Investment Management Weekly articles from November 2006

Investment Management Weekly archives from November 2006

N.C. Says No to Sudan.
November 6, 2006... Richard Moore, state treasurer of North Carolina, has announced that the state would be divesting its holdings in nine companies that provide support, both military and monetary, to Sudan. According to published reports, $24 million of the...

New Hampshire R.S. Cleans House.
November 6, 2006... The investment committee of the $4.5 billion New Hampshire Retirement System (NHRS) has decided to terminate large-cap value domestic equity managers Ark Asset Management, State Street Global Advisors and J & W Seligman & Co. according to the...

Mass. Port Hunts for EAFE Manager.
November 6, 2006... The $278 million Massachusetts Port Authority Employees' Retirement System (Mass. Port) is searching for an international equity manager. According to the RFP posted on Wilshire Associates'-the fund's investment consultant-Web site, the...

Pension Funds Hot Topic in Pa. Senate Race.
November 6, 2006... The ongoing debate surrounding pension investments and possible ties to terrorist sponsoring countries has picked up steam in Pennsylvania, fueled in large part, it appears, by an ongoing campaign for a seat on the Senate. Republican U.S....

LA County Eyes New Investment.
November 6, 2006... The $34 billion Los Angeles County Employees' Retirement Association (LACERA) discussed a staff recommendation regarding a possible investment in collateralized commodity futures at an Oct. 25 meeting. According to the agenda from the...

San Bernardino Plots Dual Searches in 07.
November 6, 2006... The board of the $4.8 billion San Bernardino County Employees' Retirement Association (SBCERA) is planning to conduct two searches in the first half of 2007, said James Perry, investment analyst with the California plan. Perry explained...

PERAC Ups Hedge Fund Potential.
November 6, 2006... The Public Employee Retirement Administration Commission (PERAC)-the governing board that oversees the 106 Massachusetts public pension systems-has decided to increase the percentage that pension funds are allowed to allocate to hedge fund and...

Conn. Trust Funds Hires Manager.
November 6, 2006... The $21 billion State of Connecticut Trust Funds has committed $100 million to the MacFarlane Urban Real Estate Fund II, a fund run by MacFarlane Partners, according to the plan's Web site. The plan is also wrapping up its search for a core...

Oklahoma TRS Chooses New Managers.
November 6, 2006... The board of the $7.8 billion Teachers' Retirement System of Oklahoma (TRS) has taken its assets from Northern Trust Global Investment Services and transitioned them to two new managers, said Bill Puckett, CIO at the plan. "Northern Trust...

CalPERS Makes $400M PE Commitment.
November 6, 2006... The $220 billion California Public Employees' Retirement System (CalPERS) has committed $400 million to Centinela Capital Partners to oversee a private equity fund-of-funds for emerging managers. Clark McKinley, spokesman for CalPERS...

Wisconsin Board Seeks Bond Analyst.
November 6, 2006... The $84 billion State of Wisconsin Investment Board (SWIB) is searching for a global fixed-income securities analyst, confirmed Vicki Hearing, spokeswoman for the Madison plan. Hearing said that the position became available following John...

Fresno County Selects RE Manager?
November 6, 2006... The $2.4 billion Fresno County Employees' Retirement Association (FCERA) could hire American Realty Advisors (ARA) as a core real estate manager, if it follows a recommendation it was expected to hear from consultant Wurts & Associates at a...

Easthampton R.S. Seeks Administrator.
November 6, 2006... The board of the $14 million City of Easthampton Retirement System is hunting for a new administrator. The position is currently held by Heather Schrauben. It could not be determined why Schrauben was parting ways with the Massachusetts...

UN Hunts for Investment Experts.
November 6, 2006... The $33.2 millionUnited Nations Joint Staff Pension Fund (UNJSPF) is looking to make several additions to its Investment Management Service (IMS) division. The plan is looking for senior investment officers to manage the real estate and...

Investment Watchdogs Join Forces.
November 6, 2006... The investment world better watch its back, now that financial risk firm RiskMetrics Group has inked a deal to acquire Institutional Shareholders Services (ISS). ISS is a provider of proxy voting and corporate governance solutions to the...

