Investment Management Weekly articles from May 2009

Investment Management Weekly archives from May 2009

Milwaukee County Embarks on A/A Study.(News)
May 4, 2009... Byline: Jakema Lewis The Milwaukee County Employees' Retirement System has instructed its consultant to conduct a review of its asset targets. Gerald Schroeder, manager of the roughly $1.5 billion Wisconsin plan said that Marquette...

PE Fundraising Comes Under Fire.(News)
May 4, 2009... Byline: Kelly Holman, Investment Dealers' Digest When controversy recently erupted over how private equity firms Carlyle Group and Quadrangle Group had raised money for funds, it thrust one usually quiet corner of the leveraged buyout...

Pressure Builds On BofA's Lewis.(News)
May 4, 2009... Byline: Paul Davis, American Banker Opposition kept mounting against Bank of America chairman, president and chief executive, Kenneth Lewis, going into today's annual meeting. Dow Jones reported today that BofA shareholders voted to...

New Head of Asset Management for Fortis Fund.(News)
May 4, 2009... Byline: Editorial Staff Wael Elkhouly has joined Fortis Investments where he has been appointed head of asset management for the firm's Global Infrastructure Fund. In this capacity, he will lead the team managing the fund's portfolio...

Lewis Ousted As BofA Chairman.(News)
May 4, 2009... Byline: Paul Davis, American Banker Kenneth Lewis was ousted as Bank of America's chairman Wednesday, but retained his seat on the company's board and his titles as president and chief executive. BofA announced late in the day that a...

Merced Sticks with Large-Cap Managers.(News)
May 4, 2009... Byline: Jakema Lewis The Merced County Employees' Retirement Association will continue to watch two of its equity managers, in lieu of terminating them, said Maria Arevalo, administrator at the plan. At its meeting this month, the...

Oklahoma TRS Renews Contracts, Talks Watchlist.(News)
May 4, 2009... Byline: Marc Sorondo The Teachers' Retirement System of Oklahoma (TRS) has decided that Goldman Sachs Asset Management (GSAM) will remain on "alert" status for an additional three months, said James Wilbanks, executive secretary with the...

Real Estate Manager Creates COO Role.(News)
May 4, 2009... Byline: Editorial Staff Bill Trimble has joined Washington, D.C.-based private equity real estate investment management shop PRP Real Estate Investors, the firm has announced. In the newly created role of chief operating officer, he...

Alabama Endowment Drops REIT.(News)
May 4, 2009... Byline: Editorial Staff The University of Alabama has removed its assets from the Vanguard REIT Index Fund, according to published reports. The Tuscaloosa News has reported that the board of trustees has voted to terminate the manager...

Odds & Ends - May 4, 2009.(News)
May 4, 2009... Byline: Editorial Staff *The $9.7 billion Illinois State Universities Retirement System (SURS) has named Marilyn Branson as investment governance and compliance officer, a new position at the plan. Branson was previously an executive...

GPC Picks Up Goldman Infrastructure Pro.(News)
May 4, 2009... Byline: Editorial Staff Akshaya Prasad has joined Greater Pacific Capital (GPC), a firm focused on capturing opportunities presented by high growth in the Indian and Chinese economies, as co-head of its India business. Prior to joining...

New Hampshire Takes on PE.(News)
May 4, 2009... Byline: Marc Sorondo The investment committee of the New Hampshire Retirement System (NHRS) approved the plan's first secondary market private equity investment earlier this month. The minutes of the committee's April 17 meeting notes...

Ohio SERS Makes Large-Cap Hires.(News)
May 4, 2009... Byline: Marc Sorondo Two large-cap domestic equity managers were added to the roster at the School Employees' Retirement System of Ohio (SERS) roster this month. Highlights from an April 16-17 meeting, note that the board hired...

New Members Elected to DTCC Board.(News)
May 4, 2009... Byline: Editorial Staff The Depository Trust & Clearing Corporation (DTCC) has announced that four senior executives have been added to its board of directors. Stephen Daffron, Bernard Dan, Richard Taggart and Robin Vince will all...

CalPERS to Draft Placement Agent Policy.(News)
May 4, 2009... Byline: Editorial Staff The California Public Employees' Retirement System is considering the creation of a policy governing placement agents. CalPERS President Bob Feckner has asked the staff at the $175 billion fund to draft a set of...

Louisiana Police Plan Narrows Advisor Search.(News)
May 4, 2009... Byline: Marc Sorondo The Louisiana Municipal Police Employees' Retirement System (MPERS) has selected six finalist firms to potentially serve as its new investment consultant, said Kathy Bourque, director of the $972 million plan. ...

