Investment Management Weekly articles from November 2007

Investment Management Weekly archives from November 2007

State Street Faces Lawsuits.
November 5, 2007... A New Hampshire-based paper and imaging company, Nashua Corp. has filed suit against State Street Corp. after losing $5.6 million in pension funds assets in the firm's Bond Market Fund, according to published reports. The fund was expected...

Pa. Plan Parts Ways with MDL Capital: Lay Conviction Sparks Decision.
November 5, 2007... The $194 million Beaver County Employees' Retirement Fund has terminated MDL Capital, following the recent conviction of the firm's founder and CEO, said Carla Zurick, second deputy comptroller. Last week, Mark Lay was convicted on charges...

Ohio Workers' Comp Looks For Consultant.
November 5, 2007... In a move that could potentially replace Wilshire Associates, the $17.5 billion Ohio Bureau of Workers' Compensation (BWC) has issued an RFP for an investment consultant. The plan is looking for a firm to assist the board with investment...

Women's Investment Club: Nancy Prial Leads All-Female Growth Team at Essex.
November 5, 2007... It may be a women's shop at Essex Investment Management's AMG Essex Small-Micro Cap Growth Fund, but senior principal and portfolio manager Nancy Prial said that doesn't stop them from investing in some pretty macho-sounding stocks. The...

Texas Muni. To Broaden Horizons.
November 5, 2007... The Texas Municipal Retirement System (TMRS) remains one of the few public funds to have investments limited to fixed-income, but an initial allocation to equity could soon be on the way, confirmed Bill Wallace, spokesman for the $14 billion...

Public Library Hunts For Manager.
November 5, 2007... The Detroit Public Library is in the market for a manager to oversee $11 million in public funds, according to an RFP issued on its behalf. The document states that the library wants a firm to actively manage its assets, with a focus on...

A/L Study on the Way Minn. Plan Postpones Equity Search.
November 5, 2007... The $1 billion St. Paul Teachers' Retirement Fund Association (SPTRFA) has decided to put the brakes on a large-cap growth search. Instead, the money earmarked for the mandate will be placed in an index fund, said Phillip Kapler, executive...

Search Launched at Somerville R.S.
November 5, 2007... The $173 million Somerville Retirement System is seeking a small- or micro-cap equity manager to oversee between $3 million and $5 million. According to the Massachusetts Public Employee Retirement Administration Commission's (PERAC) Web...

Florida Police Plan Make Hires.
November 5, 2007... The $18 million City of Lakeland Police Officers' Retirement Fund (PORF) has added managers to its roster to oversee all-cap equity and international equity portfolios. At a recent board meeting, the Florida plan interviewed two all-cap...

SLIB Approves Two Alternative Funds.
November 5, 2007... The Wyoming state treasurer's office is making two new alternative investments, following approval by the Wyoming State Loan & Investment Board-which makes investment decisions for the state's $10 billion in non-pension funds. Michael...

Pa. SERS Approves Real Estate and PE.
November 5, 2007... The $35 billion Pennsylvania State Employees' Retirement System (SERS) recently approved new investments in real estate and private equity, confirmed Robert Gentzel, spokesman for the Harrisburg-based plan. In real estate investment, SERS...

LAFPP Mulls Contract Renewals.
November 5, 2007... The board of the Los Angeles Fire & Police Pensions (LAFPP) was scheduled to discuss potential contract renewals for three of its investment managers, all of which are set to expire on Dec. 31. The agenda from the plan's meeting last week...

Mass. Fund Short One Board Member.
November 5, 2007... The $225.2 million Massachusetts Water Resources Authority Employees' Retirement System (MWRA) is seeking a fifth board member for an unexpired term that ends Jan. 24, 2010. The MWRA was the last Massachusetts plan to beef up its board,...

Odds & Ends.
November 5, 2007... *Gregory Moore has joined Rogerscasey as CIO of multi-manager solutions, where he will be responsible for managing ongoing asset allocation and investment oversight. He joins from Segal Advisors where he was the director of research. ...

Can Hedge Fund Indexing Work?
November 5, 2007... Indexes have long been used as a gauge of performance for stock and bond investors, but can they be used within the hedge fund industry, and could they supplant the role of funds-of-funds that many institutional investors have come to rely on?...

Ford To Shift Asset Allocation.
November 12, 2007... Ford Motor Co. has decided to change the asset allocation for its $45 billion pension fund, cutting its allocation to equities nearly in half, according to published reports. The plan is reducing its equities allocation from 50% to 30% in...

Alabama Fund Seeks Transition Manager.
November 12, 2007... The $2.8 billion Alabama Trust Fund (ATF) is seeking a transition manager to help with any liquidation of its fixed-income, domestic equities and international equities portfolios. Anne Elizabeth McGowin, assistant director of finance for...

City of Baltimore Preps Consultant Search.
November 12, 2007... The City of Baltimore Employees' Retirement System is gearing up to launch a consultant search at the $1.2 billion system. According to the agenda for the city's Board of Estimates meeting last week, the fund approved the hiring of NRP...

