Investment Management Weekly articles from March 2006

Investment Management Weekly archives from March 2006

West Virginia Considers New Investment Rules.
March 6, 2006... The West Virginia Investment Management Board may soon see a variation in its asset allocation pending crucial legislation. The Senate reportedly approved a bill that would allow the board to invest up to 70% of its assets in stocks. The...

Alabama Trust Fund Seeks International Mgr.
March 6, 2006... The $2.6 billion Alabama Trust Fund has initiated a search for a manager to oversee a core international equity mandate valued at $160 million. Calls to officials at the trust fund were directed to Bud Pellecchia, the plan's consultant at...

Austin's Finest Keeps Close Eye on Two.
March 6, 2006... The $350 million City of Austin Police Retirement Fund has placed two of its incumbent managers on watch for underperformance, said executive director Sampson Jordan. Private Capital Management and Eagle Asset Management are both being...

Searches Up North? OMERS to Increase Alternative Investments.
March 6, 2006... The board of the C$41 billion Ontario Municipal Employees' Retirement System (OMERS) intends to nearly double its holdings in private equity, real estate and infrastructure to approximately 37.5% of its total assets, said Paul Renaud, CFO of...

Texas Plan Seeks Transition Manager.
March 6, 2006... The $1.5 billion Texas Guaranteed Tuition Plan has launched a search for one or more firms to provide transition management services. According to the search RFP, firms contending for the account must be registered in accordance with the...

Mass. Plan Eyes Emerging Markets.
March 6, 2006... The $570 million City of Worcester Retirement System has issued an RFP for emerging markets equity managers to oversee approximately $20 million, in either a commingled fund or an institutional mutual fund. James DelSignore, plan chairman...

Houston Cops to Add Fund-of-Funds.
March 6, 2006... The $2.2 billion Houston Police Officers' Pension System (HPOPS) has approved developing a list of consultants and asset managers for investments in hedge fund-of-funds, according to the fund's Web site. Further details regarding the list...

DPSRS Director Balks From Post.
March 6, 2006... Lana Calhoun, the newly appointed executive director of the $2.6 billion Denver Public Schools Retirement System (DPSRS) (See IMW, 2/20/06), has "declined to enter into contract negotiations and asked to be removed from consideration" for the...

OPERS Hires Private Equity Advisors.
March 6, 2006... The $68 billion Ohio Public Employees' Retirement System selected Hamilton Lane, Pacific Corporate Group (PCG) and SCM Capital Management as private equity managers during its February board meeting. According to the plan's meeting summary,...

Texas ERS Drops BNY, Hires Two.
March 6, 2006... The board of the $23 billion Employees' Retirement System of Texas (ERS), has selected Cortina Asset Management and UBS Global Asset Management as its new small-equity managers, a move which has led to the Feb. 28 termination of incumbent BNY...

San Bernardino to Hire For PrivateEquity.
March 6, 2006... The $4.8 billion San Bernardino Employees' Retirement System was expected to approve two investments in private equity at its March 2 meeting. The board was slated to recommend that the fund approve a mandate of $25 million to Lexington...

LSERS Picks Large-Cap Value Finalists.
March 6, 2006... The Louisiana School Employees' Retirement System has selected finalists in its search for a manager to oversee a $160 million domestic large-cap value equity portfolio. C.S. McKee, Harris Investment Management, Quantitative Management...

The High-Yield Squeeze: Sector Seeing Tight Spreads, Short Supply.
March 6, 2006... An increasingly voracious appetite for a limited supply of high-yield municipal bonds has reduced the rewards they once offered and is expected to keep credit spreads tight throughout 2006 as investors continue to squeeze what little they can...

Fiduciary Trust Finds Value in European Real Estate.
March 6, 2006... John Foster, senior VP of the real estate group at Fiduciary Trust Company International (FTCI), says that in his job, he's always doing research. Beyond that, his analyst pool includes virtually everyone he meets. "That's because real...

