Investment Management Weekly articles from June 2006

Investment Management Weekly archives from June 2006

Report Names Corporations With Worst Credit Outlooks.
June 5, 2006... According to a report by fixed-income research company Gimme Credit, the ten corporations with the worst credit outlooks among U.S. investment grade bond issues are: AT&T, CBS Corp., Heinz Co., Centex Corp., Computer Sciences Corp., Inco,...

Maryland Launches Emerging Manager Program.
June 5, 2006... The $33.7 billion State Retirement Agency of Maryland is searching for a manager-of-managers to help implement and run an emerging manager program for the Retirement and Pension System. "We did a review of our asset allocation and saw that...

Milliman: Top 100 Pension Plans in Good Shape.
June 5, 2006... The freezing of pension plans has not reached the tipping point and may not do so, according to analysts at Milliman, a Seattle-based consulting firm. According to IMW's sister publication Employee Benefit News, the Milliman's sixth annual...

Ohio BWC Plots Multiple Searches.
June 5, 2006... The $14 billion Ohio Bureau of Workers' Compensation (BWC) may launch searches in fixed-income and domestic and international equity if it follows the recommendations of an asset/liability study compiled by Wilshire Associates, said Jeremy...

SACRS Ushers in New President.
June 5, 2006... The State Association of County Retirement Systems (SACRS)-an organization of 20 California county retirement systems-selected Robert Palmer, retirement administrator of the San Joaquin County Retirement System, as its new president. ...

Kentucky Looks into Shady Deal.
June 5, 2006... The board of the $15.2 billion Kentucky Retirement System (KRS)-along with Kentucky's state auditor, Crit Luallen, the Kentucky state police, and attorney general Greg Stumbo-are investigating the purchase of a church property next to the...

Hospital Plan Adopts New A/A Policy.
June 5, 2006... The $38 million Regional Medical Center (RMC) has reportedly approved a new asset allocation policy for its defined benefit pension plan. Tom Dandridge, president at the Orangeburg, S.C. fund, declined to comment. Meanwhile, published...

UTIMCO Preps Consultant Search.
June 5, 2006... The University of Texas Investment Management Company (UTIMCO) is gearing up to launch a search for an investment consultant-a move that could potentially unseat incumbent Cambridge Associates. "Every few years we go through a process of...

Hawaii to Issue Consultant RFP.
June 5, 2006... The $9.6 billion State of Hawaii Employees Retirement System is launching a search for an investment consultant. Callan Associates is the current advisor to the fund. Further details regarding why the search was launched could not be...

Stanislaus County Replaces MFS.
June 5, 2006... The $1.3 billion Stanislaus County Employees' Retirement Association (StanCERA) has hired two new domestic equity managers, leading to the termination of incumbent MFS Investment Management, said Tom Watson, administrator at the California...

Houston Bravest Snags Bridgewater.
June 5, 2006... The $2.3 billion Houston Firefighters' Relief and Retirement Fund, pending contract negotiations, has hired Bridgewater Associates to oversee its $75 million pure alpha strategy, said plan CIO Christopher Gonzales. The impending...

SWIP Hires for West Cost Markets.
June 5, 2006... Scottish Widows Investment Partnership (SWIP), seeking to build its $168 billion in assets under management and develop a West Coast presence, has hired Daniel Mueller as senior VP of SWIP U.S. He will be based in Arizona. "We needed...

St. Mary's Adopts Bundled Strategy.
June 5, 2006... The St. Mary's Medical Center in Huntington, W. Va., has selected New York Life Investment Management (NYLIM) to provide bundled pension plan services for the medical center's $55 million pension plan. The board will also continue to use...

Colorado Tackles Pension Funding Issues.
June 5, 2006... Just days before Colorado's state legislative session came to an end, Governor Bill Owens and the Colorado Public Employees' Retirement Association (PERA) hammered out an agreement designed to address the plan's $12.8 billion unfunded...

Indiana PERF Creates New Fund.
June 5, 2006... The $15 billion Indiana Public Employees' Retirement Fund (PERF) has created the Indiana Investment Fund I, a program that will invest in firms doing business in the state and companies looking to expand or move into the state. The fund...

