Investment Management Weekly articles from July 2007

Investment Management Weekly archives from July 2007

SJCERA Considers Real Estate Increase.
July 2, 2007... The $2.1 billion San Joaquin County Employees' Retirement Association (SJCERA) considered a possible increase in the size of its real estate allocation at a recent financial committee meeting, according to the agenda. The board discussed...

Iowa PERS Plots Hedge Fund Foray Hires for Portable Alpha.
July 2, 2007... The $23 billion Iowa Public Employees' Retirement System (IPERS) is gearing up to make its first-ever hedge fund investment, Karl Koch, CIO with the plan, told IMW last week. "IPERS will issue an RFP on Aug. 1 to evaluate low volatility...

ACERA Increases Real Estate Allocation.
July 2, 2007... In order to meet its target real estate allocation for the upcoming fiscal year, the $6 billion Alameda County Employees' Retirement Association (ACERA) plans to put an additional $300 million to work in the market over the next 12 months,...

Berks County to Seek Int'l Equity Managers.
July 2, 2007... The approximately $229 million Berks County Employee Retirement Fund is planning to diversify its international stock portfolio, said Nelson Long, treasurer for Berks County. According to the minutes of the plan's May meeting, Michael...

Washington State Seeks Index Firms.
July 2, 2007... The $81 billion Washington State Investment Board (WSIB) is looking to add managers of index-related strategies to its $61 billion Retirement Commingled Trust Fund (CTF), the plan's defined-benefit segment. According to the RFP, the WSIB...

Los Angeles City Plan Considers RFP.
July 2, 2007... The investment committee of the $11 billion Los Angeles City Employees' Retirement System (LACERS) approved an RFP for an active emerging markets public equities manager to oversee roughly $150 million, said Dan Gallagher, LACERS' CIO. The...

StanCERA Continues To Mull Global REITs.
July 2, 2007... The $1.3 billion Stanislaus County Employees' Retirement Association (StanCERA) is moving closer toward making an initial investment in global REITs, Tom Watson, administrator at the plan, told IMW last week. "SIS [Strategic Investment...

Indiana Legislation Leads to New RFP.
July 2, 2007... In response to new state legislation, the boards of the $16.9 billion Indiana Public Employees' Retirement Fund (PERF) and the $8.9 billion Indiana State Teachers' Retirement Fund (TRF) have issued a joint RFP for a firm to assist the board...

City of Ann Arbor Shifts Assets.
July 2, 2007... The $449 million City of Ann Arbor Employees' Retirement System has rebalanced some of its assets in order to "maintain investment policy disciplines and operational needs of the system," according to the plan's Web site. At a May board...

Lakeland ERS Rebalances Portfolio.
July 2, 2007... The $500 million City of Lakeland Employees' Retirement System approved recommendations to rebalance its assets, moving money from equity investments into its fixed-income portfolio, according to the minutes from a recent meeting. The...

St. Paul TRF Closes In on Consultant.
July 2, 2007... The $1 billion St. Paul Teachers' Retirement Fund Association (SPTRFA) has narrowed its search for an investment consultant down to two finalists, according to its Web site. The agenda from the board's June meeting notes Gordon Dickinson...

Baltimore 911 Adds Equity Manager.
July 2, 2007... The City of Baltimore Fire and Police Employees' Retirement System has hired Columbus Circle Investors for a large-cap growth mandate. According to the minutes of the city's Board of Estimates June 20 meeting, the search for an equity firm...

LACERA Chooses EM Equity Managers.
July 2, 2007... The investment board of the $36.7 billion Los Angeles County Employees' Retirement Association (LACERA) has selected managers in its emerging markets equity search, said Lisa Mazzocco, the plan's CIO. Batterymarch Financial Management and...

San Fran Hires for Private Equity.
July 2, 2007... The $15 billion San Francisco City & County Employees' Retirement System (SFERS) selected two new private equity managers at its June meeting, confirmed David Kushner, deputy director of investments with the plan. Kushner said that the...

Odds & Ends.
July 2, 2007... *Jay Ireland has been named president and CEO of GE Asset Management (GEAM). He replaces Ronald Pressman, who left the position to head GE Real Estate. Prior to joining GEAM, Ireland had been the president of NBC since 1999. *Three...