Odds & Ends.
March 6, 2006... *State Street Global Advisors (SSgA) announced the appointment of Bill Driscoll as director of research for its Global Fundamental Strategies team (GFS). Driscoll was previously an equity analyst for five years with the GFS group. *Old...

Consulting Pros Launch New Venture.
March 13, 2006... David Eager, Glenn Davis and David Holmes have joined forces to form money manager consulting firm Eager, Davis & Holmes, according to published reports. The new firm combines Eager & Davis, a consultant to investment managers, and Holmes...

Sources: LASERS Director Resigns From Post: Bolting to South Carolina.
March 13, 2006... Robert Borden, executive director of the $7 billion Louisiana State Employees' Retirement System allegedly resigned from his post last week to take a position at the South Carolina Retirement System, according to sources familiar with the...

Alabama PACT Issues Int'l Equity RFP.
March 13, 2006... The $674 million Alabama Pre-Paid College Tuition (PACT) Trust Fund is searching for an international equity manager to complement its existing manager in the same asset class, said Anthony Leigh, deputy treasurer. "We are looking for a...

Money Managers Bulk Up Research Teams: As Soft Dollars Shrivel, Internal Research Expands.
March 13, 2006... As the soft dollar squeeze forces investment management firms to show exactly how they spend their commission fees, the reliance on in-house has increased, accord- ing to a recent report by Integrity Research Associates. "Are you going to...

Texas Fund Puts Atlanta on Watch.
March 13, 2006... The board of the $40 million Texas Emergency Services Retirement System (TESRS) has placed Atlanta Capital Management on watch for performance issues on its roughly $7 million large-cap growth equity account, said Commissioner Lisa Miller. ...

Pa. Fund Monitors Equity Manager.
March 13, 2006... The $183 million Northampton County Retirement Board has placed CIM Investment Management in the hot seat for performance issues on a $46 million core equity account, said Vic Mazziotti, fiscal affairs director of Northampton County. ...

Denver PSRS: The Search Continues.
March 13, 2006... The board of the $2.6 billion Denver Public Schools Retirement System (DPSRS) voted-during its March 6 meeting-to continue its search for a permanent executive director. The meeting was held in order to consider options after Lana...

San Bernardino Adds To Stable of Managers.
March 13, 2006... The $4.8 billion San Bernardino County Employees' Retirement System is expected to hire asset managers for private equity, international small-cap and beta overlay during its board meeting today, said Don Pierce, investment officer. ...

CalPERS Adds to Alts Manager Pool.
March 13, 2006... The $206.8 billion California Public Employees' Retirement System (CalPERS) has selected 13 managers for its alternative investment management program spring-fed pool. The firms are approved to oversee a wide variety of different services for...

Mass. Fund Hunts for Second-in-Command.
March 13, 2006... The $171 million Framingham Town Retirement System is searching for an assistant director to assist in the day-to-day operations of the fund. The search was launched to replace Roberta Griffin who was recently appointed executive director....

WSIB Seeks Fixed-Income Pro.
March 13, 2006... The $65 billion Washington State Investment Board (WSIB) will hire an assistant investment officer to help oversee the plan's fixed-income portfolio. Liz Mendizabel the plan's spokeswoman, said that the new hire would not have direct...

Socially Responsible Investment Options Gaining Ground: Improved SRI Performance.
March 13, 2006... Socially responsible investment options (SRIs), too long considered by plan sponsors the slow-performing tortoise, are sparking interest from a growing segment of socially aware investors and posting performance numbers that suggest that maybe...

Odds & Ends.
March 13, 2006... *According to local media reports, a draft copy of an Oklahoma Pension Oversight Commission report shows that the state's retirement systems are underfunded by about $10 billion. The reports also state that the worst of the state's pension...

Citigroup Alternatives Guru To Leave Firm.
March 20, 2006... Michael Carpenter, chairman and CEO of Citigroup Inc.'s alternative investments division has announced plans to leave the company May 1. According to published reports, Carpenter decided to part ways with the firm to "avoid potential...