The New Medium of Scandal.
June 5, 2006... Move over "Coingate," stamps are the new investment scandal of the year. Charges are being brought against 10 executives from two investment firms in Spain that stole billions of dollars from approximately 350,000 investors using...stamps....

Odds & Ends.
June 5, 2006... *Polaris Capital Management, Inc. has appointed Kristin Weisker as a relationship manager where she will be responsible for client service and business development. Prior to joining Polaris, Weisker was a relationship manager with Fidelity...

Malone to Leave Arkansas Teachers.
June 12, 2006... Citing health and family concerns, David Malone will step down as executive director of the Arkansas Teachers' Retirement System (ATRS) at the end of the year, according to published reports. Malone was appointed to the executive director...

UVIMCO Eyes Asset Changes: Report Proposes Increase to Multi-Strategy Hedge Funds.
June 12, 2006... The University of Virginia Investment Management Company (UVIMCO) was expected to discuss several possible changes to its investment allocation during a May 16 board meeting. UVIMCO oversees investments totaling $3.4 billion for the...

OCERS Mulls Private Equity, Real Estate.
June 12, 2006... The $5 billion Orange County Employees' Retirement System (OCERS) was scheduled to approve several investment manager searches at its May 31 real estate committee meeting. According to the agenda posted on the fund's Web site, the board...

UC Appoints New Investment Officer: May Eliminate Treasurer Role.
June 12, 2006... The University of California Board of Regents has named Marie Berggren CIO and VP of investments, confirmed Jennifer Ward, a spokeswoman for the board. Berggren's appointment replaces David Russ who stepped down from his role as UC...

LA 911 Narrows Consultant Search.
June 12, 2006... The board of the $11.5 billion Los Angeles Fire & Police Pension System has selected finalists in its search for a new consultant. According to the agenda for the board's June 8 meeting, the board interviewed Pension Consulting Alliance...

Ohio Guns & Hoses Pick Finalists.
June 12, 2006... The board of the $10.4 billion Ohio Police & Fire Pension Fund (OP&F) has narrowed its search for an active global macro alpha overlay manager to a list of five finalists: Bridgewater Associates, Goldman Sachs Asset Management, Analytic...

Ohio STRS Retains Russell as Consultant.
June 12, 2006... The $59 billion State Teachers Retirement System of Ohio (STRS) has retained Russell Investment Group as its investment consultant. The reappointment ends a search, which was launched earlier this year as a result of contract expirations...

Milwaukee Names Small-Cap Finalists.
June 12, 2006... The $1.6 billion Milwaukee County Employees' Retirement System is in the final stages of selecting a small-cap value manager to replace Ariel Capital said Jack Hohrein, manager at the plan. At an April board meeting, the fund opted to...

Calif. Plan Picks Bond, RE Finalists.
June 12, 2006... The Tulare County Employees' Retirement Association is on the verge of selecting managers to oversee a core plus fixed-income portfolio and a non-core real estate account. Dave Kehler, plan administrator, said that the board had selected...

Two Separate Scandals Coalesce: Ohio BWC, New Hampshire Bonded by Investigation.
June 12, 2006... The names Terrence Gasper and Edward Theobald may sound familiar. Both have recently been associated with investment scandals, but at different pension funds in plans from different states. Gasper, the former CFO for the $14 billion Ohio...

Is There an End in Sight for the REIT Privatization Wave?
June 12, 2006... After Blackstone Group announced it would buy CarrAmerica on March 6, it seemed briefly like the day was fast arriving when there would be no more publicly-listed REITs. The acquisition was Blackstone's second in as many weeks, and the $5.6...

Global Capital Mgmt.: Staying Small, Finding a Process that Works.
June 12, 2006... Often times, funds looking for investment managers to oversee their assets are drawn to the allure of a well-know name or an impressive amount of asset under management. Global Capital Management (GCM) contends, however, that bigger doesn't...

Odds & Ends.
June 12, 2006... *City National Bank has hired Richard Tribiano as a senior VP and national sales manager for its wealth management services division. He will be responsible for new business development. Prior to joining City National, Tribiano was the national...

The Paparazzi-Boutique Connection.
June 12, 2006... Fraser Ross, owner of the high-profile clothing boutique Kitson, has a bit of explaining to do. Ross, who last year condemned paparazzi who take pictures of his famous clientele outside of his store, has been found to invest in a paparazzi...