Nashville Endowment Names New Investment Head.
July 2, 2007... Matthew Wright will join Vanderbilt University on July 30 as its CIO, it was announced last week. He is currently the director of investments for the Atlanta-based Emory University, where he oversees a $5 billion portfolio. At Vanderbilt...

Small Asset Managers Grapple for Research.
July 2, 2007... Changes to how small and mid-tier asset managers obtain research may be coming, as soft dollars continue to be scrutinized and execution costs are being unbundled, according to panelists at a recent New York AQ conference, "Navigating the...

California Court Rules Against POBs.
July 9, 2007... California's request to float $525 million pension obligation bonds (POBs) was denied by an appeal's court. The California 3rd District Court of Appeal agreed with a previous ruling that POBs are not exempt from the state's constitutional...

Calif. Regents to Include Absolute Return.
July 9, 2007... The Regents of the University of California recently adjusted its asset allocation to include more investments in real estate, private equity and absolute return, said Trey Davis, spokesman for the university. Davis said that the changes...

Gotham City Teachers' Can PanAgora.
July 9, 2007... The $36.5 billion Teachers' Retirement System of the City of New York (NYCTRS) has terminated PanAgora Asset Management from the domestic tactical asset allocation account the firm managed at the plan, according to the highlights from the...

GEAM Shifts Fixed-Income Focus.
July 9, 2007... GE Asset Management (GEAM) is looking to improve its capabilities as a bond investment manager, with plans to focus on more niche products, the Stamford, Conn. money manager recently told IMW. "The impetus for these changes is really to...

Brookline Launches Equity Search.
July 9, 2007... The $206.7 million Brookline Contributory Retirement System is searching for an international small-cap equity manager to oversee between $10 and $12 million. According to the RFP, the Massachusetts plan wants to hire a firm with a proven...

Delaware Plans Shifts Assets Allocation.
July 9, 2007... The roughly $6.53 billion State of Delaware Pension Plans-which includes plans for state employees, police, judicial employees and firefighters-recently decided to rebalance some of its assets according to the minutes of a May meeting. ...

Nevada PERS Selects Goldman Sachs.
July 9, 2007... Goldman Sachs Asset Management has been retained by the $22 billion Nevada Public Employees' Retirement System (NVPERS) for a $750 million international equity enhanced index mandate, Ken Lambert, investment officer with the Carson City plan,...

MCERA Hires For Small-Cap Equity.
July 9, 2007... The $446 million Merced County Employees' Retirement Association (MCERA) has hired North Pointe Capital to manage a $24 million small-cap growth domestic equity mandate for the plan, confirmed Maria Arevalo, MCERA's administrator. North...

Odds & Ends.
July 9, 2007... *The Berwyn, Pa.-based Chartwell Investment Partners has hired William Dougherty and Brian Ward as VPs for the firm's client services and marketing efforts. Dougherty joins Chartwell from Schwab Institutional where he was a regional manager....

Lakeland Cops Choose Bogdahn Consulting.
July 9, 2007... The $17 million City of Lakeland Police Officers' Retirement Fund (PORF) has selected Bogdahn Consulting as its new investment consultant, according to the minutes from the board's June 12 meeting. Joe Bogdahn and Mike Welker from Bogdahn...

CalPERS Hires for Manager Program.
July 9, 2007... The $247.1 billion California Public Employees' Retirement System (CalPERS) has finished its search to refresh the firms in its Manager Development Program II (MDP II), and is adding Lovell Minnick Leading Edge Advisors to the pool. In...

WSIB Seeks Two Investment Pros.
July 9, 2007... The $81 billion Washington State Investment Board (WSIB) is looking to boost its investment team with the addition of two new members. According to documents from its Web site, WSIB is looking for an investment officer of private equity to...

Ohios SERS Adds Two To Board.
July 9, 2007... The $11 billion School Employees' Retirement System of Ohio (OSERS) has appointed two new trustees to its nine member board. According to the OSERS Web site, Harry Lehman, formerly a state legislator and partner with Jones Day, was...