Tradition Capital Management: A "Disciplined Approach" to Investing.(Company overview)
November 6, 2006... Forget the bells and whistles. Ben Halliburton, CIO of Tradition Capital Management (TCM) does just fine with what he calls a disciplined growth approach in the two strategies he has been overseeing for the past five years at the Summit,...

Odds & Ends.
November 6, 2006... *Morgan Stanley Investment Management has reached an agreement to acquire FrontPoint Partners, a provider of absolute return strategies. The deal is expected to close in December with FrontPoint's teams continuing to manage their respective...

Hedge Fund to Go Public?
November 13, 2006... Fortress Investment Group has filed plans with the Securities and Exchange Commission for an initial public offering, which would make it the first U.S. hedge fund firm to go public, according to published reports. Fortress oversees $26...

Illinois Teachers' Preps Equity Search.
November 13, 2006... As first reported on imweekly.com (11/3/06), the $36.5 billion Teachers' Retirement System (TRS) of Illinois will launch a search for an international equity manager following the results of an asset allocation study, according to a statement...

Santa Fe Fund Seeks Commission Recapture.
November 13, 2006... The $8.4 billion State of New Mexico Educational Retirement Board (NMERB) has issued an RFP for one or more firms to provide commission recapture services to be applied to the plan's domestic equity portfolio, said Frank Foy, CIO at NMERB. ...

Hedge Fund Spies Asian Markets.
November 13, 2006... The Asia Pacific region is morphing into the next frontier in the alternative investment world. Investment banks, law firms and asset management firms of various sizes are flocking to the region to capitalize on what they deem a nascent...

West Virginia Seeks Bond Manager.
November 13, 2006... The West Virginia State Treasurer's Office, on behalf of the $2.6 billion West Virginia Board of Treasury Investments (BTI), has issued an RFP for a short duration fixed-income investment manager to help oversee the $270 million BTI Enhanced...

New Mexico PERA Continues Alt. Push.
November 13, 2006... The board of the $11.5 billion New Mexico Public Employees' Retirement Association (NMPERA) recently considered two alternative investments. According to the agenda for the plan's Oct. 27 meeting, alternatives consultant, Cliffwater,...

Orange County Searches Wind Down.
November 13, 2006... The investment committee of the $6.5 billion Orange County Employees' Retirement System (OCERS) was scheduled to make decisions regarding two searches for a fixed-income core-plus manager and an international equity manager at its Nov. 9...

Texas Teachers Considers Investments.
November 13, 2006... The board of the $100 billion Teacher Retirement System of Texas (TRS) was scheduled to discuss numerous proposed alternative investments at its Nov. 10 meeting. According to the meeting's agenda, the board was set to discuss private...

NY Teachers Approve New Investments.
November 13, 2006... The board of the $89 billion New York State Teachers' Retirement System (NYSTRS) approved several new investments at its Oct. 26 meeting, according to the summary of actions. The board approved private equity investments of up to $50...

CalSTRS Revamps Governance Rules.
November 13, 2006... At a Nov. 3 meeting, the board of the $153.2 billion California State Teachers' Retirement System (CalSTRS) approved changes to its governance policy. In an attempt to prevent "pay-to-play" activity, the revised policy places limitations...

USA Fund Provides Geographical Control of Investments.
November 13, 2006... Far too often, institutional investors and pension funds place their assets into blind pools at the discretion of the manager, without having control over who benefits from these investments. David Keiran, senior VP of investor relationships...

Odds & Ends.
November 13, 2006... *Satuit Capital Management has hired Robert Johnson as senior equity analyst at the South Carolina firm. His responsibilities will include research and investment for the energy, financial and basic industry sectors. Prior to joining Satuit,...

We Couldn't Make This Up If We Tried!
November 13, 2006... Don't Trust the Trustee A New Jersey jury has found contractor Frank Knight, president and only shareholder of Knight Contracting Co., guilty of theft. The charge comes after Knight established a pension program for workers at his...

Indiana Teachers Boost Alternatives.
November 20, 2006... The $4.8 billion Indiana State Teachers' Retirement Fund is going to be making increases to its private equity, real estate, and absolute return allocations. According to published reports, the fund said it plans to double its private...

