Investment Management Weekly articles from January 2008

Investment Management Weekly archives from January 2008

Trusco Teams Up with 130/30 Firm.
January 7, 2008... Atlanta-based Trusco Capital Management has acquired a minority equity interest in Alpha Equity Management, according to a statement issued by the firm. Alpha Equity manages equity hedge funds and 130/30 products and will continue to...

San Diego City Makes Changes to Watch List.
January 7, 2008... The investment committee of the $5.13 billion San Diego City Employees' Retirement System (SDCERS) opted to remove several managers from its watch list at a recent meeting, in lieu of adding two new names, according to documents on the plan's...

Franklin Regional R.B. Eyes Core Equity.
January 7, 2008... The Franklin Regional Retirement System has issued an RFP for a manager to oversee a $3.5 million mid-cap core equity mandate, according to the Web site of consultant Dahab Associates. Further details were sparse as Dale Kowacki,...

Pennsylvania System Seeks Large-Cap Manager.
January 7, 2008... The City of Bethlehem Aggregate Pension Fund is looking to add a large-cap growth domestic equity manager to its roster, confirmed Frank Burnette, the Pennsylvania plan's consultant with Morrison Fiduciary Advisors. The $13 million mandate...

N.J. Ends Year With More Alternatives.
January 7, 2008... At its last meeting of 2007, the $81.8 billion New Jersey State Investment Council (NJ SIC) considered new alternative investments in an attempt to reach the 10.3% target allocation set for alternatives. According to documents on the...

Upper Saucon Wraps Up Search.
January 7, 2008... The search for a new balanced manager is over for the Upper Saucon Township Police and Non-Uniform Pension Plans, according to the Web site of the Pennsylvania plan's consultant Morrison Fiduciary Advisors. According to Morrison's Web site,...

Meriden Hires Int'l Growth Firm.
January 7, 2008... The roughly $252 million City of Meriden Municipal Employees Pension Board has named a new international equity growth manager at the plan, according to the minutes of last month's board meeting. The Connecticut plan began eyeing an...

Odds & Ends.
January 7, 2008... *Lazard Asset Management has hired five portfolio managers from State Street Global Advisors (SSgA) to set up a quantitative unit. Paul Moghatader, formerly managing director of non-U.S. developed market equities, and senior portfolio manager...

2007 At A Glance.
January 7, 2008... January Jan. 29 The $100 billion New York City Employees' Retirement System (NYCERS) is selected as lead plaintiff in a shareholder lawsuit filed against Apple. February Feb. 5 A West Virginia judge blocks the proposed merger...

2007 Year In Review.
January 7, 2008... Quotables We expect to get stuff wrong once in a while, but if we have a lot of good strategies we will be right way more than we are wrong. We give ourselves lots of ways to win." - Jeff Knight, managing director and CIO of global...

People 2007.
January 7, 2008... New Digs Adam Tosh took over as the new CIO for the $16 billion Kentucky Employees' Retirement System. The $10 billion Maine State Retirement System hired Andrew Sawyer as its new CIO. Prior to his joining the Maine system, Sawyer was...

Long/Short Assets to Surge.
January 14, 2008... According to a survey conducted by Merrill Lynch, assets placed with 130/30 managers by U.S. institutional investors are expected to reach up to $350 billion over the next three years, the bulk of which will come from public funds. U.S....

Tulare County Discusses BlackRock, SSgA: Personnel Changes Raises Concerns.
January 14, 2008... The fate of two managers was the topic of discussion at the $1.2 billion Tulare County Employees' Retirement Association (TCERA) last week, following the announcement of significant personnel changes at fixed-income manager BlackRock, and...

L.A. City Fund to Increase Corporate Governance.
January 14, 2008... The $11.1 billion Los Angeles City Employees' Retirement System (LACERS) will triple the size of its corporate governance activist investment program, increasing allocations to its existing roster of managers and potentially adding new firms to...

Wisconsin Lutheran Fund Seeks New Consultant.
January 14, 2008... The Wisconsin Evangelical Lutheran Synod (WELS) Investment Fund has issued an RFP for a consultant to assist with investment decisions regarding its roughly $120 million in assets. The WELS fund offers portfolios for 120 churches, schools...

San Bernardino Seeks Managers.
January 14, 2008... The San Bernardino County Employees' Retirement Association (SBCERA) is in the market for credit/debt managers to oversee a $200 million portfolio at the $6.4 billion plan. The California plan will likely hire several managers with a focus...

Ohio Fund Continues Portable Alpha Plan.
January 14, 2008... The nearly $13 billion Ohio Police & Fire Pension Fund (OP&F) is looking to hire active market neutral alpha overlay investment managers as it nears its goal to include portable alpha strategies at the plan, confirmed David Graham, spokesman...

