Investment Management Weekly articles from October 2004

Investment Management Weekly archives from October 2004

Ohio Funds May Sue.
October 4, 2004... Ohio's state public pension funds could potentially go head-to-head with pro-homeownership corporation, the Federal National Mortgage Association (Fannie Mae). Ohio Attorney General Jim Petro has launched an investigation into the agency to see...

JPMorgan on Hotseat at KCERA.
October 4, 2004... The $2 billion Kern County Employees' Retirement Association has placed JPMorgan Fleming Asset Management on watch, according to the minutes of the plan's Aug. 25 board meeting. Nelson's MarketPlaceWeb.com indicates that the firm oversees a...

Caltech to Set Up New Alternatives Allocation.
October 4, 2004... The California Institute of Technology is reportedly aiming for a hefty boost in its alternative investment portfolio. Caltech Treasurer and CIO Sandra Ell, was traveling and could not be reached for comment. Jill Perry, spokeswoman at...

Oakland 911 Terminates Two Managers: Ongoing Asset Study Could Lead to More Changes.
October 4, 2004... The Oakland Police & Fire Retirement System has terminated McCullough, Andrews and Cappiello from a $100 million domestic large-cap account and Principal Global Investors from a $50 million international equity account. Jim Brown,...

Oklahoma's Bravest Explore Hedge Funds.
October 4, 2004... The investment staff of the the $1.5 billion Oklahoma Firefighters' Pension & Retirement System, along with its consultant Asset Consulting Group, will present the plan's investment committee with an overview of the hedge fund market on Oct....

Michigan Plan Watches Two.
October 4, 2004... The $152 million Monroe County Employees' Retirement System has placed Sound Capital Partners and Rorer Asset Management on watch on their respective $27 million and $13 million equity accounts. Debra Elmore, retirement specialist, said...

Kentucky Searches for New CIO.
October 4, 2004... The $13 billion Kentucky Retirement Systems has launched a search for a new chief investment officer to replace the retiring Bob Leggett. Details of the search and of Leggett's impending retirement were scant, as he was out of the office...

Peach State Hunts for New Director.
October 4, 2004... The $14 billion Employees' Retirement System of Georgia has embarked on a search for a new executive director to replace Cecelia Corbin-Hunter who left the plan. Details of Corbin-Hunter's departure, or the timeframe for the completion of...

NYC BAM Jumpstarts CIO Search.
October 4, 2004... The Office of the Comptroller of the City of New York is seeking to fill a vacant CIO slot at the $85 billion Bureau of Asset Management. Jeff Simmons, press secretary, said that the position was previously held by Desmond MacIntyre, who...

Tacoma Renews Wilshire Contract.
October 4, 2004... Consultant Agrees to 22% Reduction in Fees The $744 million Tacoma Employees' Retirement System has renewed its 21-year realationship with its consultant Wilshire Associates. The search was initiated in July, as Wilshire's contract was set...

Texas Plan Picks Int'l Finalists.
October 4, 2004... The $200 million El Paso County Retirement Plan has selected Causeway Capital Management and LSV Asset Management as the frontrunners to oversee a $20 million international value-biased equity account. David Klemmer, plan administrator,...

Mass. Plan Creates Consultant Shortlist.
October 4, 2004... The $16 million Hull Contributory Retirement Board has compiled a shortlist of consultant candidates in its first-ever search. Marcia Bohinc, plan administrator, said that Dahab Associates, DHK Financial, Rockland Trust, The Segal Co.,...

IPERS Hires High Yield Manager.
October 4, 2004... The $16 billion Iowa Public Employees' Retirement System has concluded its six-month-long search for a high yield manager. The search was initiated in April. Pending contract negotiations, the Post Advisory Group will oversee the $300...

Iowa Endowment to Hire for Large-Cap.
October 4, 2004... The investment committee of the State of Iowa Board of Regents, has put forth a recommendation that the board approve the hires of two large-cap managers to split approximately $148 million. Calls to Gregory Nichols, executive director of...

SWIB Hires Rookie Analyst.
October 4, 2004... The $70 billion State of Wisconsin Investment Board has hired Jeff Lucas-a May graduate of University of Wisconsin School of Business-as its new global fixed-income analyst. The new hire fills a position that was vacated in April (See IMW,...