Housing Market Mess: Subprime mortgage fallout may jeopardize pensions.
November 12, 2007... Some public and private pension funds may feel aftershocks from the recent slew of defaults on subprime mortgages, depending on their investment allocations and what happens to interest rates, industry experts say. "The interest rates were...

Jacksonville 911 Revisits Search.
November 12, 2007... The Jacksonville Police and Fire Pension Fund recently terminated Merrill Lynch Consulting Services, in light of a Securities and Exchange Commission investigation, confirmed John Keane, executive director at the $1.1 billion Florida fund. ...

Minnesota Fund Seeks Manager.
November 12, 2007... The United Way of Olmsted County has issued an RFP for an investment manager to assist the board. Dale O'Groske, CFO with the Minnesota fund, explained that it has had $1 million parked in a money market account for the past two years....

Montana Library Looks For Advisor.
November 12, 2007... The Bozeman Public Library Foundation is looking for an investment advisor, according to an RFP issued by the plan. The foundation, which was established to receive contributions and donations for the Montana city's library, wants a firm to...

LACERA Issues Long/Short RFI.
November 12, 2007... The $42 billion Los Angeles County Employees Retirement Association (LACERA) has taken the next step in its efforts to invest in long/short equity strategies. According to the RFI, the board is looking for large-cap domestic equity...

San Bernardino Hunts For Investment Firm.
November 12, 2007... The hunt is on for an investment advisor to assist with the management of the County of San Bernardino's $4.1 billion treasury pool, confirmed Craig Hughes, cash manager and investment officer with the California treasurer's office. "We...

Salem Plan Joins State System.
November 12, 2007... Massachusetts' $50 billion Pension Reserves Investment Management (PRIM) Board will acquire the assets of the $96 million Salem Retirement System following a unanimous decision by the fund's board, confirmed Marcia Pelletier, Salem's...

Odds & Ends.
November 12, 2007... * The $108.3 billion Teacher Retirement System of Texas has lost its head of private equity, as Keith Garrison has left the plan to join the $1 billion Texas Christian University (TCU) endowment. The move reunites Garrison with Jim Hille, the...

Clay Finlay Hires Former Wilshire Pro.
November 12, 2007... Rosalind Hewsenian has joined global equity manager Clay Finlay as CEO, the firm announced last week. Last year, she announced her plans to leave Wilshire Associates, where she was managing director, principal and served on the board of...

Asbury to Leave Ohio Teachers'.
November 12, 2007... Damon Asbury, the executive director of the $80 billion State Teachers' Retirement System of Ohio (STRS), has announced that he will retire when his contract expires on June 30. Laura Ecklar, spokeswoman for the STRS, said that the board is...

Nonprofits Still Struggling With Illiquid Classes.
November 12, 2007... A recent poll conducted by SEI of executives at 102 U.S. nonprofit organizations found that while illiquid asset classes, such as real estate and private equity, are a high priority, many funds are having trouble implementing such strategies....

Global Asset Management M&A Hits Peak.
November 19, 2007... It has been a big year for the global M&A activity of investment management companies-the biggest, in fact, according to the findings of Jefferies Putnam Lovell. The firm found that so far this year, firms have spent over $46.7 billion on...

CalSTRS May Trim Venture Capital Targets.
November 19, 2007... A new alternative investments policy could have the California State Teachers' Retirement System (CalSTRS) moving deeper into debt-related securities and shying away from venture capital. The plan's director of alternative investments, Real...

Fund Sticks With NEPC: Portable Alpha's A Go for Manchester.
November 19, 2007... The Manchester Employees Contributory Retirement System (MECRS) recently tied up a few loose ends, making decisions regarding its consultant and portable alpha strategies, confirmed Gerard Fleury, the New Hampshire plan's executive director....

Clay Finlay Insulated from Market Woes: Hewsenian and Strabo Discuss the Firm's Outlook.
November 19, 2007... The U.S. stock market is soft and markets around the world are skittish, the dollar is slumping with its standing as the world's reserve currency being questioned, oil prices are raising operating costs for all kinds of businesses. It might...

Fresno Considers Roster Reduction.
November 19, 2007... The $2.9 billion Fresno County Employees' Retirement Association (FCERA) discussed the possibility of reducing the number of managers on its roster at a recent board meeting. Documents on the California plan's Web site state that this...

NYSTRS Ratifies Portfolio Changes.
November 19, 2007... The nearly $105 billion New York State Teachers' Retirement System (NYSTRS) made numerous changes to its investment portfolio, according to the summary of actions from a Nov. 2 meeting. The board approved an investment of $100 million in...

Indiana PERF Picks Leading Edge.
November 19, 2007... The Indiana Public Employees' Retirement Fund (PERF) has made a final selection in its search for a manager-of-emerging managers to oversee the plan's $100 million emerging managers initiative. Leading Edge Investment Advisors has been...