RCM Adds to Consultant Relations Team.
July 9, 2007... RCM has hired Brant Grimes to join its consultant relations' team as a VP, the firm announced last week. In this role, he will be responsible for the investment manager's relationships with U.S.-based consulting firms. Grimes will report...

Connecticut Gov Aids Teachers' Fund.
July 16, 2007... Connecticut Governor Jodi Rell has signed a bill that will help the $10.2 billion Connecticut State Teachers' Retirement System reach a better funded status. The state will be putting $2 billion into the retirement system from the sale of...

Imperial County Terminates Equity Manager.
July 16, 2007... The $265 million Imperial County Employees' Retirement System (ICERS) has decided to part ways with Calamos Investments at its June 20 meeting. The minutes posted on the plan's Web site, indicate that then-consultant Tom Lightvoet of...

San Francisco Launches $700M Equity Search.
July 16, 2007... The $16.8 billion San Francisco City & County Employees' Retirement System (SFERS) is in the market for an equity manager to oversee $700 million for the plan, confirmed David Kushner, SFERS' deputy director of investments. According to...

Cabot Favors India and China.
July 16, 2007... America just isn't paying enough attention to the astounding economic story in what is generically called the "emerging markets" countries of the world, said Robert Lutts, CIO and president of Cabot Money Management. "The typical...

Holyoke Hunts For Managers.
July 16, 2007... The board of the $182 million Holyoke Retirement Board will be making a maiden investment in global fixed-income, as it seeks to hire a manager to oversee a $12 million account. Daniel Owens, the plan's administrator, explained that the...

Indiana Teachers' Adds More Small-Cap.
July 16, 2007... The roughly $9 billion Indiana State Teachers' Retirement Fund (TRF) hired seven new small-cap equity managers at its June meeting, confirmed Robert Newland, CIO at the plan. Newland said that the plan hired core managers Cortina Asset...

Sonoma Moves Into New Asset Class.
July 16, 2007... The $1.65 billion Sonoma County Employees' Retirement Association has allocated a portion of its assets to non-U.S. developed small-cap equity. At a June 21 board meeting, the board's consultant Ennis Knupp + Associates recommended that...

SBCERA Approves New Investments.
July 16, 2007... The $6 billion San Bernardino County Employees' Retirement Association (SBCERA) has made new hires in emerging markets debt and real estate, Don Pierce, an investment officer with the plan, told IMW last week. Pierce said that the plan...

Fresno Discusses New Private Equity.
July 16, 2007... The $2.8 billion Fresno County Employees' Retirement Association (FCERA) could soon ramp up its private equity commitments, according to the California plan's Web site. The agenda for the board's June meeting notes that it discussed...

LACERA Discusses Real Estate.
July 16, 2007... The $40 billion Los Angeles County Employees' Retirement Association (LACERA) considered $50 million in new real estate commitments at its board meeting last week. LACERA was slated to discuss an investment of up to $25 million each in...

LA Guns and Hoses Considers PE Funds.
July 16, 2007... Abbott Capital Management-private equity advisor for the Los Angeles Fire & Police Pension System (LAFPP)-has recommended that the plan invest up to $5 million in Thomas H. Lee Equity Fund VI and up to approximately $6.5 million in Apax Europe...

Melrose Seeks New Administrator.
July 16, 2007... The $61.2 million Melrose Retirement System is seeking a new administrator to oversee the day-to-day operations of the plan. Barbara Wells, the current administrator for the Massachusetts plan, said that she is leaving for another position,...

State of Connecticut Selects Mercer.
July 16, 2007... The $24 billion Connecticut Retirement Plans and Trust Funds (CRPTF) has replaced consultant Rogerscasey as its traditional investment consultant following a 10-year stint at the plan. State Treasurer Denise Nappier announced last week that...

Private Equity Sees Market Shift.
July 16, 2007... Investing in private equity was once thought to be an esoteric activity of institutional investors, however, it's increasingly becoming a mainstream practice. Private equity has morphed from a "cottage industry practiced by a few smart players"...

Odds & Ends.
July 16, 2007... * Credit Suisse will move Charles Schrager, currently a managing director in the firm's equities division, to head of asset management coverage in investment banking, effective Sept. 3. The firm has also hired Hamish Summerfield, formerly a...