Canadian Funds Look At Alternative Investments To Curb Shortfalls.
October 4, 2004... The Canadian plan sponsor universe is following its U.S. counterparts in using alternative asset classes-particularly fund-of-fund strategies-as a proactive way to combat underfunding, according to a Greenwich Associates report. The report...

Felicelli: Growth Fundamentals, Research, Drive Flex-Cap Success.
October 4, 2004... For Frank Felicelli, CIO of the Franklin Private Client Group (FPCG)-a subsidiary of Franklin Templeton Investments-intellectual possession, patent protection and niche-market position, have served as the criteria for judging growth stocks at...

Odds & Ends.
October 4, 2004... *Stuart Reagan, CIO of the $13 billion Kentucky Teachers' Retirement System will retire at the end of November. Paul Yancey, an in-house fixed-income portfolio manager, will take over as CIO. *Pugh Capital Management has hired Anthony...

Wilshire: Funding Shortfalls Worsen for City, County Plans.
October 11, 2004... The funding status of city and county pension systems worsened to 83% last year from 84% in 2002, according to a new report from Wilshire Associates. Data for 2003 showed that the assets of 63 city and county retirement systems, rose to...

Okla. Teachers' Retirement Expels Artemis: Plan Launches Search For Small-Cap Growth Manager.
October 11, 2004... The $7 billion Teachers' Retirement System of Oklahoma has launched a search to replace terminated small-cap growth manager, Artemis Investment Management. Bill Puckett, plan CIO, said that the manager was recently terminated from its $140...

LACERA Studies Alternative Energy Markets.
October 11, 2004... The board of the $28 billion Los Angeles County Employees' Retirement Association has instructed its alternatives investment staff to investigate the alternative energy market, a move that could potentially lead to future investments in the...

POBs In San Diego City's Future: $200M Bond Sale Set For Early 2005.
October 11, 2004... San Diego's City Council has ratified the city's plans to issue $200 million in pension obligation bonds in early 2005 to shore up the underfunded San Diego City Employees' Retirement System. According to IMW's sister publication, The Bond...

Massachusetts Fund Surveys Real Estate.
October 11, 2004... The $137 million Somerville Retirement Board is searching for a real estate manager to oversee up to $5 million. The search will unseat an incumbent manager, said Tony Ferrelli, the board's accountant. "It's a replacement search," Ferrelli...

Danvers Plan Plots Multiple Searches.
October 11, 2004... The roughly $65 million Danvers Retirement System, has initiated searches for managers to oversee $5 million each in smid-cap value and international equity, and $25.5 million and $6.5 million in a core fixed-income and an S&P 500 Index...

Bristol to Invest in Hedge Funds.
October 11, 2004... The $386 million Connecticut-based Bristol General Retirement System is gearing up to make a definitive allocation to hedge funds, IMW learned last week. Calls to Robin Manual, assistant comptroller for Bristol County, were referred to the...

Pa. Muni Launches Consultant Search.
October 11, 2004... The $1.1 billion Pennsylvania Municipal Retirement Systems has issued an RFP for an investment consultant. James Allen, corporate secretary, said that the five-year contract for the plan's incumbent consultant-Dahab Associates-had expired...

Nevada PERS Picks Large-Cap Finalists.
October 11, 2004... The $16 billion Nevada Public Employees' Retirement System has selected four finalists to oversee a $250 million large-cap growth account. Ken Lambert, the plan's assistant investment officer, said that the board had selected Goldman Sachs...

MassPRIM Selects Hedge Fund Manager.
October 11, 2004... The $32 billion Massachusetts Pension Reserves Investment Management Board has finally completed its prolonged hedge fund search, said Doug Rubin, a spokesman for the fund. Fund-of-funds manager Silver Creek was originally slated for the...

University of Texas Tweaks Ethics Policies, Compensation Packages.
October 11, 2004... The University of Texas Board of Regents has implemented new guidelines that would limit potential conflicts of interests. The board also executed policies that could potentially raise compensation payouts to its employees. Michael Warden,...

KAMCO's Keeley Sees Value in Corporate Restructuring.
October 11, 2004... Mark Keeley, VP at Keeley Asset Management Corp., can understand if people do not share his excitement for finding value in corporate restructuring. "No one I tell could care," Keeley said. "Wife, children, no one." After all, seeking long-term...