Tulare County Drops Loomis Sayles.
March 20, 2006... As first reported on IMW's Web site, imweekly.com (3/15/06), the $743 million Tulare County Employees' Retirement Association terminated Loomis Sayles & Company from a $107 million core plus fixed-income account during its March 8 board...

CalPERS Monitors Underperforming Managers.
March 20, 2006... While the $207 billion California Public Employees' Retirement System (CalPERS) posted a return of 10.8% for the year ending Dec. 31, 2005, it's short-term performance lagged behind. In the fourth quarter, the pension fund's investment...

Peach State Fund May Explore Alternatives.
March 20, 2006... The $14 billion Employees' Retirement System of Georgia could soon add alternative investments to its asset allocation. Last week, the Georgia State Senate passed bill SB 427 which states that the retirement fund may invest in alternative...

LACERA CEO to Retire; Search Begins.
March 20, 2006... Marsha Richter, CEO of the $32 billion Los Angeles County Retirement Association will retire from her position after almost 17 years of service to the fund. Richter, who joined the plan in 1989 as an assistant executive officer, was...

San Fran Preps RE Consultant Search.
March 20, 2006... The $14 billion San Francisco City & County Employees' Retirement System (SFERS) is gearing up to search for a real estate consultant-a move that could potentially replace its current advisor-said Claire Murphy, executive director of the fund....

Ala. PACT Issues Consultant RFP.
March 20, 2006... The $674 million Alabama Pre-Paid College Tuition (PACT) Trust Fund has launched a search for an investment advisor that could potentially unseat its incumbent Callan Associates. "We do have an RFP out for a consultant," said said Anthony...

Iowa Regents To Seek Consultant.
March 20, 2006... The $400 million Board of Regents of the State of Iowa, has initiated an RFP for an investment consultant, a move that could potentially unseat incumbent Wilshire Associates. Pam Elliott Cain, chief business officer, said that Iowa statutes...

Alaska Plan Selects Mid-Cap Finalists.
March 20, 2006... The board of the roughly $500 million Anchorage Police and Fire Retirement System has selected three finalists for its mid-cap value equity mandate. Ark Asset Management, Systematic Financial Management and Victory Capital Management will...

LA 911 Interviews REIT Managers.
March 20, 2006... The $13 billion Los Angeles Fire & Police Pension System interviewed 11 finalists in its REIT manager search during its March 16 board meeting. It could not be ascertained which of the 11 managers were selected to oversee the mandate-which...

New York Fund to Invest in Israel Tech.
March 20, 2006... The $120 billion New York State Common Retirement Fund is gearing up to dedicate $100 million in Israeli venture capital funds. The move reportedly comes after New York State Comptroller Alan Hevesi, met with Israeli acting Prime Minister...

Utah Plan Hunts for Investment Pro.
March 20, 2006... The $14 billion Utah Retirement Systems (URS) is searching for an investment analyst. Full details regarding why the fund was looking to fill the position could not be obtained, however. Robert Newman, executive director at URS, did not...

Kansas Plan Hires New CIO.
March 20, 2006... Robert Smith has been appointed CIO of the $12 billion Kansas Public Employees Retirement System (KPERS), according to the system's Web site. Calls to Kristen Basso, the plan's spokeswoman, were directed to Glenn Deck, executive director...

Texas Teachers Say No To Porn.
March 20, 2006... In a move to create a cleaner, family friendly investment environment, the trustees of the $99 billion Teacher Retirement System of Texas (TRS) voted to approve a new policy which would restrict the plan's investment managers from investing in...

Evergreen Builds Sales Team.
March 20, 2006... Evergreen Institutional-a division of Evergreen Investments-has beefed up its public sector sales team, said Dan Flaherty, a spokesman for the firm. Ann Bradshaw and Lori Buffum have both been named directors. Previously, the duo both...