Texas Mulls Permanent School Fund Changes.(News)
May 4, 2009... Byline: Editorial Staff A measure to remove the Texas State Board of Education from overseeing seeing the investments for the Texas Permanent School Fund (TPSF) has been tentatively approved by the House, the Dallas Morning News reported...

Belstar Hires AllianceBernstein Analyst.(News)
May 4, 2009... Byline: Editorial Staff Daniel Grasman has joined Belstar Group as a managing director of its subsidiary Voyager Advisors. Voyager Advisors focuses on investments in timberland, oil and mineral rights and other tangible alternative...

Neuberger Berman Gains Independence.(News)(Company overview)
May 11, 2009... Byline: Editorial Staff An employee-led buyout of Neuberger Berman Group has been completed, creating what the firm calls "one of the world's biggest independent asset managers." Neuberger, originally founded in 1939, has approximately...

RBS Nabs Deutsche Vet for HY Sales.(News)
May 11, 2009... Byline: Matthew Sheahan RBS has tapped Deutsche Bank vet Wight Martindale to serve as head of high yield and distressed debt sales within its global banking and markets group. Martindale, who will begin his tenure with RBS in July, was...

Town of Lexington Launches Credit Search.(News)
May 11, 2009... Byline: Marc Sorondo The Town of Lexington Retirement System is looking to hire a manager for a traditional long-only opportunistic credit portfolio. The $3 million to $6 million mandate will be benchmarked against the Barclays Credit...

Private Equity Firms Facing LP Defaults?(News)
May 11, 2009... Byline: Kelly Holman, Investment Dealers' Digest When Fort Worth-based TPG allowed its investors to reduce their commitments to its latest fund by up to 10% or $2 billion earlier this year, following the lead of London's Permira, it...

Real Estate Firm Makes Capital Markets Hire.(News)
May 11, 2009... Byline: Editorial Staff Frank Petz has joined commercial real estate advisory firm Richards Barry Joyce & Partners (RBJ) as executive VP, where he will lead the firm's newly expanded capital markets group. Prior to joining RBJ, Petz...

New York State Common Fund Serves Aldus.(News)
May 11, 2009... Byline: Editorial Staff New York State Comptroller Thomas DiNapoli has sued Aldus Equity Partners on behalf of the state's $122 billion Common Retirement Fund due to the firm's participation in a kickback scheme. The suit is seeking to...

Mass. Utility Has Eyes on Large-Cap.(News)
May 11, 2009... Byline: Marc Sorondo An RFP has been issued by the Massachusetts Water Resources Authority Retirement System (MWRA) as it is seeking a manager to oversee up to approximately $10 million in large-cap growth equity. According to the...

Ohio Workers' Comp Changes Investment Scheme.(News)
May 11, 2009... Byline: Jakema Lewis The Ohio Bureau of Workers' Compensation (BWC) has revamped its asset allocation to a mix of 70% bonds and 30% stocks. The changes were made to provide better diversification within the two portfolios, the plan...

Los Angeles Guns and Hoses Latest Plan To Drop Aldus.(News)
May 11, 2009... Byline: Marc Sorondo The Los Angeles Fire & Police Pensions (LAFPP) has added itself to the ever-growing list of pension plans choosing to part ways with Aldus Equity Partners. Bloomberg has reported that the board unanimously voted to...

Ameristar Plans $500M HY Issue.(News)
May 11, 2009... Byline: Matthew Sheahan Las Vegas casino operator Ameristar Casinos plans to price $500 million in senior unsecured notes due 2014, the company said today. The company plans to use the proceeds to repay and retire a part of its revolving...

UBS' Profitt Joins Bravata.(News)
May 11, 2009... Byline: Editorial Staff Dave Profitt has joined Bravata Financial Group as senior managing director of the firm's institutional asset management group. Profitt most recently served as executive director of UBS Global Asset Management....

Aldus Equity Losses Connecticut Account.(News)
May 11, 2009... Byline: Editorial Staff Yet another retirement plan has terminated Aldus Equity Partners. Connecticut State Treasurer, Denise Nappier has removed the firm from a $65 million private equity fund-of-funds account it managed for the $20.2...

SWIB Retools Portfolio for Better '09.(News)
May 11, 2009... Byline: Carolina Braunschweig The $58 billion State of Wisconsin Investment Board will reduce its allocation to domestic equities and fixed-income in order to make room for private equity, real estate and multi-asset strategies, according...

FCERA Narrows Playing Field.(News)
May 11, 2009... Byline: Marc Sorondo The Fresno County Employees' Retirement Association (FCERA) has narrowed the list of firms being considered in its secondary private equity and distressed private equity searches, said Roberto Pena, administrator at...