Odds & Ends.
October 11, 2004... *Transamerica Investment Management (TIM) has hired Christopher Ericksen as a portfolio manager for the fund. Reporting to TIM's Head of Equity Investments Jeff Van Harte, he will focus on the firm's large-cap growth institutional products....

Stanford Students Challenge Endowment Officers.
October 18, 2004... The Stanford Coalition for Investment Disclosure, a student organization at Stanford University, has requested that the Stanford Management Company begin a dialogue about the ethical issues that are considered when investing the $12.2 billion...

San Antonio 911 Drops Capital Guardian...
October 18, 2004... The $1.4 billion San Antonio Fire and Police Pension Fund has terminated Capital Guardian Trust Co. from an emerging markets account and may be gearing up to search for the manager's replacement in the coming weeks. Full details of the...

...St. Louis County Places Them on Watch.
October 18, 2004... The $333 million St. Louis County Retirement Board has placed Capital Guardian Trust Co. on watch for performance issues on an international equity account of an undetermined size. An official at the plan confirmed the manager's watch...

Amvescap Affiliates Finalize Settlement: $451.5M Mistake Prompts Dramatic' Reform.
October 18, 2004... State and federal regulators have announced the final terms of a $451.5 million settlement over allegations that the now extinct Invesco Funds Group and its sister company AIM Investments engaged in abusive trading practices. The move puts...

Lynn City May Add Private Equity.
October 18, 2004... The $160 million Lynn City Contributory Retirement Board may use the assets of a "troubled" manager to fund its first foray into private equity investments. Gary Brenner, executive director, said the board was mulling over plans to launch...

Norfolk County Extends Search RFP.
October 18, 2004... The Norfolk County (Mass.) Retirement System has extended the due date for RFP submissions in its search for a private equity manager to oversee $10 million. Participating money managers were originally slated to hand over proposals by...

Mass. Turnpike Hunts for Int'l Equity.
October 18, 2004... The $175 million Massachusetts Turnpike Authority Employees' Retirement System has issued an RFP for an international equity manager to oversee $19 million. Details of the search were scant, as an official at the plan referred calls to the...

UM Keeps Tabs on Gabelli.
October 18, 2004... The board of the $725 million endowment fund of the University of Miami is keeping a close eye on Gabelli Asset Management after the firm was subpoenaed last week by the Securities and Exchange Commission for possible improper trading. ...

Dallas 911 To Hire DeAM Replacement.
October 18, 2004... The $2 billion Dallas Police & Fire Pension System, is said to be close to hiring a firm to replace Deutsche Asset Management on a roughly $101 million micro-cap account. Repeated calls to Richard Tettamant, plan administrator and Brian...

Chi-Town Teachers' Hires Minority Firms.
October 18, 2004... The Public School Teachers' Pension and Retirement Fund of Chicago has hired Valenzuela Capital Partners to manage a $40 million domestic equity large-cap value account and Taplin, Canida & Habecht, and LM Capital Group core fixed-income...

Lord Abbett Appoints Five New Partners.
October 18, 2004... Lord Abbett & Co. has named Milton Ezrati, Gerard Heffernan, Jr., Jerald Lanzotti, Richard Larsen and Michael Radziemski partners. Ezrati, who has worked in the investment industry for more than 33 years, is currently the company's senior...

Transamerica Hires Large-Cap PM.
October 18, 2004... Citing a boom in its assets under management, Transamerica Investment Management has hired Christopher Ericksen as a portfolio manager. Ericksen, who will report to Jeff Van Harte, Transamerica's head of equity investments, comes to the...

Correction/Clarification.
October 18, 2004... Due to a misprint in documents provided to IMW, information in the Oct. 4 story-Tacoma Renews Wilshire Contract-was incorrect. Wilshire's consulting fees were not reduced.

Putnam Names Director of Government Relations.
October 18, 2004... Putnam Investmentsannounced last week it has hired Deidre Phillips as VP and director of government relations. In this role, Phillips will work closely with parent company Marsh & McLennan and be responsible for cultivating and maintaining...

Teamwork is Key for Success for Boutique Firm.
October 18, 2004... Teamwork is not a hollow concept for Joseph Stocke CIO of Stoneridge Investment Partners. While the Malvern, Pa.-based, money manager can boast of its impressive in-house quantitative research tools and strong stock-screening processes,...

