Investment Management Weekly articles from October 2007

Investment Management Weekly archives from October 2007

Fidelity Changes Structure.
October 1, 2007... Under the leadership of new president Rodger Lawson, Fidelity Investments is reportedly making changes to the firm's institutional structure. All of its institutional businesses-brokerage, capital markets, institutional wealth, corporate...

Iowa PERS To Possibly Replace Schroders.
October 1, 2007... As first reported on imweekly.com (9/25/07), the $2.3 billion Iowa Public Employees' Retirement System (IPERS) recently discussed changes to its international equity portfolio that could lead to the replacement of a manager at the fund. ...

Kansas City Fund Plots Commodities Foray.
October 1, 2007... The $850 million Kansas City Police and Civilian Employees' Retirement System is one step closer to making an initial investment in the commodities asset class. James Pyle, manager at the fund said that while no portfolio size has been set...

Dallas Hospital System Seeks Two Managers.
October 1, 2007... The Parkland Health & Hospital System has issued two RFPs seeking managers to oversee small/mid-cap growth and small/mid-cap value equity accounts for the Dallas-based hospital retirement plan. Further details regarding the searches,...

OAS Seeks Consultant For Trust Funds.
October 1, 2007... The Organization of American States (OAS) has issued an RFP for a consultant to assist the organization with investment oversight and reporting. The hired firm will work with the $18.9 million Medical Benefits Trust Fund, which provides...

Torrington Looks At New Consultants.
October 1, 2007... The City of Torrington Pension Plans-which includes the $25.6 million employees' retirement plan and the $37.5 million police and fire retirement plan-is looking for a new consultant. Richard Friday, the city's treasurer, said that...

CalSTRS Looks for RE Consultant.
October 1, 2007... The $169 billion California State Teachers' Retirement System (CalSTRS) has issued an RFP for a real estate consultant to assist the plan's investment committee with strategies, policies and practices in the asset class. Sherry Reser,...

LACERS Sticks with Large-Cap Manager.
October 1, 2007... The board of the $10 billion Los Angeles City Employees' Retirement System renewed Aronson, Johnson & Ortiz's (AJO) contract for management of the plan's large-cap value domestic equity portfolio last week. AJO manages a $500 million...

Stanislaus To Hear More on REITs.
October 1, 2007... The Stanislaus County Employees' Retirement Association (StanCERA) is one step closer to making a potential investment in global REITs-its first ever. Tom Watson, administrator at the $1.4 billion plan, told IMW that the board would soon...

Odds & Ends.
October 1, 2007... * Ben Alibrandi has joined Credit Suisse as a director to its consultant relations team in the U.S. He will report to Richard Pustorino, head of the consultant relations team at the firm. Prior to this, Alibrandi was with Lehman Brothers, where...

Pa. School Fund Eyes New Investments.
October 1, 2007... The $67.2 billion Pennsylvania Public School Employees' Retirement System (PSERS) considered investments in real estate and alternative assets at its meeting last week. According to the agenda the board discussed possible investments in...

New Jersey Makes Alternatives Hires.
October 1, 2007... After a short summer recess, the board of the $82.2 billion New Jersey State Investment Council (SIC) is back in full force with plans to search for a bond manager, in addition to new hires for the plan. Mark Purkiss, spokesman with the...

Texas ERS Loses Investment Head.
October 1, 2007... Kathy Reissman has resigned from her position as director of investments with the Employees' Retirement System of Texas (ERS), confirmed Mary Jane Wardlow, spokeswoman for the fund. Reissman has been with the ERS since 1995, and has served...

Opportunity Funds Swoop In.
October 1, 2007... With the subprime fallout creating a liquidity crunch in the mortgage-backed securities (MBS) sector that is expected to last well into next year, several large, well-known asset management firms and smaller alternative investment shops are...

A Valuation for Carlyle Group?
October 1, 2007... One day after the Carlyle Group announced its hire of a prominent Washington attorney for a newly created regulatory affairs position-the very day the firm's offices were besieged by members of the Service Employees International Union...

Correction.(Correction notice)
October 1, 2007... In the Sept. 24 issue of IMW, the last sentence in At Press Time "SEC Investigates Callan", was incorrect. The corrected version should read: "Between 1998 and 2005, Callan told clients that BNY was its preferred broker/dealer, but failed...

Fidelity Taps JPMorgan CEO.
October 8, 2007... Fidelity Investments has hired Michael Clark to head its institutional services division. He joins the firm from JPMorgan, where he was the CEO of its $15 trillion worldwide securities services business. At Fidelity, he will report to...

Fairfax Educational Plan Rolls Out Searches.
October 8, 2007... The Educational Employees Supplementary Retirement System of Fairfax County (ERFC) has launched searches for managers to oversee small-cap equity and hedge fund accounts at the $2 billion plan, said Alan Belstock, executive director with the...