Odds & Ends - May 11, 2009.(News)
May 11, 2009... Byline: Editorial Staff * The $101.3 billion Caisse de Depot et Placement du Quebec is reorganizing, which will result in the termination of 55 positions at the plan, and the creation of 24 new positions, 20 of which are in its risk...

Alaska Sticks with Callan.(News)
May 11, 2009... Byline: Jakema Lewis The Alaska Retirement Management Board has decided to keep Callan Associates on its team. Via a "Notice of Intent to Award Contract" posted on its Web site, the ARMB said it would continue to use the firm to...

San Jose City Plan Seeks New Advisor.(News)
May 11, 2009... Byline: Marc Sorondo The San Jose Federated City Employees' Retirement System has launched a search for an investment consultant in a move that could potentially replace incumbent Strategic Investment Solutions (SIS). The board intends...

New Hampshire Investment Pro Heads Over to OPERS.(News)
May 11, 2009... Byline: Marc Sorondo After just a seven month stint, Rick Schafer is stepping down as director of investments at the $5.5 billion New Hampshire Retirement System (NHRS). Schafer's last day with the plan will be May 8. He will join...

TCW Picked by Pennsylvania School Fund.(News)
May 11, 2009... Byline: Marc Sorondo TCW Asset Management has been selected to manage an opportunistic mortgage-backed securities portfolio for the Pennsylvania Public School Employees' Retirement System (PSERS), confirmed Evelyn Tatkovski, spokeswoman...

Empire State Teachers Add to PE Roster.(News)
May 11, 2009... Byline: Marc Sorondo The New York State Teachers' Retirement System (NYSTRS) approved four new private equity investments last week. John Cardillo, spokesman for the $68.3 billion plan, said it will make commitments of up to $100...

McDonnell Boosts Institutional Efforts.(News)
May 11, 2009... Byline: Editorial Staff McDonnell Investment Management has added Ryan Jaggers as director of institutional portfolio solutions, the fixed-income asset manager announced this week. Based in Oak Brook, Ill., he will focus on building...

Former Citi Alternatives Pro Joins PE Firm.(News)
May 11, 2009... Byline: Editorial Staff Steven Hall has joined Conversus Capital as director of investor relations, according to a statement issued by the private equity firm. Hall's experience includes a stint at Citi Alternative Investments, where...

CI Investments Starts Institutional Business.(News)
May 11, 2009... Byline: Editorial Staff, StructuredFinanceNews.com CI Financial Corp. has combined some of the resources it acquired from KBSH Capital Management in a new division focused exclusively on the institutional investment marketplace. The...

Wilshire's Dunn Joins North Carolina University.(News)
May 18, 2009... Byline: Editorial Staff James Dunn will become CIO and VP at Wake Forest University, effective July 1. In this role, he will manage the university's endowment funds and other financial assets. Dunn is replacing Louis Morrell, who...

Large Pension Funds Trimming Broker Lists to Bolster Service.(News)
May 18, 2009... Byline: John Hintze, Securities Industry News The Teacher Retirement System of Texas (TRS) is taking steps to categorize its broker-dealers according to the level of service they provide, reflecting a growing emphasis among institutional...

San Bernardino Approves New Credit Investment.(News)
May 18, 2009... Byline: Marc Sorondo The board of the San Bernardino County Employees' Retirement Association (SBCERA) has approved a new investment resulting from an international credit opportunistic strategies search. James Perry, investment...

Caisse de Depot Lost Big on ABCP.(News)
May 18, 2009... Byline: Editorial Staff The Caisse de Depot et Placement du Quebec continued to invest large amounts of cash in asset-backed commercial paper, despite seeing steady losses, its former CEO said. Richard Guay said the plan continued to...

Lehman Vet Joins Malbec Partners.(News)
May 18, 2009... Byline: Editorial Staff Costas Hamakiotes has joined Malbec Partners as senior trader in the alternative asset management firm's emerging markets team. He will work with Bill Geisler, portfolio manager, and Lars Pedersen, senior...

SEC Urged to Implement Ban on Contributions by Pension Advisors.(News)
May 18, 2009... Byline: Andrew Ackerman and Lynn Hume, The Bond Buyer New York City Comptroller William Thompson is urging SEC chairman Mary Schapiro to implement a comprehensive ban on political contributions from investment advisors who are compensated...

Oklahoma TRS Reallocates Funds.(News)
May 18, 2009... Byline: Marc Sorondo The board of the Oklahoma Teachers Retirement System (TRS) has approved a plan to shift $500 million from fixed-income to equity, said James Wilbanks, executive secretary for the $9.1 billion plan. He noted that...