PBGC Issues New Rule.
June 19, 2006... The Pension Benefit Guaranty Corporation (PBGC) has published a new rule regarding the liability that arises when an employer ceases operations at a facility, resulting in more than 20% of the employees covered by its DB pension plan to loose...

Washington Plan Plots Index Search.
June 19, 2006... The $744 million Tacoma Employees' Retirement System (TERS) is gearing up to add an enhanced core equity index manager to its stable, confirmed a source at the fund. The minutes of the plan's quarterly managers meeting held on May 18...

CalSTRS Starts Corporate Governance Search.
June 19, 2006... The $143.2 billion California State Teachers' Retirement System (CalSTRS) has issued an RFP for global equity managers to oversee a corporate governance mandate. According to the RFP, the fund is looking for firms to handle "the active...

Sonoma to Review Equity Managers.
June 19, 2006... The $1.3 billion Sonoma County Employees' Retirement Association could soon make changes to its domestic equity line-up, according to the fund's Web site. During its June 8 investment committee meeting, the board directed Ennis Knupp +...

Fall River Seeks Int'l All-Cap Manager.
June 19, 2006... The $216 million Fall River Retirement System has issued an RFP for an international all-cap equity manager to oversee an actively managed account valued at between $5-8 million. Christine Tetreault, the Massachusetts plan's executive...

Tenn. Plan Launches Large-Cap Search.
June 19, 2006... The $26 million City of Franklin Employees' Pension Plan is searching for a domestic equity large-cap value manager, according to an RFP posted on its consultant, Dahab Associates', Web site. "The decision may be to replace a current...

MPERS Eyes Real Estate Consultant.
June 19, 2006... The $1.3 billion Louisiana Municipal Police Employees' Retirement System (MPERS) is actively searching for a real estate consultant to review the fund's troubled golf course investments, confirmed Virginia Eckert, director at the Bayou fund....

Northampton Hunts for New Manager.
June 19, 2006... In a move that could potentially unseat incumbent de Burlo Group, the $61 million Northampton Retirement Board has launched a search for an investment manager to oversee its balanced portfolio with a blended equity allocation, said Barbara...

Oregon State Hires New CFO.
June 19, 2006... The $466 million Oregon State University (OSU) foundation has hired Steven Schauble as VP and CFO. Schauble-who began his stint with OSU June 12-was previously the VP of finance and CIO for the Washington State University (WSU) foundation....

Illinois SURS Selects Int'l Equity Manager.
June 19, 2006... The $12.8 billion State Universities Retirement System of Illinois (SURS) has selected Atlanta Life Investment Advisors as its international equity manager for its manager development program, said Dan Slack, SURS' executive director. If...

LACERS Selects PCA As General Consultant.
June 19, 2006... The board of the $10.5 billion Los Angeles City Employees' Retirement System (LACERS) approved a contract with Pension Consulting Alliance (PCA), who will remain the plan's general consultant for another three years beginning on July 1, said...

Lakeland Narrows Int'l Equity Search.
June 19, 2006... The $474.4 million City of Lakeland Employees' Pension Board has narrowed down its list to two finalists-Julius Baer International Equity II and Fisher Foreign Equity-to oversee its $20-25 million international growth equity account. ...

Ohio PERS Chooses Real Estate Advisor.
June 19, 2006... The board of the $68 billion Ohio Public Employees' Retirement System (OPERS) has re-appointed The Townsend Group to serve as its private real estate consultant. The firm has served as the plan's consultant since 2002. Michelle Kowalik,...

San Fran Picks EAFE Managers.
June 19, 2006... The board of the $14 billion San Francisco Employees' Retirement System (SFERS) has approved the selection of four managers to oversee international developed markets EAFE accounts, said David Kushner, deputy director of investments for ...

Technology Once Again Offers Promise: But is the Market Ready?
June 19, 2006... Technology funds are ready to prove to investors that they've learned their lesson, come back with stronger fundamentals and seize on a development that rivals the Internet, said Rudy Torrijos III, a VP for emerging growth at Delaware...

Odds & Ends.
June 19, 2006... *ING Clarion Partners has hired Scott Harris as a director. He will be responsible for marketing and client servicing in the Midwest. Prior to joining ING, Harris worked with Principal Global Investors, where he was the director for...