Mass. PRIM Issues International RFP.
January 14, 2008... The Massachusetts Pension Reserves Investment Management (PRIM) Board is looking to place up to $1.5 billion with an active international equity manager. According to the RFP posted on the plan's Web site, the portfolio will be benchmarked...

Texas Perm Moves Ahead with RE Foray.
January 14, 2008... The Texas Permanent School Fund (TPSF) has issued its RFP for real estate investment consultant services, as first reported in IMW last month (See IMW, 12/10/07). The $26 billion plan is seeking a firm to provide expertise and advice...

Colo. Plan to Invest in Fund-of-Funds.
January 14, 2008... The Fire & Police Pension Association of Colorado (FPPA) is looking to place $50 million with a hedge fund-of-funds manager. The account will be benchmarked against either the 90-day T-bill or LIBOR index, according to the RFP issued by the...

Pittsfield Hunts for New Consultant.
January 14, 2008... The $94 million Pittsfield Contributory Retirement System has launched a search for an investment consultant, a measure that could potentially replace incumbent Segal Advisors. Karen Lancto, executive director at the Massachusetts plan,...

Manchester Names Search Finalists.
January 14, 2008... At its meeting last week the board of the $150 million Manchester Employees' Contributory Retirement System (MECRS) selected three portable alpha managers to interview next month, Gerard Fluery, the plan's executive director, told IMW. ...

SFERS Narrows Global RE Spectrum.
January 14, 2008... The $16.8 billion San Francisco City & County Employees' Retirement System (SFERS) has named five semi-finalists in its search for global real estate securities managers, said David Kushner, deputy director of investments with the California...

Searches Move Forward at LA 911.
January 14, 2008... The $16.3 billion Los Angeles Fire & Police Pension System (LAFPP) was expected to discuss two ongoing searches for a real estate consultant and enhanced index manager last week. According to the agenda for its most recent board meeting,...

Odds & Ends.
January 14, 2008... * David Thompson has been named president of Dwight Asset Management, the firm announced last week. He will continue in his role as co-CIO and remain on the board of directors. He is replacing Laura Dagan in the position. She will continue to...

Corzine Signs N.J. Divestment Legislation.
January 14, 2008... The year started with a new law for New Jersey's pension funds, as Governor Jon Corzine recently signed legislation that prohibits investment in foreign companies that do business in Iran by pension and annuity funds within the state. Iran...

CalSTRS' Plots European Joint Venture.
January 14, 2008... The $180 billion California State Teachers' Retirement System (CalSTRS) has entered into a joint venture with First Industrial Realty Trust to invest in real estate in the Netherlands and Belgium, confirmed Ricardo Duran, spokesman for CalSTRS....

Montana Board to Outsource Bond Mandates.
January 21, 2008... The Montana Board of Investments is gearing up to launch a search for external fixed-income managers, according to published reports. Reportedly, the $13 billion board currently manages all of its bond investments internally in core...

Idaho Endowment Fund Looks at Alternatives: Consultant Recommends Foray into Hedge Funds.
January 21, 2008... The Idaho Endowment Fund Investment Board could soon move away from its plain vanilla investment style if it follows the advice of consultant Callan Associates. Last week, the $1.2 billion fund heard the results of an asset allocation...

Sonoma County Eyes Global Equity Changes.
January 21, 2008... The $1.7 billion Sonoma County Employees' Retirement Association (SCERA) could soon be looking for non-U.S. and global equity managers if recently proposed changes to its asset allocation were approved. At its meeting last week, the board...

Trust Company of the West Out at San Jose 911?
January 21, 2008... The $2.7 billion City of San Jose Police and Fire Department Retirement Plan discussed possibly terminating Trust Company of the West (TCW) last week, according to the agenda issued in anticipation of an investment committee meeting. The...

Oklahoma Police Eyes State Street.
January 21, 2008... State Street Global Advisors (SSgA) was on the hot seat at the $1.8 billion Oklahoma Police Pension and Retirement System (OPPRS) as the plan was slated to discuss possibly terminating and replacing the manager last week. SSgA oversees an...

L.A. Water & Power Discusses Funds.
January 21, 2008... The roughly $7.4 billion Los Angeles Water and Power Retirement Plan discussed adding two new alternative investments to its portfolio at a meeting last Wednesday. According to its Web site, Pension Consulting Alliance recommended that the...

SamCERA Picks Small-Cap Finalists.
January 21, 2008... The San Mateo County Employees' Retirement Association (SamCERA) will interview Clarivest Asset Management, Jennison Associates, Quantitative Management Associates and TAMRO Capital Partners for a new small-cap core domestic equity mandate this...

Baltimore F&P Hires For Private Equity.
January 21, 2008... The $2 billion Baltimore Fire and Police Employees' Retirement System considered committing $25 million to a new private equity investment last week. The agenda for Baltimore's Board of Estimates Jan. 16 meeting states that the funds would...

