pension Systems is wading through consultant responses to determine which candidate will evaluate the $11.1 billion fund's allocation mix, CIO Thomas Lopez said. The board will likely announce...

Hartford chooses P.E. fund-of-funds. (Searches).
January 21, 2002... The roughly $1 billion Hartford Employees Retirement System, Hartford, Conn., will begin investing in alternatives by searching for fund-of-funds private equity managers to handle up to $50 million, or 5% of the fund, said a spokesperson for...

Ohio may search in second quarter. (Searches).
January 21, 2002... The $600 million Ohio State Highway Patrol Retirement System may search for managers in the second quarter, according to Richard Curtis, executive director of the system. Ken Brunkie of Callan Associates recently completed an asset...

Mass. Turnpike seeks consultant. (Searches).
January 21, 2002... The roughly $180 million Massachusetts Turnpike Authority Employees' Retirement System, Boston, launched a search for an investment consultant, said Tom Arcadipane, the fund's director. The fund's current advisor New England Pension...

Knoxville recruits five, knocks out four. (Hires).
January 21, 2002... The board for the $448 million Knoxville City Employees' Pension Fund recently shelled out about $201 million to five managers in a move to balance the pension fund's positions, said Executive Director Mike Cherry. The fund remains value...

St. Louis hoses fires bond firm. (Fund News).
January 21, 2002... The roughly $425 million Firemen's Retirement System of St. Louis, Sr. Louis, recently terminated fixed income money manager Abacus Financial Group, Chicago. The firm handled a $27 million mandate, said Executive Director Vicki Grass. ...

New York state gains and loses. (Fund News).
January 21, 2002... The roughly $1 12 billion New York State Common Retirement Fund is holding court in the return game, with a 10.7% return so far on the investment it made in the stock market directly after Sept. 11. State Comptroller H. Carl McCall pumped...

KLD broadens research coverage. (Industry News).
January 21, 2002... Socially responsible investors who want to screen "adult entertainment companies our of their portfolios can now turn to KLD Research & Analytics for guidance. KLD recently announced that SOCRATES, its research database, which already...

SRIs perform in weak market. (Industry News).
January 21, 2002... Socially responsible investments remain unscathed by the market's recent blows, according to the Social Investment Forum. Sixty-three percent of screened funds tracked by the forum earned one of the two highest rankings for 2001 by Lipper...

Pictet may picket inst'l investors. (Product News).
January 21, 2002... Pictet International Management recently launched a mutual fund that invests in the water industry. The Pictet Global Water Fund will not be marketed to pension funds or other institutional investors due to its retail structure and newborn...

An economic recovery is around the corner, But what about the markets?
January 21, 2002... An economic recovery may be under way, and investors should look for the markets to add more than 15% in returns over the coming year, said money managers at a forum titled, "How The Global Economic/Market Environment in 2002 Will Impact...

Weekly leads.
January 21, 2002... Weekly Leads Plan Sponsor Fund Size Mandate Canada Post, 5,000 Int'l Fixed Income Toronto Canadian Bonds Central Service...

Updates.
January 21, 2002... Updates Plan Sponsor Fund Size Mandate Size Adams County RP, 127 U.S. Equity/Active 32 Brighton, Colo. Small Cap Growth West Virginia IMB 5,400...

Finito.
January 21, 2002... Finito Plan Sponsor Fund Size Mandate Auburn University, 250 U.S. Equity/Active Auburn, Ala. Large Cap Value Beaver County Employees' RF, ...

Search overview.
January 21, 2002... Search Overview Plan Sponsor Mandate Chicago Municipal Employees Annuity Real Estate & Benefit Fund City of Stamford U.S. Fixed Income Indiana Public Employees' U.S....

People.
January 21, 2002... Michael McAlevey will rejoin Alston & Bird in February to counsel the firm's clients on securities regulation, corporate governance and merger and acquisition transactions. He was a partner at the firm until 1998, when he joined the Securities...

Calendar.
January 21, 2002... Jan. 29-30: The 2002 Managed Accounts Technology and Operations Summit, Omni House Hotel, Boston. Converse with plan sponsors, consultants and money managers about the ins and outs of performance measurement and reporting, how account...

Indiana Launches Global Equity Search.
January 28, 2002... The roughly $10 billion Indiana Public Employees' Retirement System, Indianapolis, is set to launch domestic large-cap equity manager searches for roughly $1 billion and global equity manager searches for roughly $300 million soon. The...

Colorado PERA issues RFP for asset study.
January 28, 2002... The roughly $27 billion Public Employees' Retirement Association of Colorado (Colorado PERA) is searching for one or more firms to conduct an asset liability study. RFPs are due Feb. 8. It is unclear at this time whether the study will lead to...

Baltimore guns & hoses seeks consultant.
January 28, 2002... The roughly $2 billion Fire and Police Employees' Retirement System of Baltimore recently issued an RFP for consultants, according to Cooper Consultants. The proposals are due Feb. 22 and the winner will be chosen on June 13. The plan...

