Investment Management Weekly articles from June 2009

Investment Management Weekly archives from June 2009

Evercore Names BlackRock Co-Founder CEO.(News)
June 1, 2009... Byline: Joshua Hamerman Evercore Partners hired Ralph Schlosstein as its new president and chief executive, effective immediately. Schlosstein replaces Roger Altman, who remains Evercore's full-time chairman. Schlosstein co-founded...

Connecticut Wraps Emerging Markets Search.(News)
June 1, 2009... Byline: Marc Sorondo The investment advisory council of the Connecticut Retirement Plans and Trust Funds (CRPTF) decided to hire Aberdeen Asset Management to oversee an emerging markets international equity mandate, the minutes from a May...

Washington State Preps for International Search.(News)
June 1, 2009... Byline: Marc Sorondo The Washington State Investment Board (WSIB) will issue an RFP for international equity managers next month. The board intends to have the RFP market-ready on or about June 1, according to its Web site. The...

Oklahoma TRS Keeps Managers on Board.(News)
June 1, 2009... Byline: Marc Sorondo Five managers will continue to sit pretty on the Teachers Retirement System of Oklahoma's (TRS) manager roster, due to recent contract renewals. James Wilbanks, executive secretary at the $7.1 billion plan, said...

PCA Seeking Large-Cap, TIPS for Santa Barbara County.(News)
June 1, 2009... Byline: Marc Sorondo The board of the $1.6 billion Santa Barbara County Employees' Retirement System (SBCERS) has given the green light to Pension Consulting Alliance (PCA) to conduct searches for managers to oversee large-cap value and...

CPPIB Plans for More Real Estate.(News)
June 1, 2009... Byline: Editorial Staff The Canada Pension Plan Investment Board (CPPIB) is eyeing additional real estate investments as declining values are making the market more attractive, Graeme Eadie, senior VP of real estate has reportedly...

Hedge Funds Sell Out.(News)
June 1, 2009... Byline: Gerelyn Terzo, Investment Dealers' Digest BNP Paribas' prime brokerage business recently transferred a number of its smallest hedge fund accounts to middle-market investment bank Jefferies as part of an effort to focus resources on...

Erie County Unleashes Fixed-Income RFP.(News)
June 1, 2009... Byline: Marc Sorondo The $132 million Erie County Pension Board is searching for a core bond firm to manage a $9.5 million portfolio. According to the RFP, the mandate will be benchmarked against the Barclays U.S. Aggregate Index. ...

Odds & Ends.(News)
June 1, 2009... Byline: Editorial Staff *Rockefeller Group Investment Management has named John Bottomley senior VP. Prior to joining Rockefeller, Bottomley was a managing director and global products specialist at Citi Property Investors. *David...

Sacramento County Plans Advisor Search May 22, 2009 By Marc Sorondo.(News)
June 1, 2009... Byline: Marc Sorondo The Sacramento County Employees' Retirement System (SCERS) is gearing up to conduct an invitation-only search for an investment consultant, said Jeff States, CIO at the $4.4 billion plan. RFPs will be issued to...

Canadian Asset Manager Names CEO.(News)
June 1, 2009... Byline: Editorial Staff Alexander Sasso will head the operations at Hesperian Capital Management in his new role as CEO, the small- and mid-cap equity manager has announced. Sasso has been with the Canadian-based Hesperian since 2004,...

New York Pension to Drop Hedge Fund Managers.(News)
June 1, 2009... Byline: Editorial Staff The New York State Common Retirement Fund will terminate the contracts of 10 hedge fund managers, according to a New York Daily News report. The decision comes following a review that prompted New York State...

U.S. Plans Increasing Allocation to Corporate Bonds.(News)
June 1, 2009... Byline: Editorial Staff Corporate pension funds have been betting more on long-term investment corporate bonds as a hedge against increasing liabilities, Standish Mellon Asset Management said. The fixed-income manager said that it has...

