Investment Management Weekly articles from January 2009

Investment Management Weekly archives from January 2009

Fed Chooses Firms For MBS Purchases.(At Press Time)
January 5, 2009... Byline: Editorial Staff The Federal Reserve has selected four firms to oversee the $500 million purchase of mortgage-backed securities (MBS). The Fed hired BlackRock, Goldman Sachs Asset Management, Pacific Investment Management Co....

Loomis Sayles in At St. Louis School Plan.(News)
January 5, 2009... Byline: Jakema Lewis The Public School Retirement System of the City of St. Louis has retained a new fixed-income manager, according to recently released minutes for its November board meeting. The fund has hired Loomis Sayles & Co. to...

Alameda County ERA Commits To Two.(News)
January 5, 2009... Byline: Jakema Lewis The Alameda County Employees' Retirement Association (ACERA) has added two new alternative investments managers to its portfolio. The board recently voted to commit up to $45 million in private equity fund Lindsay...

Old Mutual Hires For Consultant Relations.(Industry At A Glance)
January 5, 2009... Byline: Jakema Lewis Gregory Weissman has been named senior VP and director of consultant relations at Old Mutual Asset Management. Based in Boston, he will report to Matthew Appelstein, executive VP and head of institutional sales and...

Middlesex Accepts $16M in BNY Mellon Suit.(Industry At A Glance)
January 5, 2009... Byline: Marc Sorondo The Middlesex County Retirement System has unanimously accepted a $16 million settlement stemming from a 2003 suit filed against Bank of New York Mellon. The suit alleged that one of the system's investment...

Russell: Managers Expect Markets To Rise.(Industry At A Glance)
January 5, 2009... Byline: Jakema Lewis The majority of money managers feel that the U.S. markets are undervalued, according to the Russell Investments "Investment Manager Outlook" for December 2008. The survey polled 206 asset managers on their...

Odds & Ends.(Odds & Ends)
January 5, 2009... Byline: Editorial Staff * Pioneer Investments has named Bill Taylor senior VP and head of relationship management and the Strategic Alliances Group in the U.S. He will report to Joseph Kringdon, head of U.S. retail distribution and...

Nonprofits Look To Global Investing.(Industry At A Glance)
January 5, 2009... Byline: Marc Sorondo Nonprofit organizations are increasingly eyeing global investments as a way to hedge against the market's current volatility, according to the results of a quick poll released by SEI. The firm surveyed 86...

San Antonio 911 Talks Searches.(News)
January 5, 2009... Byline: Marc Sorondo The San Antonio Fire & Police Pension Fund discussed the possibility of hitting the market for managers to oversee mandates in high yield/bank loans, active and enhanced index large-cap core equity and small-cap growth...

San Diego to Tap Market Neutral Firms.(News)
January 5, 2009... Byline: Jakema Lewis The San Diego City Employees' Retirement System (SDCERS) has authorized consultant Callan Associates to conduct a search for market neutral managers, according to its Web site. Materials posted for a Dec. 18...

Ohio SERS To Resume HF Activity.(News)
January 5, 2009... Byline: Marc Sorondo The School Employees Retirement System of Ohio (SERS) is planning to get back on the hedge fund horse, following its reversal of a resolution approved by the board in September halting further investments in the asset...

CalPERS Seeks Private Equity Consultant.(News)
January 5, 2009... Byline: Marc Sorondo The California Public Employees' Retirement System (CalPERS) has launched a search for a private equity consultant to assist the $217.3 billion plan. "Previously, Pension Consulting Alliance (PCA) handled private...

Hedge Fund-Of-Funds Sought Out By Lexington.(News)
January 5, 2009... Byline: Marc Sorondo The Town of Lexington Retirement System is looking to invest $1 million to $2 million in a hedge-fund-of-funds strategy. Marguerite Oliva, administrator of the $121.4 million plan, could not be reached for further...

Falmouth Hunts For Large-Cap Growth Firm.(News)
January 5, 2009... Byline: Marc Sorondo The Town of Falmouth Retirement System has placed a $3.6 million large-cap growth mandate up for grabs. According to the RFP issued for the search, the Massachusetts plan is considering both active and passive...