Bernanke Backs Hedge Funds and PE.
July 23, 2007... Federal Reserve Chairman Ben Bernanke had good things to say about hedge funds and private equity to the House Financial Services Committee last week. Bernanke told the committee that the two asset classes are a benefit to the U.S....

Texas Perm. Considers Absolute Return: Fund Discusses RFP.
July 23, 2007... The $21 billion Texas Permanent School Fund is gearing up to seek managers for absolute return investment strategies. At the Austin-based plan's meeting last week, the board was expected to discuss and approve the issuance of an RFP....

Oklahoma PERS Looks At Large-Cap.
July 23, 2007... Is the $6.4 billion Oklahoma Public Employees' Retirement System (OPERS) in the market for a new equity manager? The board was scheduled to discuss large-cap growth equity management search analysis and the possible issuance of an RFP,...

Worcester Plan Absorbed by Mass. PRIT: Managers Could Lose Contracts.
July 23, 2007... The $400 million Worcester Regional Retirement Board recently voted to fold its assets into the Massachusetts Pension Reserve Investment Trust (PRIT)-a move that could wipe out the bulk of its investment managers. At press time, a...

Oklahoma Police Mull PE Changes.
July 23, 2007... The $1.8 billion Oklahoma Police Pension and Retirement System (OPPRS) considered a potential addition to its private equity manager roster last week. The board's consultant, Asset Consulting Group, was scheduled to provide an overview of...

Growth in the Cards for City of Meriden.
July 23, 2007... The $246.5 million City of Meriden Pension Board plans to increase its international equity manager roster. The minutes of the Connecticut plan's July 10 meeting state that the board's Investment Sub-Committee will "begin screening for an...

San Bernardino Hits Private Equity Goal.
July 23, 2007... The $6 billion San Bernardino County Employees' Retirement Association (SBCERA) has hired three new private equity energy managers, said Don Pierce, an investment officer with the plan. The board approved investments with Blue Tip Energy,...

WSIB Seeks Investment Consultant.
July 23, 2007... The $82 billion Washington State Investment Board (WSIB) has issued an RFP for an investment consultant for the plan's $11.3 billion industrial insurance portfolio, which covers the state's workers' compensation program. The WSIB is...

Contra Costa Hires Bond Manager.
July 23, 2007... The board of the $5 billion Contra Costa County Employees' Retirement Association (CCCERA) selected Lazard Asset Management as its new global fixed-income investment manager, according to the California plan's Web site. At a June 22...

Timber! Orange County Selects Managers.
July 23, 2007... The $7.7 billion Orange County Employees' Retirement System (OCERS) has selected Hancock Timber Resource Group (HTRG) and RMK Timberland Group (RMK) to oversee a total of $140 million in timber investments, said Robert Kinsler, spokesman for...

Fresno Continues Private Equity Talks.
July 23, 2007... The $2.8 billion Fresno County Employees' Retirement Association (FCERA) is not yet finished with its discussions regarding private equity. Last Thursday, the board was scheduled to discuss Warburg Pincus, New Mountain Partners,...

NHRS Moves On After Director's Exit.
July 23, 2007... The New Hampshire Retirement System (NHRS) appointed Timothy Crutchfield, the plan's current chief legal counsel, as interim executive director at its July 10 meeting. Crutchfield replaces Robert Leggett, who is leaving the position after...

Odds & Ends.
July 23, 2007... *Independence Investments has launched 130/30 strategies for U.S. mid-cap core and U.S. large-cap value, the firm announced last week. The new products will be managed by senior VPs John Forelli, Jay Leu and Thomas Spicer. *Pomona Capital...

Texas Gov. Pushes For Iran Divestment.
July 23, 2007... Texas Governor Rick Perry wants the state's public pension funds to divest from companies with links to Iran. The possibility for divestment springs from a meeting that Perry had in Israel last month with Prime Minister Ehud Olmert and...

House Treads Lightly on Hedge Funds: Backs Off Idea of Regulation, Registration.
July 23, 2007... Increased disclosure and transparency of hedge funds, and investors who have pension funds invested in them, were at the forefront of a recent House Financial Services Committee hearing on whether hedge funds pose a systemic risk to the market....