Pa. School Plan Talks Alternatives.
January 21, 2008... The finance committee of the Pennsylvania Public School Employees' Retirement System (PSERS) recently considered making several new investments at a meeting last week, according to an agenda posted on its Web site. For domestic private...

WSIB Looks At Alternatives.
January 21, 2008... The Washington State Investment Board (WSIB) considered new investments in real estate and private equity at its board meeting last week. Prior to the meeting, Liz Mendizabal, spokeswoman for the WSIB, confirmed that the board was to...

Fairfax Hears from Hedge Fund Finalists.
January 21, 2008... The Educational Employees' Supplementary Retirement System of Fairfax County (ERFC) interviewed Crestline Investors, GAM International Management, Gottex Fund Management, Grosvenor Capital Management and Permal Group last week to oversee a...

Odds & Ends.
January 21, 2008... *New England Pension Consultants (NEPC) has hired Edward O'Donnell and Jeffrey Mitchell as consultants. Prior to joining NEPC, O'Donnell was an assistant VP at Wellington Management Company, and Mitchell was a senior investment consultant with...

Ontario Teachers Make VP Changes.
January 21, 2008... The Ontario Teachers' Pension Plan (OTPP) is gearing up to fill the void left by Brian Gibson, who has resigned from his role of senior VP and head of public equities at the $106 billion plan, confirmed spokeswoman Deborah Allan. Gibson,...

Pa. SERS Approves Funds.
January 28, 2008... The $35 billion Pennsylvania State Employees' Retirement System has authorized $309 million of new investments in private equity and real estate . The plan will invest $50 million in ABRY Partners VI, a media-focused private equity fund,...

Oakland Police & Fire Place State Street on Watch.
January 28, 2008... The roughly $563 million Oakland Police and Fire Retirement System has added itself to the list of plan sponsors who have taken action regarding personnel changes at State Street Global Advisors (SSgA). "They were placed on watch list as a...

Orlando Firefighters Gear Up For Consultant Search.
January 28, 2008... The roughly $321 million City of Orlando Firefighters' Pension System is gearing up to conduct a search for a new consultant. The contract of incumbent Kalson & Associates Investment Consulting is due to expire, according to the minutes of...

Vermont Funds Seek Terrorist/Genocide Advisor.
January 28, 2008... The State of Vermont Office of the State Treasurer has issued an RFP for a firm to assist the Vermont Pension Investment Committee (VPIC) with the implementation of an investment policy regarding terrorist and genocidal states. The VPIC...

Orange County Searches and Hires.
January 28, 2008... The $8 billion Orange County Employees Retirement System (OCERS) is prepping a search for two managers to oversee core real estate portfolios at the California plan, said spokesman Robert Kinsler. "The board of retirement approved the...

Louisiana START Seeks Manager.
January 28, 2008... The Louisiana State Treasurer has issued an RFP on behalf of the state's Student Tuition Assistance and Revenue Trust (START) program, for a manager to oversee the program's $156.76 million in assets. The program's assets can be invested...

Oregon Plan Seeks Consultant.
January 28, 2008... The City of Albany, Oregon is looking for an advisor to assist with the management of its investment portfolio and the development and implementation of investment strategies to enhance the portfolio. The RFP states that the city currently...

Schroders Out At Iowa Plan: IPERS Chooses Int'l Equity Managers.
January 28, 2008... The Iowa Public Employees' Retirement System (IPERS) has selected two managers to oversee $700 million in international equity, said Karl Koch, the plan's CIO. Koch noted that IPERS' investment board approved a recommendation to hire...

Nevada PERS Names Core Finalists.
January 28, 2008... The $23.4 billion Nevada Public Employees' Retirement System (NVPERS) has named three finalists in its search for an additional equity manager at the plan. Kenneth Lambert, investment officer at the fund, said that Batterymarch Financial...

LA 911 Eyes More Private Equity.
January 28, 2008... At its meeting last week, the Los Angeles Fire a nd Police Pension System (LAFPP) considered recommendations made by Aldus Equity Partners to invest in two private equity funds, according to its Web site. A $37 million commitment in...

Merced Interviews Real Estate Firms.
January 28, 2008... As IMW went to press last week, the investment board of the $452 million Merced County Employees Retirement Association (MCERA) was scheduled to interview European Investors, Henderson Global Investors, INVESCO Institutional and Morgan Stanley...

Odds & Ends.
January 28, 2008... *Gwendolyn Butler has been named president and chief operating officer at Capri Capital Partners, in a newly created role. She will report to Louis Hoyes, vice chairman and CIO at the firm. Butler, who joined Capri in March 2007 as chief...

Asset Manager Predict Trends for 2008.(Company overview)
January 28, 2008... By now, most asset management executives have seen the predictions that large-cap growth will be the way to go in 2008. But digging deeper than mere asset class predictions, IMW's sister publication, Money Management Executive spoke with an...