Beaver County Drops The Boston Co., Adds PE.(News)
January 5, 2009... Byline: Marc Sorondo The board of the Beaver County Employees' Retirement Fund recently approved a $3 million commitment to GKM Newport's private equity fund-of-funds V. Earlier in the year, following the hiring of Morrison Fiduciary...

Connecticut Plan Beefs Up Manager Roster.(News)
January 5, 2009... Byline: Marc Sorondo Connecticut State Treasurer Denise Nappier recently approved recommendations made by the investment advisory council for the Connecticut Retirement Plans and Trust Funds (CRPTF), according to draft minutes from a Dec....

Henderson Liftouts Currency Team.(At Press Time)
January 12, 2009... Henderson Global Investors has hired a five-member currency team away from Fortis Bank. The team is managed by Bob Arends, who will serve as head of currency management. The other members are Dennis van den Bosch and Bernd Kraan, who will...

Florida Plan Kicks Off Manager Search.(News)
January 12, 2009... Byline: Marc Sorondo The $10 million Sanibel General Employees' Pension Fund could replace the Hartford Investment Management Company (HIMCO) on an international equity mandate, said the Florida plan's consultant Greg McNeillie, with Dahab...

Native American Tribe Seeks Out Consultant.(News)
January 12, 2009... Byline: Marc Sorondo The Tohono O'odham Nation is searching for an investment consultant, confirmed Ryan Claw, treasurer with the Arizona-based tribe. The Tohono O'odham Nation is a federally recognized Native American tribe, with a...

Fresno County Meets with Search Finalists.(News)
January 12, 2009... Byline: Marc Sorondo The Fresno County Employees' Retirement Association (FCERA) is in the homestretch in its searches for opportunistic fixed-income, hedge-fund-of-funds and real estate managers, said Roberto Pena, administrator at the...

Washington Trust Seeks Investment Consultant.(News)
January 12, 2009... Byline: Marc Sorondo The trustees of the Association of Washington Cities' (AWC) Employee Benefit Trust have issued an RFP seeking an investment consultant for the $45 million trust fund. According to the RFP, the board is looking for...

Odds & Ends.(Odds & Ends)
January 12, 2009... Byline: Editorial Staff * Richard Guay has stepped down from his position as president and CEO of the $120.7 billion Caisse de Depot et Placement du Quebec after a medical leave of absence. Guay will serve as a strategic advisor to Fernand...

KPERS Hits Market for Core Bonds.(News)
January 12, 2009... Byline: Marc Sorondo The $9.6 billion Kansas Public Employees' Retirement System (KPERS) has its eye out for a manager to oversee a core-plus fixed-income account. KPERS plans to make an investment of $250 million to $500 million. The...

The Boston Company Trims Down.(News)
January 12, 2009... Byline: Jakema Lewis The Boston Company Asset Management has experienced a 47% drop in assets under management, which has prompted the firm to layoff 90% of its investment staff. The move, which was announced last week, means that...

Vogel Sees Silver Lining in Market Mess.(News)
January 12, 2009... Byline: Dave Lindorff Here's a word to the wise for any managers of companies who may be about to be visited by Roger Vogel: Don't roll out the red carpet and offer him a slick, well-rehearsed tour of a spotless and smoothly humming...

Kansas City Cops Drop Small-Cap Firm.(News)
January 12, 2009... Byline: Jakema Lewis Systematic Financial Management is off the roster at the $607 million Kansas City Police Retirement System. At its November meeting, the fund reviewed the small-cap value equity manager and a motion was made to...

Connecticut Plan Reconsiders NEPC Contract.(News)
January 12, 2009... Byline: Jakema Lewis The $285.6 million Town of Greenwich Retirement System is placing the contract currently held by investment consultant NEPC up for grabs. The Connecticut plan is launching the search for due diligence purposes,...

City of Miami Beach Looks for Consultant.(News)
January 12, 2009... Byline: Marc Sorondo The City of Miami Beach has issued an RFP for a firm to provide advisory services for its $400 million investment portfolio. Inquiries made to Patricia Walker, CFO for the City of Miami Beach, were directed to...