San Francisco ERS Adjusts Manager Roster.
November 20, 2006... The board of the $15.2 billion San Francisco City & County Employees' Retirement System (SFERS) recently discussed numerous investment recommendations, according to the agenda for its Nov. 14 meeting. Reportedly, the board voted to...

Minn. Plan Eyes Consultant Switch?
November 20, 2006... The $580 million St. Paul Teachers' Retirement Fund Association (SPTRFA) could be in the market for a consultant, if a document posted on its Web site is any indication. According to the agenda for the Minnesota plan's Nov. 16 board of...

Democrats At The Wheel: Fasten Your Seatbelts, It's Gonna Be A...Smooth Legislative Session?
November 20, 2006... Despite the midterm election shakeup, Washington watchers expect very little new legislation affecting the fund industry to come out of Congress before 2008, according to Money Management Executive, IMW's sister publication. Absent a major...

West Virgina BTI Looks for Consultant.
November 20, 2006... The West Virginia Board of Treasury Investments (BTI) has issued an RFP for an investment consultant to help the board oversee the $2.6 billion consolidated plan. The fund consists of various pools, including the Cash Liquidity pool, the...

Wisconsin Board Issues RFP.
November 20, 2006... The State of Wisconsin Investment Board (SWIB) has initiated a search for master global custodial services for its $81.5 billion pension plan. SWIB's master custodian will be responsible for integrating the plan's entire investment...

Orange County to Hire Managers?
November 20, 2006... The $6.5 billion Orange County Employees' Retirement System (OCERS) could make a final decision regarding its search for fixed-income and international equity managers at today's board meeting. According to the agenda for the meeting, the...

LACERS Looks at Mezzanine Investment.
November 20, 2006... The board of the $10.5 billion Los Angeles City Employees' Retirement System (LACERS) will make a commitment of up to $10 million in TCW/Crescent Mezzanine Partners IV, according to documents on the plan's Web site. The documents note that...

CalPERS Commits to Sacramento.
November 20, 2006... The $221.3 billion California Public Employees' Retirement System (CalPERS) has committed $500 million to Sacramento Private Equity Partners, according to a statement released by the plan. The investment in Sacramento Partners, an Oak Hill...

KPERS Seeks to Fill Positions.
November 20, 2006... The $12.5 billion Kansas Public Employees Retirement System (KPERS)-the system that oversees the Kansas Public Employees Retirement System, the Kansas Police and Firemen's Retirement System and the Kansas Retirement System for Judges-is seeking...

Mass. Plan Seeks New Leader.
November 20, 2006... The board of the $650 million Cambridge Retirement System is looking for a new executive director to oversee the daily business of the retirement office, including dealings with the board, investment managers, custodians and investment...

Texas Teachers Selects New CIO.
November 20, 2006... The board of the $100 billion Teacher Retirement System of Texas (TRS) has finally found a replacement for its vacant CIO position in the form of T. Britton Harris. Howard Goldman, spokesman for the TRS, said that the board has selected...

Blue Devils Lose Endowment Head.
November 20, 2006... The $4.5 billion Duke University Management Company (DUMAC) will bid farewell to president Thruston Morton at the end of the year. DUMAC oversees $7.5 billion in investments for Duke University. Morton is stepping down from his role at...

Kansas May Be Next to Say No to Sudan.
November 20, 2006... The $12.5 billion Kansas Public Employees' Retirement System (KPERS) may be the next big public pension fund to divest from companies with ties to Sudan as the issue is being looked at by a House-Senate committee on pensions. If Kansas...

Putnam Offers Unique Strategy for Structured Finance Investing.
November 20, 2006... Structured finance may not always be an easy feat to tackle for pension funds, endowments and foundations and Taft-Hartley plans, but if you mix one part sophistication with one part Putnam Investments' Structured Opportunities strategy, you'll...

Odds & Ends.
November 20, 2006... *State Street Global Advisors (SSGA) has announced the appointment of Nicholas Stanojev as director of U.S. public fund sales. Prior to joining SSGA, he served as managing director and senior account manager for Putnam Investments' Putnam...

