Investment Management Weekly articles from June 2007

Investment Management Weekly archives from June 2007

Vanderbilt Increases Allocation Flexibility.
June 4, 2007... Vanderbilt University has reportedly increased the flexibility of its asset allocation for the school's $3 billion endowment in an attempt to hire managers that can deliver alpha without being overly concerned with asset classes. The...

Big Apple Issues Developing Managers RFP.
June 4, 2007... The hunt is on at the City of New York Office of the Comptroller for developing managers to oversee mandates in global, non-U.S. and U.S. equity, as well as fixed-income for the $100 billion New York City Retirement Systems (NYCRS). The...

Iowa Regents to Consider Equity Replacements.
June 4, 2007... The $400 million Iowa Board of Regents could soon give one of its equity managers the boot. According to documents on the plan's Web site, the board has asked consultant Wilshire Associates to present possible replacements for LSV Asset...

Canadian Private Plans Slow to Embrace SRI.
June 4, 2007... Despite growing public awareness, a changing legal environment and a former U.S. VP on a crusade to change the world, private pension funds are still a long way from adding environmental, social and governance factors into the factors...

Indiana Teachers' Seeks Large-Cap.
June 4, 2007... The $6.6 billion Indiana Teachers' Retirement Fund has issued an RFI for managers to oversee large-cap enhanced domestic equity and large-cap active extension domestic equity portfolios for the plan. Steffanie Rhinesmith, investment officer...

Ohio BWC to Review Consultant.
June 4, 2007... The $17 billion Ohio Bureau of Workers' Compensation (BWC) will be discussing over the next few months whether it will issue an RFP to replace consultant Wilshire Associates, said Keary McCarthy, spokesman for the fund. "Wilshire's...

Andover Launches Bond Search.
June 4, 2007... The $96 million Andover Retirement Board has issued an RFP for a core-plus fixed-income manager to oversee roughly $22 million for the plan, confirmed Elena Kothman, the Massachusetts plan's administrator. Kothman explained that the board...

Erie Plan Launches Balanced Search.
June 4, 2007... The Pleasant Ridge Manor Retirement Board is seeking balanced investment firms to manage its $28 million employees' pension plan. According to the RFP, the board wants three managers to oversee equal parts of the plan, with each investing...

Pennsylvania Plan Hunts for Manager.
June 4, 2007... The Upper Saucon Township Police and Non-Uniform Pension Plans have launched a search for an investment manager to oversee the plan's $5 million in assets. According to the RFP, the Center Valley, Pa.-based plan would prefer to hire one...

San Joaquin Moves Along With Searches.
June 4, 2007... The $2.1 billion San Joaquin County Employees' Retirement Association has selected three firms as finalists in its search for a domestic large-cap growth structured equity manager, said Robert Palmer, administrator of the California plan. ...

Cincinnati Looks at Real Estate.
June 4, 2007... The City of Cincinnati Retirement System could soon add real estate managers to its roster, according to the minutes from an April board meeting. Following an educational session provided by consultant Marquette Associates earlier this...

Lakeland Cops Interview Managers.
June 4, 2007... The $17 million City of Lakeland Police Officers' Retirement Fund (PORF) interviewed three manager-of-managers at its May board meeting, according to the minutes. Lockwood Advisors, which offers a non-discretionary program that allows the...

Texas ERS Hires Altius Associates.
June 4, 2007... The $24 billion Employees' Retirement System of Texas's (ERS) search for a private equity consultant is over now that the board has approved contract negotiations with Altius Associates, confirmed Mary Jane Wardlow, spokeswoman for the plan....

Odds & Ends.
June 4, 2007... *GE Asset Management (GEAM) has promoted Kathryn Karlic, EVP and CIO of fixed-income to president of sales and marketing for the firm's institutional business. She will be responsible for leading GEAM's efforts to partner with institutional...

Altius to Make Fund-of-Funds Foray.
June 4, 2007... Private equity advisor Altius Associates is gearing up to roll out its first private equity fund-of-funds, Brad Young, partner and head of North America at the firm, told IMW last week. "We're launching our first fund-of-funds," he said....