Orange County May Seek Managers.(News)
January 12, 2009... Byline: Marc Sorondo The Orange County Employees' Retirement System (OCERS) discussed launching a search for transition managers at its meeting last Thursday. The impetus for the search, as well as whether or not the committee...

Lauderhill 911 Hunts For Int'l. Equity.(News)
January 12, 2009... Byline: Marc Sorondo The Lauderhill Firefighters' Retirement System is looking to hire an international equity firm for a $2 million to $3 million mandate. Barbara White, administrator with the $35 million Florida plan, referred all...

Kentucky Plan Turns to POBs.(At Press Time)
January 19, 2009... Byline: Editorial Staff The Lexington Policemen's and Firefighter's Retirement Fund will issue $130 million in pension obligation bonds (POBs), as it seeks to have its pension plans fully funded by 2015. The bond will be issued over...

Fresno County Picks and Chooses Finalists.(News)
January 19, 2009... Byline: Marc Sorondo BlackRock, Loomis Sayles & Company, PIMCO and Standish Mellon Asset Management Company are still in the running to oversee a $160 million opportunistic fixed-income mandate at the Fresno County Employees' Retirement...

Alaska Perm. Fund Turns to State Street.(News)
January 19, 2009... Byline: Marc Sorondo State Street Global Asset Managers has been tapped by the $29.3 billion Alaska Permanent Fund Corp. (APFC) to oversee a $700 million global passive equity mandate, confirmed Laura Achee, spokeswoman for the plan. ...

New Mexico PERA Invests in PE Fund.(News)
January 19, 2009... The New Mexico Public Employees' Retirement Association (NMPERA) has made a $20 million investment in New Enterprise Associates' 13 (NEA 13), a private equity venture capital fund, said Robert Gish, director of investments with the $9 billion...

Odds & Ends.(Odds & Ends)
January 19, 2009... Byline: Editorial Staff * American Century Investments has hired John Lovito and Federico Garcia Zamora as co-portfolio managers for the firm's $1.7 billion American Century International Bond Fund. Prior to their new positions, both men...

Paradigm Placed on Watch at L.A. Plan.(News)
January 19, 2009... Byline: Jakema Lewis As first reported on imweekly.com (1/12/09), Paradigm Asset Management has been added to the watch list at the roughly $8 billion Los Angeles Department of Water and Power Retirement Plan. According to recently...

Arkansas Educators Hunt For RE Firm.(News)
January 19, 2009... Byline: Marc Sorondo The Arkansas Teacher Retirement System (ATRS) is searching for a firm to oversee a $140 million real estate mandate, according to an RFP issued by the fund's consultant, Ennis Knupp + Associates. Calls placed to...

Secondary Market Heats Up for PE Is this the next deal frontier?(News)
January 19, 2009... Byline: Kelly Holman Secondary private equity investors are licking their chops over the alternative investment conundrum that many institutional investors are facing. Worries about asset allocations, liquidity and questionable return...

New Hampshire R.S. Hires For Executive Director Post.(Industry At A Glance)
January 19, 2009... Byline: Marc Sorondo The New Hampshire Retirement System (NHRS) has tapped Dick Ingram to fill the executive director post, effective Jan. 20. Ingram takes over from Merelise O'Connor, the plan's chief member services officer, who was...

Boston Plan Looks to Replace Tierney.(Industry At A Glance)
January 19, 2009... Byline: Marc Sorondo The $3 billion State-Boston Retirement System is hunting for a new executive director, according to a posting on Massachusetts's Public Employee Retirement Administration Commission's (PERAC) Web site. The posting...

Springfield R.S. Seeks New Leader.(Industry At A Glance)
January 19, 2009... Byline: Marc Sorondo The Springfield Contributory Retirement System is looking for a new executive director following the resignation of Colleen Trahan after nearly 20 years heading the plan. Trahan left the position following...

Consultant Search Launched At Mass. Plan.(News)
January 19, 2009... Byline: Marc Sorondo The Attleboro Contributory Retirement System has issued an RFP for an investment consultant, in a move that could replace incumbent Segal Advisors. Leslie Ring, administrator with the $65.8 million plan, said that...

San Fran Makes Additional PE Commitments.(News)
January 19, 2009... Byline: Carolina Braunschweig With a $40 million commitment to two private equity funds, the $16.7 billion San Francisco City & County Employees' Retirement System (SFERS) launched into 2009 with the same alternative investment strategy...