New York State CRF Names Chairman.(News)
June 1, 2009... Byline: Editorial Staff New York State Comptroller Thomas DiNapoli has tapped Wale Adeosun to head the $122 billion New York State Common Retirement Fund's Investment Advisory Board. In this capacity, Adeosun will serve as the board's...

Texas Endowment Fund Looks for New Advisor.(News)
June 1, 2009... Byline: Jakema Lewis Texas State University-San Marcos has its feelers out for an investment advisor to assist with managing the portfolio of its endowment fund. According to the RFP issued for the search, the $29 million fund...

Firms Adjust to New World of Risk.(News)
June 1, 2009... Byline: John Morgan, Money Management Executive Risk management has taken on a whole new meaning after the crazy behavior of markets during the past 18 months. No one predicted the extent of the devastation to equities in nearly every...

More Pensions Expected to Invest Directly in Hedge Funds.(News)
June 1, 2009... Byline: Editorial Staff, Money Management Executive Citing in-house investment expertise, New York's pension plan appears to be trailblazing the way for other pensions to feel confident investing directly in hedge funds, not through...

Milwaukee County Considers Two Searches.(News)
June 8, 2009... Byline: Jakema Lewis The Milwaukee County Employees' Retirement System may launch two searches, as it prepares to adopt a new asset allocation scheme recommended by consultant Marquette Associates at an investment committee this month. ...

Kansas City Wraps High Yield, Small-Cap Searches.(News)
June 8, 2009... Byline: Marc Sorondo The Kansas City Police and Civilian Employees' Retirement System has added two managers to its roster, said James Pyle, manager with the $600 million plan. Shenkman Capital Management was awarded high-yield bond...

Massachusetts Plan Gets New Leadership.(News)
June 8, 2009... Byline: Editorial Staff The board of the Melrose Contributory Retirement Plan has selected Michael Pasquariello to serve as the $66.5 million plan's new executive director. Pasquariello is replacing Barbara-Jo Belliveau, former...

StanCERA Director Plans to Step Down.(News)
June 8, 2009... Byline: Jakema Lewis The Stanislaus County Employees' Retirement Association may find itself without a leader next week if the board accepts the resignation of its administrator. Tom Watson announced his plans to resign from the...

Standish Mellon to Offer TALF Strategies.(News)
June 8, 2009... Byline: Jakema Lewis Standish Mellon Asset Management Company will begin offering two products that would give clients access to securities related to the Term Asset-Backed Securities Loan Facility (TALF), the BNY Mellon subsidiary has...

Connecticut Fund Issues RFP.(News)
June 8, 2009... Byline: Marc Sorondo The Town of Suffield has launched a search for a firm to assist with its nearly $16 million Other Post Employment Benefits (OPEB) fund. According to the RFP, the town is looking to hire a firm to provide investment...

More Emerging Markets Being Considered for CRPTF.(News)
June 8, 2009... Byline: Marc Sorondo The Connecticut Retirement Plans and Trust Funds (CRPTF) still has some loose ends to tie up in its emerging market search, said Lee Ann Palladino, acting CIO at the $20.2 billion plan. As recently reported on...

New Trustees for Illinois Teacher Plan.(News)
June 8, 2009... Byline: Marc Sorondo Illinois Governor Pat Quinn has named six new trustees to the board of the Teachers' Retirement System of the State of Illinois (TRS), the plan has announced. The appointments follow the signing of Senate Bill 364...

Bank of America Names New Risk Head.(News)
June 8, 2009... Byline: Editorial Staff Effective June 30, Gregory Curl will take on the role of chief risk officer at Bank of America, where he will work with all of the companies businesses. Curl has been with BofA since 1996 and most recently...

Odds & Ends - June 8, 2009.(News)
June 8, 2009... Byline: Editorial Staff *W. Frank Koster has been named as CIO of Dwight Asset Management, effective June 15. Prior to joining Dwight, Koster was senior portfolio manager and co-head of taxable fixed-income at Wells Capital Management. ...

Barclays Capital Appoints New Research Head.(News)
June 8, 2009... Byline: Editorial Staff Dean Maki has been appointed as head of U.S. economic research and chief U.S. economist at Barclays Capital, according to a statement issued by the firm. Maki has been with Barclays since 2005 as co-head of U.S....