Three Accused of Excessive Corporate Pay.
June 11, 2007... A recent study designed to identify mutual funds that usually support management proposals to increase pay, while shooting down shareholder proposals that pay should be based on performance has named Barclays Global Investors, AllianceBerstein...

Pa. SERS Plots Two Executive Searches.
June 11, 2007... The $33 billion Pennsylvania State Employees' Retirement System (SERS) is launching searches to replace its executive director and CIO after accepting the resignations of both at the board's June 6 meeting. Eric Henry, executive director...

Colorado 911 Launches Small-Cap Search.
June 11, 2007... The Fire and Police Pension Association of Colorado has launched a search for a U.S. equity manager, according to its Web site. The hired firm would oversee a $50 million small-cap value mandate for the $3.5 billion fund. According to...

Industry Wants SEC "Soft Dollar" Guidelines.
June 11, 2007... A majority of plan sponsors and investment managers are looking to the Securities and Exchange Commission for more definitive guidelines on the level of disclosure required in the use of "soft dollars," according to a recently conducted study...

Fairfax Eyes More Hedge Funds.
June 11, 2007... The $2 billion Educational Employees' Supplementary Retirement System of Fairfax County (ERFC) could revamp its asset allocation in the fall, Alan Belstock, executive director of the Virginia plan, told IMW. As first reported on...

Virginia Endowment Redefines Asset Pool.
June 11, 2007... The roughly $4 billion University of Virginia endowment fund will be redefining its asset class definitions, according to materials distributed by the University of Virginia Investment Management Company (UVIMCO) at a Board of Visitors meeting...

Nevada Utility Seeks Investment Consultant.
June 11, 2007... Sierra Pacific Resources is searching for an investment consultant to aid in the oversight of its defined benefit and defined contribution pension plans, which total approximately $590 million. According to the RFP, Sierra Pacific wants to...

Alaska Perm. To Boost Small-Cap Roster.
June 11, 2007... The $39 million Alaska Permanent Fund Corporation is searching for firms to add to its small-cap manager roster, confirmed spokeswoman Laura Achee. "A recent review of the small-cap pool suggested that adding a few more managers,...

L.A. Funds Could Become One.
June 11, 2007... The investment operations of the $14.8 billion Los Angeles Fire & Police Pension System (LAFPP) and the $10.5 billion Los Angeles City Employees' Retirement System (LACERS) should be combined into one new Department of Pension Investments,...

Nevada ERS To Add Int'l Equity Manager.
June 11, 2007... The Nevada Public Employees' Retirement System (NVPERS) is looking to add an enhanced index manager to its roster, confirmed Ken Lambert, investment officer at the $22 billion plan. The hired firm will oversee a $750 million international...

Imperial County Interviews Consultants.
June 11, 2007... The $471 million Imperial County Employees' Retirement System (ICERS) has narrowed its search for a general investment consultant to four finalists. The board interviewed R.V. Kuhns & Associates, Meketa Investment Group, Wurts & Associates...

Wyoming Plan Sticks With R.V. Kuhns.
June 11, 2007... The Wyoming State Loan & Investment Board-which consists of the state's governor, secretary of state, state auditor, state treasurer and superintendent of public instruction-has decided to renew its contract with R.V. Kuhns & Associates to...

Odds & Ends.
June 11, 2007... *The $14.7 billion Teachers' Retirement System of Louisiana has named Robert Leggett as its new CIO. He replaces Dan Bryant, who retired in May. Prior to his new appointment, Leggett served as the executive director of the $5.4 billion New...

Asset Managers Plan to Increase Outsourcing Over Next Two Years.
June 11, 2007... The investment management industry is always looking to make business more efficient, cut costs and comply with regulations. More firms are recognizing the key to helping with those issues might be outsourcing. Thirty-one percent of...