Northern Trust Study Praises Emerging Managers.
March 20, 2006... Emerging managers continue to post stellar performance numbers, according to recent data compiled by Northern Trust. The study-which included performance data for 531 active core U.S. equity products managed by 287 firms during a period...

Odds & Ends.
March 20, 2006... *The New York Stock Exchange and the Securities and Exchange Commission have fined Bear Sterns Cos., for alleged fraudulent market timing and late trading of mutual funds. Bear Sterns is said to have engaged in market timing and late trading...

PBGC Head Resigns.
March 27, 2006... Bradley Belt, executive director of the Pension Benefit Guaranty Corp. (PBGC) has reportedly submitted a letter of resignation to President George Bush. Reasons for his resignation, which is effective May 31, were not revealed. Belt has...

UTIMCO Makes Changes to Manager Roster: Are Manager Searches on the Horizon?
March 27, 2006... The $18 billion University of Texas Investment Management Company (UTIMCO) will move to terminate several managers from its roster during its next board meeting on March 30. According to the agenda, Barclays Global Investors (BGI) will be...

Fla. Plan Starts Manager Search: BNY Small-Cap Growth Pro Bolts.
March 27, 2006... The $953.8 million City of Jacksonville Police and Fire Pension Fund has launched a search for small-cap growth manager to replace the recently terminated Bank of New York Asset Management. The firm, which handled approximately $50 million, had...

Is BNY Out at LA Utility?
March 27, 2006... The $6 billion Los Angeles Water and Power Retirement Plan was expected to approve the transitioning of funds managed by BNY Asset Management (BNY) following the announcement of organizational changes at the firm last week. Details...

CalPERS Issues Real Estate Equity RFP.
March 27, 2006... The $207 billion California Public Employees' Retirement System (CalPERS) has issued an RFP for a spring-fed pool of international public real estate equity securities (PREES) managers. "The expansion of our real estate portfolio has been...

San Diego Axes Numeric Investors.
March 27, 2006... The $6.9 billion San Diego County Employees' Retirement System moved to terminate hedge fund manager Numeric Investors at its March 16 board meeting, said Lisa Needle, the fund's assistant CIO. "The board decided to make a strategic move in...

COPERA Asset Mix Stays Unchanged.
March 27, 2006... After reviewing its asset allocation on March 18, the board of the $35.5 billion Colorado Public Employees' Retirement Association (COPERA) opted to stay with its current mix of equities, fixed-income and alternative assets. The plan's...

Fla. Muni Plan Launches Search.
March 27, 2006... The $20 million Tamarac General Employees' Pension Fund has initiated a search for a large-cap value manager to oversee a $5 million account. Details could not be ascertained, as calls to Steve Chapman, director of finance for the city,...

Mo. PERA Selects Director Finalists.
March 27, 2006... The board of the $4 billion Montana Public Employees' Retirement Administration (MPERA) has selected three finalists in their second attempt to replace executive director Mike O'Connor since he announced his retirement, effective at the end of...

Calif. Fund Rearranges Manager Roster.
March 27, 2006... The San Joaquin County Employees' Retirement Association has terminated Nicholas-Applegate Capital Management (NACM) from a $61 million systematic small-cap growth, said Robert Palmer, administrator of the $1.6 billion fund. Palmer said...

Maryland to Move Out of Sudan.
March 27, 2006... Maryland's $30 billion retirement system, as well as other state agencies, may soon join the growing number of institutions to pass Sudan divestment legislation if Lieutenant Governor Michael Steele gets his way. In a March 20 letter...

Boutique Firm Covers Huge Ground in Bond Universe.
March 27, 2006... Howard Greene said that the thing that sets his firm apart from many competitors is that it's still small enough to allow relatively small investment plays to make a difference, but large enough to have a significant research capability. ...

Odds & Ends.
March 27, 2006... *American Century Investments announced the appointment of Enrique Chang as senior VP and CIO of international equity. Chang joins American Century after serving as president and CIO with Munder Capital Management. *Fidelity Investments...