Weymouth Hits Market with Two Searches.(News)
June 8, 2009... Byline: Marc Sorondo The Weymouth Retirement System has commenced two searches for managers to oversee an international core equity mandate and a specialized fixed-income mandate. According to postings on the Massachusetts Public...

Rochdale Starts Fixed-Income Group.(News)
June 8, 2009... Byline: Matthew Sheahan, LeveragedFinanceNews.com Rochdale Securities has launched a fixed-income group and may open a New York office for its growing team before the end of the year. The Stamford, Conn.-based firm's fixed-income team will...

Third Avenue Hires from BlackRock.(News)
June 8, 2009... Byline: Editorial Staff Third Avenue Management has hired BlackRock alum Jeffrey Gary as a portfolio manager for its investment team. Additionally, Thomas Lapointe has joined the firm as a senior research analyst, according to a...

Boston Plan Hunts for Large-Cap Manager.(News)
June 8, 2009... Byline: Marc Sorondo The State-Boston Retirement System has issued an RFP seeking to invest up to $100 million with a large-cap enhanced equity manager. The system will also consider 130/30 strategies in the search. Kathleen...

Brookstone Launches Asset Management Biz.(News)
June 8, 2009... Byline: Kelly Holman, Investment Dealers' Digest Brookstone Partners, a New York middle-market private equity firm, has launched a new asset management business. The Brookstone Partners Asset Management unit will provide custom-managed...

Mass. PRIM Removes REIT Manager.(News)
June 8, 2009... Byline: Editorial Staff The $37.8 billion Massachusetts Pension Reserves Investment Management Board (PRIM) has stripped Wellington Management from the $163 million REIT portfolio it manages at the fund, according to a Boston Globe report....

Credit Suisse Creates Investment Strategies Group.(News)
June 8, 2009... Byline: Editorial Staff David Russ has joined Credit Suisse Asset Management's newly created Investment Strategies and Solutions group as managing director and chief investment strategist. Russ is the former CIO of Dartmouth College's...

ING Hires Chief Market Strategist.(News)
June 15, 2009... Byline: Editorial Staff ING Investment Management has hired Jonathan Golub for the newly created role of chief market strategist, the firm has announced. Golub will provide market and economic insights and investment ideas to the firm's...

City of Brockton Rolls Out PE Search.(News)
June 15, 2009... Byline: Marc Sorondo The City of Brockton Retirement System would like to invest $3 million of its assets with a secondary private equity manager. Further details regarding the search were unclear, however. Officials at the $235...

Bond Manager Fills New Marketing Post.(News)
June 15, 2009... Byline: Editorial Staff Tim West has joined fixed-income shop WCAS Fraser Sullivan Investment Management, the firm said in a statement. As director of marketing and investor relations, he will have responsibility for the firm's...

Fresno County Allocates to TALF.(News)
June 15, 2009... Byline: Marc Sorondo The Fresno County Employees' Retirement Association (FCERA) has become the latest pension fund to make an allocation to term asset-backed securities loan facility (TALF) strategies. Last week, Jeffrey MacLean of...

Orlando Plan Releases Two RFPs.(News)
June 15, 2009... Byline: Marc Sorondo The Greater Orlando Aviation Authority (GOAA) has launched searches for small- and mid-cap equity managers to each oversee $6 million mandates for its $53 million retirement plan. The GOAA also issued two large-cap...

Macro Pro Returns To Morgan Stanley.(News)
June 15, 2009... Byline: Editorial Staff Henry McVey is rejoining Morgan Stanley following a two year absence. He is returning as head of global macro and asset allocation for Morgan Stanley Investment Management (MSIM), where he will be responsible...

BlackRock Scoops Up BGI.(News)
June 15, 2009... Byline: Matt Ackermann and John Morgan Barclays on Friday announced the sale of its asset management business, Barclays Global Investors (BGI), to BlackRock for $13.5 billion, a transaction that creates a money management giant. The...