CalPERS Considers Derivatives Program.
June 18, 2007... The $245 billion California Public Employees' Retirement System (CalPERS) is considering the use of credit default swaps to profit from the decline in the market value of bonds. The plan is debating launching an initial program consisting...

LACERS to Revamp International Equity Allocations: Fund Prepping Emerging Markets Search.
June 18, 2007... The $11 billion Los Angeles City Employees' Retirement System (LACERS) is planning a complete overhaul of its international equity portfolio, which will include a heavier weighting toward emerging markets investments. Currently, the plan's...

St. Louis Moves Ahead with Small-Cap Search.
June 18, 2007... The hunt is on at the $481 St. Louis County Retirement Board for a small-cap manager to replace incumbent Batterymarch Financial Management. According to the minutes of the plan's April board meeting, the manager has underperformed its...

Investors Slow to Embrace LDI Strategies.
June 18, 2007... While there has been a lot of talk about institutional investors delving into liability driven investing (LDI) over the past year, there has not been much action taken to back up the interest in the strategy, according to a recent global quick...

Johnstown Seeks Balanced Managers.
June 18, 2007... The City of Johnstown Combined Pension Plan-which includes the city's police, fire, non-uniform and bureau of sewage pension plans-has launched a search for balanced managers to oversee the Pennsylvania plan's $21 million in assets. ...

Quincy Looks for Small-Cap Firms.
June 18, 2007... The $280 million City of Quincy Retirement System is seeking a manager to oversee between $9 million and $15 million in an active international small-cap equity account. Edward Masterson, the executive director at the Massachusetts plan,...

SDCERA Accused of Impeding Review.
June 18, 2007... San Diego County's Civil grand jury is alleging that the $7.7 billion San Diego County Employees' Retirement Association (SDCERA) interfered with its eight-month investigation and review of the plan's current operations and administration. ...

Tenn. Plan Interviews Cortina Replacements.
June 18, 2007... The City of Knoxville Pension Board interviewed three finalists in a search for a small-cap growth equity manager last week. According to its Web site, Pinnacle Associates, Pier Capital and Columbia Partners Investment Management were vying...

Pa. Fund Considers New Investments.
June 18, 2007... The finance committee of the $52 billion Pennsylvania Public School Employees' Retirement System (PSERS) will discuss numerous potential investments at its meeting this week, according to the fund's Web site. Real estate investments in...

Fayette County ERS Names Finalists.
June 18, 2007... The $47 million Fayette County Employees' Retirement System is in the final stages of two manager searches, according to the Web site of its consultant, Morrison Fiduciary Advisors. In its search for a small-cap core equity manager to...

Arizona Safety Plan Hires Managers.
June 18, 2007... The $6.7 billion Arizona Public Safety Personnel Retirement System (PSPRS) approved several new investments at its meeting last week, said Jim Hacking, the PSPRS' executive director. The board approved a $70 million real estate investment...

City of Austin Looks at EM Candidates.
June 18, 2007... The $1.5 billion City of Austin Employees' Retirement System (COAERS) was scheduled to hear presentations from four emerging markets equity managers at its investment committee meeting last Thursday. According to the agenda, the finalists...

LACERA Makes Investment Decisions.
June 18, 2007... The $36.7 billion Los Angeles County Employees' Retirement Association (LACERA) may have concluded its search for a firm to provide private equity performance measurement at the fund. According to the agenda from the investment board's June...

Odds & Ends.
June 18, 2007... *Steven Pisarkiewicz, the head of Bank of New York's (BoNY) asset management business, is leaving the firm to join AllianceBernstein as national managing director in the firm's new global family office group. Bruce Van Saun, head of BoNY's...

Transatlantic Push to Put Hedge Funds on G8's Agenda.
June 18, 2007... In a transatlantic effort just days before the opening of the G8 in Heiligendamm, Germany, earlier this month, U.S. Congressman Barney Frank, chairman of the House Financial Services Committee, released a letter to President Bush asking him to...