Odds & Ends.
October 18, 2004... *Peter Lewis has joined Tuckerbrook Alternative Investments as managing director. In this role he will focus on creating and managing the firm's real estate investment product, as well as co-managing its diversified real assets product designed...

California May Create Student Trust Fund.
October 25, 2004... California State Treasurer Phil Angelides has proposed creating a permanent endowment for the state's colleges and universities, using the $5 billion in state-owned real estate assets. Angelides estimates annual returns of $300 million for the...

Ala. PACT Searches for Int'l Equity Manager.
October 25, 2004... The board of the $627 million Alabama Prepaid Affordable College Tuition (PACT) Trust, seeking to diversify its international equity portfolio, has launched a search for a core international equity manager to oversee $100 million. Anthony...

Louisiana Diversifies with Private Equity.
October 25, 2004... The $6.3 billion Louisiana State Employees' Retirement System has launched a search for a private equity fund-of-funds manager to oversee $100 million. Robert Beale, plan CIO, explained that the search would diversify its existing...

Homecoming for Former Wilshire Pro: Davanzo Returns as Senior Managing Director.
October 25, 2004... Larry Davanzo, founder of Asset Strategy Consulting and pioneer of InvestorForce, has returned to Wilshire Associates after a 13-year absence. Davanzo, most recently a managing director at Guggenheim Partners, returned to Wilshire on Oct....

El Paso 911 to Search For Real Estate.
October 25, 2004... The $532 million El Paso Firemen & Policemen's Pension Fund will search for a real estate manager to oversee approximately $25 million in the coming months. The move follows an initiative established at the beginning of the year to fulfill...

MHFA Searches For High Yield.
October 25, 2004... The $44 million Massachusetts Housing Finance Agency Retirement System is searching for a fixed-income high yield manager, John Doherty, plan administrator told IMW last week. "This is an initial allocation," he said. "We felt it would...

OPERS Issues RFP for CommissionRecapture.
October 25, 2004... The $5 billion Oklahoma Public Employees' Retirement System has issued an RFP for a "vendor" to provide comprehensive commission recapture services for the pension fund. Full details regarding the search could not be ascertained, as calls...

Illinois Teachers' Earns Record Returns.
October 25, 2004... The $31.4 billion Illinois Teachers' Retirement System earned record investment returns during its last fiscal year, said John Day, plan spokesman. Ranking as the plan's number one revenue source, the $4.5 billion earned on investment...

South Carolina to Hire for Small-Cap Growth.
October 25, 2004... The investment panel of the $28 billion South Carolina Retirement System put forth a recommendation that the board hire Nicholas-Applegate Capital Management (NACM) and Batterymarch Financial Management as managers to oversee $90 million and...

Phoenix Hires For Sub-Advisory Business.
October 25, 2004... Phoenix Investment Partners, holding true to its promise to develop its institutional business, has hired Christopher Walsh as its new managing director for the sub-advisory and retirement division. Walsh, most recently a VP of retirement...

MLIM Brings Core Bonds To Market.
October 25, 2004... Merrill Lynch Investment Managers, seeking to increase its $95 billion in institutional fixed-income assets under management, is introducing its core bond strategy to the gamut of institutional investors. Frank Marckioni, managing...

Court Ruling Subjects Pa. Funds to Audit.
October 25, 2004... Pennsylvania's two major public plans will be audited as a result of a recent ruling issued by the state's Commonwealth Court. The battle between the financial watchdog and the state pension funds was sparked last January when Auditor...

Goode Brings Clients Through With Stable Value.
October 25, 2004... There are not many investment management firms that have brought their clients through the tumult of the last four years without missing a beat ,no capital losses, no emergency contributions, no buyer's remorse and no regrets. Goode Investment...

Jung Focuses on Actuaries and Healthcare for Texas Teachers'.
October 25, 2004... In May, Ronnie Jung stepped up to manage the efforts for one of the largest public pension funds in the nation. As executive director of the $88 billion Teachers' Retirement System of Texas (TRS), he cites maintaining an actuarially sound...

Odds & Ends.
October 25, 2004... *The Managed Funds Association, a hedge fund trade group, has released a statement and list of alternatives to the Securities and Exchange Commission's proposed regulations of the industry. Among the suggestions, the group has asked that the...