"Coingate" Dealer Sentenced.
November 27, 2006... Coin dealer Thomas Noe received the maximum prison sentence for stealing from coin funds in which the $18 billion Ohio Bureau of Workers' Compensation's (BWC) was invested. Reportedly, Noe used hundreds of thousands of dollars to pay home...

Denver ProComp Seeks Consultant.
November 27, 2006... The board of the $20 million Denver Public Schools Professional Compen- sation System for Teachers Trust (ProComp) has launched a search for an investment consultant. According to the RFP, the search was initiated after a change in...

Barclay Partners: New Zealand is Only a Mouse Click Away.
November 27, 2006... Several years ago, money manager William Buechler was bitten by a spider while vacationing. However, this was no ordinary spider bite, as he would eventually fall into a coma, have all of his organs shut down and be the recipient of a liver...

BlackRock Brings Pension Funds to New York Real Estate Deal.
November 27, 2006... The California Public Employees' Retirement System (CalPERS) and the California State Teachers' Retirement System (CalSTRS) have reportedly committed to invest a combined total of more than $700 million in Stuyvesant Town and Peter Cooper...

Florida Plan Hunts For Manager.
November 27, 2006... The $13 million Cooper City Police Officers' Pension Fund is searching for an international equity manager, according to Dahab Associates Web site, the Florida plan's consultant. The fund will invest $1 million with the hired manager. The...

SDCERA Issues Consultant RFP.
November 27, 2006... The board of the $7.7 billion San Diego County Employees' Retirement Association (SDCERA) has issued an RFP for a general investment consultant to provide assistance on all asset classes with the exception of real estate, alternative equity,...

CalPERS Hires Real Estate Pro.
November 27, 2006... The $221.3 billion California Public Employees' Retirement System (CalPERS) has named Ted Eliopoulos its senior investment officer for real estate. Eliopoulos will manage the plan's $16 billion real estate portfolio, its administrative...

Garden State Hires Managers.
November 27, 2006... The $74 billion New Jersey Division of Investment (DOI) hired several managers at its Nov. 16 Investment Council meeting, according to its Web site. For private equity, the DOI approved a $200 million investment in a separate account to be...

Los Angeles Gets Housing Boost.
November 27, 2006... Los Angeles' three biggest pension plans-the $34 billion County Employees' Retirement Association (LACERA), the $10.5 billion City Employees' Retirement System (LACERS) and the $13.5 billion Fire and Police Pension System (LAFPP)-have committed...

New Mexico PERA Continues Alts. Spree.
November 27, 2006... The board of the $11.5 billion New Mexico Public Employees' Retirement Association (NMPERA) approved three more alternatives investments at its Nov. 14 meeting, said Robert Gish, director of investments with the plan. Gish confirmed that...

Michigan Plan Fires and Hires Managers.
November 27, 2006... The $432 million City of Ann Arbor Employees' Retirement System has terminated Morgan Stanley Asset Management from a $22 million international equity account and replaced it with managers Fisher Investments and Thornburg Investment Management,...

Texas Teachers Plan Considers Tech Fund.
November 27, 2006... According to published reports, the board of the $100 billion Teacher Retirement System of Texas (TRS) is considering an investment of up to $600 million in the Texas Emerging Technology Fund, which provides early-stage funding to companies and...

Kentucky Seeks New CIO.
November 27, 2006... The $15.2 billion Kentucky Retirement System (KRS) is in the market for a new CIO, according to the plan's Web site. The search follows the departure of John Krimmell on May 10. Krimmell left the plan after only a year as CIO leading to...

CalPERS Eyes Commodities Market.
November 27, 2006... A $500 million commitment to the natural resources sector may signal the birth of a new asset class for the California Public Employees' Retirement System (CalPERS). Recently, the plan's investment committee earmarked $500 million for...

Odds & Ends.
November 27, 2006... *Deutsche Bank has appointed Richard Phelan as head of European high yield research, where he will be responsible for building the firm's leveraged finance research franchise. Prior to joining Deutsche Bank, Phelan was co-head of European high...