Bank of America Names Thain Successor.(At Press Time)
January 26, 2009... Byline: Editorial Staff Brian Moynihan has been tapped to replace John Thain as president of global banking and global wealth and investment management at Bank of America (BoA), the firm has announced. Thain, who helped engineer the...

San Antonio 911 Plan Names Finalists.(News)
January 26, 2009... Byline: Marc Sorondo The San Antonio Fire & Police Pension Fund met with finalists firms for its high yield/bank loan manager search at a meeting last week, according to the agenda posted on the Texas plan's site. Up for the $35...

Suit Alleges Pay-to-Play in New Mexico.(industry At A Glance)
January 26, 2009... Byline: Richard Williamson A civil lawsuit claiming that two New Mexico pension funds lost $90 million by investing in toxic assets is the first to assert pay-to-play allegations against Governor Bill Richardson's administration. The...

Risk Management of Pension Assets Trumps Returns.(industry At A Glance)
January 26, 2009... Byline: Sheryl Smolkin Market volatility and stringent regulatory issues are reshaping how North America's pension portfolios are being managed according to the second CFO Research Services study conducted in conjunction with professional...

Old Mutual Adds Giordano as VP for Investment Group.(industry At A Glance)
January 26, 2009... Byline: Jakema Lewis Carl Giordano has been named VP of investment services research at Old Mutual Asset Management (OMAM), the firm announced last week.In this role, he will work with analysts at intermediary firms to effectively market...

Odds & Ends.(Odds & Ends)
January 26, 2009... Byline: Editorial Staff * Dan Houle has been named VP of investment operations at the $85.7 billion Ontario Teachers' Pension Plan (OTPP), where he will oversee the operation and administration of the plan's investment division. Prior to...

Ohio SERS Alters Investment Policy.(News)
January 26, 2009... Byline: Marc Sorondo The board of the School Employees Retirement System of Ohio (SERS) approved a few tweaks to its investment policy, shifting the target allocations for the plan's equity portfolios, said Tim Barbour, spokesman for the...

Garden State to Slowdown on Alts.(News)
January 26, 2009... Byline: Marc Sorondo The New Jersey State Investment Council (NJSIC) approved reductions and withdrawals for several of its commitments to alternative funds this month, said Tom Bell, spokesman for the $63.9 billion council. The...

California PERS Appoints New CIO.(News)
January 26, 2009... Byline: Marc Sorondo Joseph Dear will serve as CIO of the $178 billion California Public Employees' Retirement System (CalPERS), confirmed Clark McKinley, spokesman for the plan. He will assume his new role at the fund in March. ...

Orange County To Proceed with A/L Study.(News)
January 26, 2009... Byline: Marc Sorondo The Orange County Employees' Retirement System (OCERS) has worked out the details for its upcoming asset/liability matching study, according to a statement sent to IMW by Robert Kinsler, spokesman for the $6.3 billion...

Massachusetts Plan Hunts For Mid-Cap Manager.(News)
January 26, 2009... Byline: Marc Sorondo A mid-cap search is in progress at the Webster Retirement System, as the plan has issued an RFP placing $2 million up for grabs. According to the document, the board is looking for a core manager of an active...

Mellon Wins Bond Mandate At NVPERS.(News)
January 26, 2009... Byline: Jakema Lewis The $18 billion Nevada Public Employees' Retirement System (NVPERS) has selected Mellon Capital for a fixed-income mandate, said Investment Officer Ken Lambert. Lambert said the firm would oversee an $800 million...

LACERS Cancels Investment, Renews Contracts.(News)
January 26, 2009... Byline: Marc Sorondo The Los Angeles City Employees' Retirement System (LACERS) has rescinded an authorization to invest $5 million in Cityfront Capital Partners's small and middle market buyout fund, said Christal Chacon, spokeswoman for...

Washington State Beefs Up PE Portfolio.(News)
January 26, 2009... Byline: Marc Sorondo The Washington State Investment Board (WSIB) approved two new private equity investments, said Liz Mendizabal, spokeswoman for the WSIB. The board will make commitments of up to $400 million in Hellman and...