SEC Wants More Fund-of-Fund Transparency.
June 26, 2006... The Securities and Exchange Commission (SEC) has made a new rule that requires fund-of-funds to divulge all fees from investments in other funds. Prior to this rule, fees and expenses charged by individual funds were not shown on fee...

Oklahoma Teachers' Terminate Neuberger.
June 26, 2006... The $7.8 billion Teachers' Retirement System of Oklahoma voted to terminate Neuberger Berman from a $317 million fixed-income account at its May 24 board meeting. Details regarding the fund's decision to terminate Neuberger and the...

LA Water & Power Watches EARNEST.
June 26, 2006... As first reported on imweekly.com (6/20/06), the $6 billion Los Angeles Water and Power Employees' Retirement Plan was expected to place EARNEST Partners on watch at the plan's June 21 meeting. Further details could not be ascertained,...

Minnesota Auditor Looks at Shady Trust Fund.
June 26, 2006... The merger of the two Minnesota pension plan's-the $783 million Minneapolis Teachers' Retirement Fund Association (MTRFA) and the $17.5 billion Minnesota Teachers' Retirement Association (TRA)-is moving forward, but not without scandal. ...

CalPERS Preps Alternatives Revamp.
June 26, 2006... The $211 billion California Public Employees' Retirement System (CalPERS) is just a few steps from completing the reorganization of its $27 billion alternative assets program. CalPERS, which set into motion a strategic plan in October 2005...

llinois TRS Seeks Real Estate Managers.
June 26, 2006... The board of the $35.5 billion Teachers' Retirement System of the State of Illinois has issued an RFP for a real estate investment consultant in anticipation of the end of their contract with Callan Associates. Eva Goltermann, the plan's...

Pa. PSERS Adopts Two New Programs.
June 26, 2006... The $52 Pennsylvania Public School Employees' Retirement System (PSERS) adopted two new investment programs at its June 9 board meeting, said Evelyn Tatkovski, the plan's spokeswoman. The board approved a commodity program that will be 5%,...

New Jersey Hires For Private Equity.
June 26, 2006... The $79.4 billion New Jersey Division of Investment (NJDI), has approved investments in five private equity firms, said Tom Vincz, spokesman for the fund. The NJDI committed $75 million to GTCR IX, a middle-market buyout fund focused on...

Former Ohio Teachers' Trustee Charged.
June 26, 2006... The $60 billion State Teachers' Retirement System of Ohio has had yet another official in its ranks plead guilty to charges of accepting gifts from broker's seeking business with the system. According to local reports, Jack Chapman, a...

Sacramento Picks Equity, RE Finalists.
June 26, 2006... The board of the $5.1 billion Sacramento County Employees' Retirement System (SCERS) has narrowed down a list of finalists in its search for managers to oversee portfolios in large-cap growth and value-added real estate. Jeff States, CIO...

ACERA Hires Real Estate Manager.
June 26, 2006... The $3.9 billion Alameda County Employees' Retirement Association has likely approved a new real estate investment with RREEF. Further details regarding the move were scant, as Betty Tse, CIO at the California fund, did not return repeated...

Calif. Fund Selects Small-Cap Finalists.
June 26, 2006... The $1.2 billion Marin County Employees' Retirement Association has selected finalists for its small-cap international equity account. Vying for the mandate are AXA Rosenberg Investment Management, Dimensional Fund Advisors, Fidelity...

FASB Rule Could Dry Up Capital of Regulated Industry: Trips Covenants of All.
June 26, 2006... The Financial Accounting Standard Board's (FASB) proposal to require companies to elevate the funded status of their pension plans from footnote to a plus or minus on their balance sheets may have unforeseen-and unwelcome-consequences,...

Wealth Manager Abner, Herrman & Brock Keeps it Simple.
June 26, 2006... Jason Graybill and Kevin Strauss don't want to be all things to all people. They just want to be portfolio managers and to offer clients investment counseling. "What's been happening in this field," said Strauss, who like colleague...

Odds & Ends.
June 26, 2006... *The $211 billion California Public Employees' Retirement System (CalPERS) has hired Mike Dutton and John Greenwood as portfolio managers and Yingru Li as an investment officer for its alternative investments team. The group manages a $27...