Anson Heads Back to the States.
July 30, 2007... Mark Anson is leaving his position as chief executive with British firm Hermes Pensions Management. He will join Chicago-based Nuveen Investments as president and director of investment services in September. Anson is leaving the firm...

Oakland 911 Monitors Equity Managers.
July 30, 2007... EARNEST Partners is on the hot seat at the $615 million Oakland Police and Fire Retirement System. At the California plan's meeting last week, Pension Consulting Alliance recommended that the fund place EARNEST Partners on "enhanced...

City of Newport Plans to Diversify: Fund Launches Search for Three Managers.
July 30, 2007... The $85 million City of Newport is seeking to add bond and equity managers to its stable and could soon diversify into real estate and timber, said Ron Becker, a member of the city's Trust and Investment Commission. The commission has...

Stonebrook Launches Risk-Free Fund.
July 30, 2007... Last month, Stonebrook Capital Management rolled out its alternative beta product-the first of its kind in a fund format-promising institutional investors hedge fund-like results, minus the risk factors. "Alternative beta is an investment...

Big Apple Seeks Index Firms.
July 30, 2007... The City of New York Office of the Comptroller has issued an RFP for managers to create and manage U.S. equity large- and small-cap index strategies for the $44 billion New York City Employees' Retirement System (NYCERS). Eric Wollman,...

Indiana PERF Launches Search.
July 30, 2007... The $17.3 billion Indiana Public Employees' Retirement Fund (PERF) has launched a search for an manager-of-emerging managers to oversee a $100 million mandate at the plan. Jeff Hutson, spokesman for PERF, noted that this is the plan's...

Mass. Plan Seeks Debt Manager.
July 30, 2007... The $675 million Plymouth County Retirement Association is looking for an emerging markets debt firm to manage up to $20 million of the plan's assets. Details regarding the search were sparse, as calls to William Farmer, the plan's...

Kansas Cops Hire for Emerging Markets.
July 30, 2007... The $850 million Kansas City Police Employees' Retirement System has divvied up the assets for its new emerging markets allocation, confirmed James Pyle, manager at the plan. Pyle said that the fund has decided to split the allotment-which...

ACERA Names Quant Finalists.
July 30, 2007... The roughly $5.3 billion Alameda County Employees' Retirement Association (ACERA) is one step closer to adding a quantitative manager to its roster of international equity managers. At its most recent board meeting the plan named AQR...

Fayette County Makes Manager Selections.
July 30, 2007... The $47 million Fayette County Employees' Retirement System is in the midst of wrapping up two searches that have been ongoing since the beginning of the year. According to an update on the Web site of the Pennsylvania plan's consultant,...

Michigan Plan Adds to Real Estate.
July 30, 2007... The $185 million Monroe County Employees' Retirement System has allocated a portion of its assets to an international real estate manager, confirmed Debra Elmore, retirement specialist at the Michigan plan. The board of trustees approved a...

L.A. Guns & Hoses Considers More RE.
July 30, 2007... The $15.6 billion Los Angeles Fire and Police Pension System (LAFPP) discussed new investments in real estate at a recent board meeting. According to the agenda, the board considered recommendations from consultant, The Townsend Group, of...

Texas TRS Looks At Alternatives.
July 30, 2007... The $108.3 billion Teacher Retirement System of Texas (TRS) considered investments in private equity and real return at its meeting last week, according to the agenda. For private equity investments potential commitments in Apollo...

Pa. State ERS Makes Hires.
July 30, 2007... The $33 billion Pennsylvania State Employees' Retirement System (SERS) has increased its private equity portfolio with the addition of three new investments, according to the plan's Web site. At a July 18 meeting, the board agreed to...

New Mexico PERA Eyes Two Funds.
July 30, 2007... The board of $11.5 billion New Mexico Public Employees Retirement Association (NMPERA)-along with alternatives investment consultant Cliffwater-was scheduled to vote on whether or not the plan should make commitments to two new funds. The...

Odds & Ends.
July 30, 2007... *The State of Nevada has established a Retirement Benefits Investment Board, confirmed Ken Lambert, investment officer for the Public Employees' Retirement System (NVPERS). Lambert said the initial funding would be between $2 and $6 million....