Odds & Ends.(Odds & Ends)
June 15, 2009... Byline: Editorial Staff *David Oliner has joined Dune Capital Management as a managing director and principal, where he will also serve as a partner of Dune Real Estate Partners and as a member of the real estate investment committee....

Invesco Adds to Institutional Sales Team.(News)
June 15, 2009... Byline: Marc Sorondo Invesco has added Thomas Hughes to its institutional sales and client service team as a managing director. His primary duties will be marketing the firm's investment strategies to insurance companies, corporations,...

L.A. 911 Beefs Up PE Roster.(News)
June 15, 2009... Byline: Marc Sorondo The Los Angeles Fire & Police Pensions (LAFPP) approved $21 million in new private equity commitments last week, said Tom Lopez, CIO with the $10.7 billion California plan. The board approved a $12 million...

Loveland Launches Manager Search.(News)
June 15, 2009... Byline: Marc Sorondo The City of Loveland is looking to hire a firm to handle the investments of its fund, which currently has a value of $1 million, said its Assistant Director of Finance, Harry Steger. The RFP issued for the search...

Ohio PERS Loses CIO.(News)
June 15, 2009... Byline: Jakema Lewis The Ohio Public Employees' Retirement System (OPERS) is looking to fill the CIO slot at the fund due to the resignation of Jennifer Hom. A statement announcing her departures notes that she is stepping down for...

Iowa Regents Nears Real Estate Hire.(News)
June 15, 2009... Byline: Jakema Lewis The Board of Regents of the State of Iowa will interview firms for a real estate mandate later this month, said Patrice Sayre, chief business officer. Sayre said the portfolio amount has not been determined, but...

SEC Seeking Information from Pension Fund Managers, Others.(News)
June 15, 2009... Byline: Lynn Hume, The Bond Buyer The Securities and Exchange Commission is seeking information from more than two dozen pension fund managers, placement agents, and other intermediaries about finders fees or other payments they may have...

Los Angeles Water and Power Monitors Loomis.(News)
June 15, 2009... Byline: Jakema Lewis The Los Angeles Department of Water and Power Retirement Plan will be keeping a close watch on fixed-income manager Loomis Sayles & Co. in the months to come. Loomis was hired by the fund in 2004 to oversee a $100...

San Fran Places $10M with Domain.(News)
June 15, 2009... Byline: Jakema Lewis The board of the San Francisco City & County Employees' Retirement System (SFERS) gave the green light to invest a portion of its assets in a healthcare venture fund, said Clare Murphy, executive director at the...

StanCERA Director Remains on Board.(News)
June 22, 2009... Byline: Editorial Staff Tom Watson will continue to serve as the administrator for the Stanislaus County Employees' Retirement Association. Last week, Watson submitted a letter of resignation to the board, expressing his apologies for...

MacKay Shields Acquires Muni Bond Firm.(News)
June 22, 2009... Byline: Marc Sorondo New York Life Investments subsidiary MacKay Shields has signed a deal to acquire the assets and staff of Mariner Municipal Managers (M3), a move which will result in the creation of a new municipal bond asset...

City of Knoxville Picks Emerging Markets Manager.(News)
June 22, 2009... Byline: Jakema Lewis The $380 million City of Knoxville Pension Board has retained the services of Acadian Asset Management. The firm will oversee an emerging markets equity mandate for the plan. According to the minutes of a May 14...

Connecticut Could Search for Smid-Cap, Passive Equity.(News)
June 22, 2009... Byline: Marc Sorondo The Connecticut Retirement Plans and Trust Funds (CRPTF) could roll out more investment manager searches in the near future if recommendations made by the Investment Advisory Council (IAC) are approved. At the...

Greenwich Adds Real Assets to the Mix.(News)
June 22, 2009... Byline: Jakema Lewis The Town of Greenwich Retirement Board has approved a new asset mix, ending a soup-to nuts review it launched earlier this year. The plan's asset mix now includes a 6% target to real assets, such as TIPS and...