Bristol hunts for consultant. (Searches).
January 28, 2002... The roughly $390 million Bristol General Retirement System, Bristol, Conn., is searching for a general investment consultant, said a spokesperson for the fund. The search is "to see what's out there," but not to necessarily replace the...

Chicago Public Scrutinizes Int'l Equity. (Searches).
January 28, 2002... The roughly $10 billion Chicago Public School Teachers' Pension Fund will take a look at the size of its allocation to international equities and emerging markets investments during this year, said Executive Director Michael Nehf. The fund...

Chevron Texaco reels Fidelity In. (Hires).
January 28, 2002... Chevron Texaco Corp. selected Fidelity Management Trust Co. (FMTC) to run a $250 million active international equity portfolio for its $5 billion defined benefit plan. The assets will be invested in Fidelity's international growth...

Vermont Snags Putnam. (Hires).
January 28, 2002... The roughly $2.2 billion Vermont State Retirement System, Montpelier, Vt., recently hired Putnam Investments, Boston, to handle an international equity portfolio valued between $70 million and $80 million, said State Treasurer James Douglas....

Kinsley Awards DC assets to SEI. (Hires).
January 28, 2002... Kinsley Construction recently hired SEI Investments to handle its $15 million in defined contribution assets, according to an SEI statement. The Oaks, Pa.-based global asset manager will provide advisory, investment management,...

AFL-CIO invests $750 million in NYC. (Fund News).
January 28, 2002... New York City will benefit from a $750 million investment from the $4 billion AFL-CIO. The union recently decided to bestow a chunk of its pension assets on housing and commercial development in New York in the wake of Sept. 11 and the rampant...

Rothschild's loss, Apollo's gain. (Manager News).
January 28, 2002... Rothschild Asset Management's Cheryl Gordon abandoned her senior managing director's seat to become a partner of Apollo Management in New York. In Gordon's new capacity, she will help shape the future Apollo franchise through strategic...

Cypress pulls an MP & analysts into ring. (Manager News).
January 28, 2002... The Cypress Group recently recruited Christopher Harned as managing partner, as well as Gene Lee, Brian Moloney and David Sullivan as associates, the firm's spokesperson said. The New York-based private equity firm installed Harned to head...

Saratoga Snags Solomon's MD. (Manager News).
January 28, 2002... Alan Wilkinson recently left Peter J. Solomon Co. to take a managing director position at Saratoga Partners. In the new stint, Wilkinson will manage private equity investments, as well as serve on the board of directors for Rubatex Corp.,...

Goldman casts four to Hedge Group. (Manager News).
January 28, 2002... Goldman Sachs Asset Management recently bolstered it portfolio management team by hiring Terrence Jones and Peter Ort and transferring Arne Hassel and Nadja Pinnavaia to its Hedge Fund Strategies Group. Jones will lead a team of six...

Invista Capital Lures Paul Dow. (Manager News).
January 28, 2002... Invista Capital Management, Des Moines, Iowa, recently brought Paul Dow on board as the firm's new executive director of U.S. equities. Dow, in this new position, will be responsible for leading Invista's domestic equity portfolio...

Kiley jumps on BSAM's ship. (Marketer News).
January 28, 2002... Bear Sterns Asset Management (BSAM) recently brought Thomas Kiley into its fold as managing director of its institutional sales and client service group. Kiley joins the firm's Chicago staff, where he will manage and develop relationships...

Fremont launches Yield+ Fund. (Product News).
January 28, 2002... Fremont Investment Advisors has put industry veteran Norman Gee in charge of its new institutional bond fund which was designed to rake in more profits than a money market fund without incurring the risk of junk bonds. The product went...

Weekly Leads. (Search News).
January 28, 2002... Investment Management Weekly's Search NEWS includes search and hire activity for the week ending Jan. 22. IMW staff believes the information, which was gathered from a variety of sources, to be reliable, but all information may not have...

Updates. (Search News).
January 28, 2002... Investment Management Weekly's Search NEWS includes search and hire activity for the week ending Jan. 22. IMW staff believes the information, which was gathered from a variety of sources, to be reliable, but all information may not have...

Finito. (Search News).
January 28, 2002... Investment Management Weekly's Search NEWS includes search and hire activity for the week ending Jan. 22. IMW staff believes the information, which was gathered from a variety of sources, to be reliable, but all information may not have...

Search Overview.
January 28, 2002... Search Overview includes ongoing manager searches reported in IMW during the past three months. The information is listed in descending order by date, noting the issue where that search or potential search was last reported. As searches are...

People. (Faces and Places).
January 28, 2002... Turner Investment Partners recently named nine new principals: Tara Hedlund, security analyst and portfolio manager; John Lehning, national business development director; Heather Flick McMeekin, security analyst and portfolio manager; Gerri...

Calendar. (Faces and Places).
January 28, 2002... March 4-6:Investment Performance Measurement and Attribution Analysis, Amelia Island Plantation, Fla. The conference will provide key information including AIMR-PPS and GIPS standard revision updates, address equity benchmark problems and using...