New Managers Hired At San Fran.
November 19, 2007... The San Francisco City and County Employees' Retirement System (SFERS) has wrapped up its search for an enhanced index equity manager with the hiring of Quantitative Management Associates (QMA), said David Kushner, deputy director of...

NM PERA Looks At More Alternatives.
November 19, 2007... Three new alternative investments were considered by the New Mexico Public Employees' Retirement Association (NM PERA) on Nov. 13, according to the agenda from the plan's investments committee meeting. The committee discussed possible...

Odds & Ends.
November 19, 2007... * John Thain has taken the position of chairman and chief executive at Merrill Lynch, replacing Stanley O'Neal, who left the position last month following the loss of over $8 billion in the third quarter. Thain is currently chief executive of...

Hedge Fund Group Issues Best Practices'.
November 19, 2007... The self-policing efforts of the $1.8 trillion hedge fund industry took a step forward with the recent release of the Managed Funds Association's (MFA) guidelines for best practices in the industry. "The updated guidance is the cornerstone...

Mass. Plan Seeks Administrator.
November 19, 2007... The Town of Clinton Retirement Board is looking for a new administrator to oversee the day-to-day activities of the $26.8 million system, said Mary Harding, the Massachusetts plan's incumbent. Harding explained that the board is seeking a...

Mississippi PERS Hunts for Investment Pro.
November 19, 2007... The Mississippi Public Employees' Retirement System (MPERS) is seeking a deputy CIO. It could not be ascertained if this was a newly created role at the fund, as Patricia Robertson, executive director for MPERS, did not return calls by...

CalPERS Eyes U.S. Equity Changes.
November 26, 2007... The $250 billion California Public Employees' Retirement System (CalPERS) is considering a reduction in its domestic stocks to make room for increased globalization of the plan's portfolio, according to published reports. The board plans to...

City of Ann Arbor to Launch Consultant Search.
November 26, 2007... The City of Ann Arbor Employees' Retirement System is expected to launch a consultant search for its $453 million plan. According to its Web site, the Michigan fund included conducting an RFI for an investment consultant as a goal for...

SDCERS Moves Forward With Private Equity Foray.
November 26, 2007... The San Diego City Employees' Retirement System (SDCERS) may work with general consultant Callan Associates on a new private equity allocation, the agenda from the board's Nov. 15 meeting indicates. According to plan's Web site, SDCERS'...

OCERS Moves Ahead With Searches Plan Hires CEO.
November 26, 2007... The Orange County Employees' Retirement System (OCERS) is nearing the completion of searches for cash overlay and commodities/real return managers, confirmed Robert Kinsler, spokesman for the $8 billion plan. Last Monday, the board...

Foundation Overhauls Manager Roster.
November 26, 2007... Dahab Associates' has issued a series of investment manager RFPs on behalf of an unnamed foundation, which would overhaul its entire roster of managers. The RFPs note that the $15 million foundation is looking for firms to oversee $5...

Wyoming Board Switches to Logan.
November 26, 2007... The Wyoming State Loan & Investment Board (SLIB) has transferred the managerial duties on a $200 million corporate bond portfolio from Delaware Investments to Logan Circle Partners, said Michael Walden-Newman, CIO with the Wyoming state...

Connecticut Narrows Down Search.
November 26, 2007... The Connecticut Retirement Plans and Trust Funds (CRPTF) interviewed Callan Associates, Mercer Investment Consultants and New England Pension Consultants to potentially serve as the plan's alternative investments consultant. Mercer was...

Merced County Hires GMO.
November 26, 2007... The $452 million Merced County Employees Retirement Association (MCERA) has made a final selection in a search for a diversified mid-to large-cap international equity manager, Maria Arevalo, the plan's administrator, told IMW. The board...

Sacramento County Chooses For PE.
November 26, 2007... The $6 billion Sacramento County Employees' Retirement System (SCERS) recently hired three private equity fund-of-fund managers, said Jeff States, the California plan's CIO. States said that the board decided to place $75 million each with...

Upper Saucon Search Nears End.
November 26, 2007... The Upper Saucon Township Police and Non-Uniform Pension Plans is nearing the end of its search for a balanced manager to oversee the plan's $5 million in assets, according to the Web site of the plan's consultant, Morrison Fiduciary Advisors....

New Jersey Places $600M in Funds.
November 26, 2007... The New Jersey State Investment Council (SIC) has approved investments in three new private equity investments funds, confirmed Mark Purkiss, spokesman for the plan. According to documents sent to IMW by Purkiss, the council approved a...

Odds & Ends.
November 26, 2007... *Sean Flannery has left State Street Global Advisors, where he was CIO, to pursue other opportunities. Paul Greff, who has led the firm's fixed-income team, and Michael O'Hara, head of active fixed-income, have also left the firm. Reportedly,...

California Proposes Hedge Fund Rule.
November 26, 2007... Federal and state regulators have long wrestled with the issue of how to keep an eye on the $1.8 trillion hedge fund industry and now California has become the latest state looking to improve oversight of the industry, according to Investment...