Odds & Ends.(Odds & Ends)
June 22, 2009... Byline: Editorial Staff *Auriel Capital Management has named Adam Seitchik managing director, where he will develop customized environmental, social and governance strategies for institutional investors. Seitchik was previously CIO at...

Los Angeles Guns & Hoses Considers Advisor Search.(News)
June 22, 2009... Byline: Marc Sorondo The board of the Los Angeles Fire & Police Pensions (LAFPP) discussed the upcoming contract expiration of Pension Consulting Alliance at its June 18 meeting. The contract will terminate on Sept. 30. The firm has...

Texas Perm Fund to Assess RE Market.(News)
June 22, 2009... Byline: Jakema Lewis The Texas State Board of Education (SBOE) is gearing up to receive information from firm's interested in managing a real estate portfolio for the $17.5 billion Texas Permanent School Fund (TPSF), IMW has learned. ...

Sacramento County Dips Into TALF.(News)
June 22, 2009... Byline: Marc Sorondo Two term asset-backed securities loan facility (TALF) investments were approved at a Sacramento County Employees' Retirement System (SCERS) board meeting this week, said Jeff States, CIO with the $4 billion plan. ...

Illinois TRS Awards $100M to PIMCO.(News)
June 22, 2009... Byline: Marc Sorondo The Teachers' Retirement System of Illinois (TRS) has made a $100 million investment in a term asset-backed loan facility (TALF) through PIMCO. The firm also manages a fixed-income mandate for the plan. "PIMCO...

Sail Advisors Appoints New CIO.(News)
June 22, 2009... Byline: Editorial Staff Hedge fund-of-funds shop Sail Advisors has appointed Harold Yoon as its new CIO, according to a report by CNNMoney.com. Yoon, previously CIO at ING's Alternative Asset Management, is replacing Eliza Lau, who is...

CalPERS Adjusts Asset Targets.(News)
June 22, 2009... Byline: Marc Sorondo The investment committee of the California Public Employees' Retirement System (CalPERS) approved staff recommendations today regarding its target allocations, said Clark McKinley, spokesman for the $184.1 billion...

Green FoF Manager Makes Key Hire.(News)
June 22, 2009... Byline: Editorial Staff Paul Bramley has joined Osmosis Capital, a London-based fund-of-funds focused on low carbon investments, as its new CFO. According to the firm's Web site, he previously served as chief operating officer of...

Massachusetts Plan Issues Real Estate RFPx.(News)
June 22, 2009... Byline: Marc Sorondo The Cambridge Retirement System is accepting proposals from private real estate managers to oversee a roughly $10 million portfolio. According to the RFP, the board will consider both open-ended and closed-ended...

Imperial County Unveils New Asset Allocation.(News)
June 22, 2009... Byline: Marc Sorondo The Imperial County Employees' Retirement System (ICERS) signed off on a new asset allocation scheme last month. The plan's asset mix includes the addition of private equity and commodities investments as...

Private Equity Faces Uphill Climb.(News)
June 22, 2009... Byline: Kelly Holman, Investment Dealers' Digest The private equity business is facing trouble. A large number of private firms--23%--are expected to go out of business in coming years because of the economic downturn, according to a...

BNY Mellon: Asset Managers Will Get the Ax.(News)
June 22, 2009... Byline: Matthew Sheahan In the third and fourth quarters of 2009, institutional investors such as pension funds and endowments will replace asset managers in record numbers, according to Mellon Transition Management, a unit of BNY Mellon...

Ohio Plan Kicks Off Manager Search.(News)
June 22, 2009... Byline: Marc Sorondo The City of Wyoming has issued an RFP seeking investment services for its assets, which are used to supplement the city's general, street construction, state highway and waterworks funds. According to the RFP,...

GE Real Estate Hires Debt Pro.(News)
June 29, 2009... Byline: Editorial Staff Skip Wells has joined the Global Investment Management team at GE Capital Real Estate as a fund manager for senior secured debt investments, the firm has announced. In his new role, Wells will be responsible for...