Putnam Lovell To Be Acquired.
June 25, 2007... Putnam Lovell, the asset management advisory boutique, is being acquired by Jefferies for an undisclosed amount. The acquisition will loosen its ownership ties with NBF. Aaron Dorr, managing director at Putnam Lovell, has reportedly said...

LACERS to Add More Emerging Managers.
June 25, 2007... The $11 billion Los Angeles City Employees' Retirement System (LACERS) is planning to place up to 20% of its $600 million alternative investments portfolio in specialized non-traditional investment vehicles controlled by emerging or minority...

Two on Watch At Arkansas Teacher Fund.
June 25, 2007... The $11 billion Arkansas Teacher Retirement System (ATRS) has placed two of its managers on watch list status, confirmed Christa Clark, legal counsel for the plan. Citing organizational changes, the fund placed ING Investment Management on...

Acadian's Peta Excited About EM Debt.
June 25, 2007... Acadian Asset Management has long been known for its international equities and emerging markets equities expertise. But with most of its products already closed, the Boston-based firm was looking for a way to leverage that know-how into other...

New Mexico Hunts for Growth Manager.
June 25, 2007... The $9 billion New Mexico Educational Retirement Board (NMERB) has decided to jump start its search for an active domestic equity manager to oversee a $225 million small-cap growth, said Frank Foy, deputy CIO of the plan. Foy explained...

CalPERS Considers New Asset Class.
June 25, 2007... The $248.3 billion California Public Employees Retirement System (CalPERS) is considering the creation of a new asset class, confirmed Clark McKinley, spokesman for the Sacramento plan. According to the agenda for a June 18 meeting, the...

Norwood Rolls Out Dual Searches.
June 25, 2007... The $100 million Town of Norwood Contributory Retirement System has issued RFPs for small-cap equity and high yield managers in an effort to rebalance its investments, said Debra Lorenzo, administrator of the Massachusetts plan. The...

Shrewsbury Eyes Mid-Cap Equity.
June 25, 2007... The board of the $61 million Shrewsbury Contributory Retirement System is seeking a domestic mid-cap equity manager to oversee a $6 million account. According to the RFP, the board will consider separate accounts, commingled vehicles and...

Cincinnati Hires Real Estate Managers.
June 25, 2007... The $2.6 billion City of Cincinnati Retirement System recently hired JPMorgan Asset Management and Morgan Stanley Investment Management to manage $65 million each in core real estate, John Walsh, investment officer with the fund, told IMW last...

Orange County ERS Hires LaSalle.
June 25, 2007... The $6.5 billion Orange County Employees' Retirement System (OCERS) has selected LaSalle Asset Management to oversee a global securitized real estate mandate, confirmed Robert Kinsler, spokesman for the California plan. Kinsler said that...

Washington Eyes More PE And RE.
June 25, 2007... The $79 billion Washington State Investment Board (WSIB) could invest more in private equity and real estate managers, according to the agenda from the plan's June 21 board meeting. The board considered new real estate investments with...

Texas 911 Considers New Investments.
June 25, 2007... The $2 billion San Antonio Fire & Police Pension Fund considered three new potential investments, according to the agenda for the fund's June 19 board meeting. The board was scheduled to discuss two possible real estate investments-in...

Odds & Ends.
June 25, 2007... *The $34 billion Maryland State Retirement and Pension System has selected Ennis Knupp + Associates as its general investment consultant. Ennis Knupp is the plan's incumbent manager, and has served as consultant for them for the past five...

NYLIM Names New CEO for MacKay.
June 25, 2007... New York Life Investment Management (NYLIM) has named Osbert Hood CEO of its subsidiary MacKay Shields, the firm announced last week. Reporting to Brian Murdock, president and chief executive at NYLIM, he will take on the role July 1. He...

Colorado Finalizes Divestment Law.
June 25, 2007... Two months after Colorado Governor Bill Ritter signed a bill into law that requires the state's public pension funds to stop doing business with Sudan-related companies, the Colorado Public Employees' Retirement Association (CoPERA) has...