Orlando Plan Hunts for Large-Cap.(News)
May 18, 2009... Byline: Marc Sorondo The Greater Orlando Aviation Authority (GOAA) is in the process of transitioning its assets from mutual funds to institutional strategies in order to have greater transparency and lower costs, said Kathy Bond,...

DB Plans Sticking with Allocations.(News)
May 18, 2009... Byline: Jakema Lewis Many defined benefit plan sponsors intend to stick with their asset allocations, despite dismal market conditions, according to a recent Pyramis Global Advisors survey. The Pyramis Pulse Survey was conducted early...

Carlyle Pays $20M To Resolve Pension Dispute.(News)
May 18, 2009... Byline: Kelly Holman, Investment Dealers' Digest The Carlyle Group has agreed to pay $20 million in order to resolve its role in a scandal involving the New York State Common Retirement Fund and a politically-connected fundraising agent....

Brookfield Hires New Managing Partner.(News)
May 18, 2009... Byline: Editorial Staff Leo van den Thillart has been named managing partner at Brookfield Asset Management for private institutional equity, effective June 1. In his new role with Brookfield, van den Thillart will manage the firm's...

ICAP Hires New President.(News)
May 18, 2009... Byline: Editorial Staff Institutional Capital (ICAP) has promoted Paula Rogers to the position of president, a newly created role at the large-cap value shop. Rogers, who will remain on ICAP's investment management committee, will now...

Congress Investigating Former PBGC Director.(News)
May 18, 2009... Byline: Jakema Lewis Congress has launched an investigation into former Pension Benefit Guaranty Corp. director Charles Millard regarding his relationship with several investment firms bidding for contracts with the agency during his...

Town of Plymouth Hits Credit Markets.(News)
May 18, 2009... Byline: Marc Sorondo The Town of Plymouth Retirement System is seeking a fixed-income firm with experience managing term asset-backed loan facility programs or distressed credit strategies. The plan would invest $2 million to $10...

Two Execs Resign from BlackRock.(News)
May 18, 2009... Byline: Matt Sheahan, Leveraged Finance News Two high yield debt portfolio managers, including the co-head of leveraged finance, have resigned from BlackRock, IMW sister publication Leveraged Finance News has confirmed. Mark Williams...

Odds & Ends.(News)
May 18, 2009... Byline: Editorial Staff *Real estate investment firm Rockwood Capital has appointed Frank Orioli managing director of transactions. Prior to joining Rockwood, Orioli was managing director at Principal Real Estate Investors. Earlier in his...

Alaska Sticks with Callan.(News)
May 18, 2009... Byline: Jakema Lewis The Alaska Retirement Management Board has decided to keep Callan Associates on its team. Via a "Notice of Intent to Award Contract" posted on its Web site, the ARMB said it would continue to use the firm to...

Mendocino County Launches Consultant Search.(News)
May 18, 2009... Byline: Marc Sorondo The Mendocino County Employees' Retirement Association (MCERA) has issued an RFP for an investment consultant. Judy Zeller, retirement specialist with the $236 million California plan, explained that the search is...

New Mexico Governor Backs Pension Reviews.(News)
May 18, 2009... Byline: Editorial Staff New Mexico Governor Bill Richardson has announced his support for a proposal that would result in an independent audit of the state's retirement systems. The recently revealed kickback scheme involving the New...

CalPERS Selects Private Equity Advisor.(News)
May 18, 2009... Byline: Marc Sorondo The California Public Employees Retirement System (CalPERS) wrapped its search for a private equity consultant with the hiring of Pension Consulting Alliance (PCA). Ennis Knupp + Associates was the other firm being...

Third Avenue Hires for Institutional Efforts.(News)
May 18, 2009... Byline: Editorial Staff Third Avenue Management has named Steven Johnson senior managing director, where he will lead the firm's sales efforts, focusing especially on its institutional client base. "Steve Johnson has a long and...

Fortis Names New Head of Sales.(News)
May 18, 2009... Byline: Editorial Staff Rob Bernstein has been appointed head of U.S. sales at Fortis Investments, where his primary focus will be the institutional market. He will report to Tom Leavitt, the firm's global head of institutional sales,...

Manchester Approves Credit Investment Foray.(News)
May 18, 2009... Byline: Marc Sorondo The Manchester Employees' Contributory Retirement System (MECRS) hired two credit managers earlier this month. Gerard Fleury, executive director at the $150 million New Hampshire plan, explained that originally the...