Alaska Fund Hires for Distressed Debt.(News)
June 29, 2009... Byline: Marc Sorondo The Alaska Permanent Fund Corporation (AFPC) has hired Oaktree Capital Management (OCM) to oversee $250 million, the plan said in a statement. The statement notes that the fund will invest in OCM's Opportunities...

San Antonio 911 Releases Advisors.(News)
June 29, 2009... Byline: Marc Sorondo The board of the San Antonio Fire & Police Pension Fund removed two consultants from its roster last month. Aldus Equity was terminated as the plan's private equity advisor, and Consulting Services Group CSG as its...

Drum Capital Hires Managing Director.(News)
June 29, 2009... Byline: Editorial Staff Drum Capital Hires Managing Director Duran Curis has joined Drum Capital Management as a managing director responsible for diligence, oversight, manager selection and portfolio construction of the firm's Special...

New Mexico Union Sues Austin Capital.(News)
June 29, 2009... Byline: Editorial Staff The National Education Association of New Mexico has filed a lawsuit against Austin Capital Management (ACM) on behalf of the state's Educational Retirement Board (ERB) and State Investment Council (SIC). ...

Treeline Launches Real Estate Consulting Unit.(News)
June 29, 2009... Byline: Bridget Cass, StructuredFinanceNews.com The Treeline Companies, owner and manager of more than 2.5 million square feet of office properties throughout the New York metropolitan region, is launching Treeline Realty Advisors, a real...

Tulare County Completes Search and Study.(News)
June 29, 2009... Byline: Marc Sorondo The Tulare County Employees' Retirement Association (TCERA) has completed an asset/liability study and as a result will up the ante on its allocations to private equity and hedge funds, and make maiden investments in...

Oklahoma Teachers Prep for FoF Search.(News)
June 29, 2009... Byline: Marc Sorondo The Teachers' Retirement System of Oklahoma (TRS) will issue an RFP for a private equity fund-of-funds manager, said Joe Ezzell, assistant executive secretary at the $7.1 billion plan. The size of the mandate...

Arizona Safety Adds on Three.(News)
June 29, 2009... Byline: Jakema Lewis The Arizona Public Safety Personnel Retirement System (PSPRS) made commitments to three alternative investment funds this week. Jim Hacking, PSPRS administrator said that the board approved investments of up to $40...

Maine PERS Plans for Real Estate Changes.(News)
June 29, 2009... Byline: Editorial Staff The Maine Public Employees' Retirement System is expected to increase its investments in public real estate, and include opportunistic funds in its portfolio. According to IPE Real Estate, Andrew Sawyer, CIO at...

Miller/Howard Investments Finds Reward in SRI.(News)
June 29, 2009... Byline: Dave Lindorff Lowell Miller found his way into fund management via a tortuous route. After graduating from Sarah Lawrence College with a B.A. and focus on philosophy, and from NYU Law School, the co-founder, president and CIO of...

Alaska Plan Adopts New Portfolio Targets.(News)
June 29, 2009... Byline: Editorial Staff The $14.5 billion Alaska Retirement Management Board (ARMB) slightly tweaked its asset targets at a meeting last week. The changes will take affect in the fiscal year beginning July 1. According to The...

San Jose Plan Watches Brandywine, Plots New Search.(News)
June 29, 2009... Byline: Marc Sorondo The investment committee for the San Jose Federated City Employees' Retirement System reviewed the poor performance of Brandywine Global Investment Management at a meeting this week, confirmed Ron Kumar, financial...

Odds & Ends - June 29, 2009.(News)
June 29, 2009... Byline: Editorial Staff *Marc Seidner is stepping down from his position as head of domestic debt investing with Harvard Management Company (HMC). HMC oversees Harvard University's $29 billion endowment fund. Seidner is stepping down at...

Florida Cop Fund Seeks Small-Cap.(News)
June 29, 2009... Byline: Marc Sorondo The $50 million Davie Police Pension Plan has placed a $4 million small-cap equity mandate up for grabs. According to the RFP issued for the search, the Florida plan will consider core, value and growth strategies....