COPERA Carves Out New Bond Allocation.
October 8, 2007... The $41 billion Colorado Public Employees Retirement Association (COPERA) is gearing up to implement a new long-term fixed-income investment strategy, said Katie Kaufmanis, a spokeswoman for the plan. The measure, which was recently...

Pennsylvania Plan Cuts Down Manager Roster.
October 8, 2007... The $67.2 billion Pennsylvania Public School Employees Retirement System (PSERS) has trimmed down its manager roster, confirmed Evelyn Tatkovski, spokeswoman for the plan. At its meeting last month, the board terminated domestic equity...

ACERA to Seek Emerging Managers.
October 8, 2007... The $5.3 billion Alameda County Employees Retirement Association (ACERA) made a slew of changes recently, which includes the hiring of a new quantitative manager for its international equity portfolio and the development of a new domestic...

Merced County Looks At REITs.
October 8, 2007... The $446 million Merced County Employees Retirement Association (MCERA) discussed making a possible investment in REITs at its meeting last month. Maria Arevalo, administrator at the California plan, did not return calls seeking additional...

Mass. PRIM Board Fires Two.
October 8, 2007... The $50 billion Massachusetts Pension Reserves Investment Management Board (PRIM) decided to terminate two of its investment managers at an Oct. 2 meeting. The Boston Company Asset Management was terminated from a $1.2 billion...

Weymouth Looks at Consultant Options.
October 8, 2007... The $141 million Weymouth Contributory Retirement System is looking at investment consultants in a move that could potentially replace incumbent Segal Advisors, confirmed Marsha Silva, admistrator at the Massachusetts plan. Silva said that...

MHFA Examines Fund-Of-funds.
October 8, 2007... The $68 million Massachusetts Housing Finance Agency Retirement System (MHFA) is seeking a manager to oversee a $2.5 million private equity fund-of-funds account. David Sullivan, executive secretary with the MHFA, said that fund is looking...

Colorado Plan Hires Morgan Stanley.
October 8, 2007... The City of Loveland has a new investment advisor to help oversee its $180 million in investments, Alan Krcmarik, the Colorado citys finance manager, told IMW last week. Krcmarik said that Morgan Stanley was selected as the boards new...

Large-Cap Search Nears End at SJCERA.
October 8, 2007... The San Joaquin County Employees Retirement Association (SJCERA) interviewed three firms in its search for a U.S. equity large-cap domestic short extension manager at a recent financial committee meeting, said Annette St. Urbain, the California...

Lakeland Police Look At Bond Managers.
October 8, 2007... The $17 million City of Lakeland Police Officers Retirement Fund (PORF) recently interviewed potential new bond managers, according to the minutes from the boards September meeting. Agincourt Capital Management, which utilizes a yield curve...

Risk Management Key to Hedge Funds' Success.
October 8, 2007... The hedge fund market is set to continue its rapid growth as institutions, under pressure to demonstrate more clearly that they can meet their future obligations, seek alternative investment products that deliver strong returns. However,...

Odds & Ends.
October 8, 2007... * James DuPont has joined Independence Investments in a newly created position as VP in its sales and relationship management group. He will report to James Tovey, senior VP and director of sales and relationship management. DuPont was most...

Michigan Plan Files Mattel Suit.
October 15, 2007... The $180 million Sterling Heights Police and Fire Retirement System has filed a shareholder suit against Mattel, alleging that the mishandling of product safety procedures were responsible for recent toy recalls, according to The New York...

Tampa City Fund Discusses Emerging Markets.
October 15, 2007... The $616.2 million General Employees Retirement Fund of Tampa is mulling the idea of making an initial foray into emerging markets, confirmed Paul Broughton, plan coordinator. "Right now we're just playing with the idea," he said. "Even if...

N.H. Fund To Consider Consultant Change: Plan Also Eyeing Portable Alpha.
October 15, 2007... As first reported on imweekly.com (10/10/07), the Manchester Employees Contributory Retirement System (MECRS) could soon be looking for a new consultant-a direct result of personnel changes at New England Pension Consultants (NEPC), the $96.5...

Braemar Sees Potential in Global Warming.
October 15, 2007... There is a lot of bad news coming out these days about global warming and oil prices. But bad news on the climate and energy front are good news for Braemar Energy Ventures, said Neil Suslak, a managing director and principal of the New York...

LACERA Looks At Long/Short Equity.
October 15, 2007... The investment board of the Los Angeles County Employees' Retirement Association (LACERA) discussed the possible issuance of an RFI for 130/30 managers and prime brokers at its meeting last week, according to the plan's Web site. Further...

Green Mountain State Hunts for Managers.
October 15, 2007... The Vermont Pension Investment Committee (VPIC) has issued two RFPs for managers to oversee global asset allocation and portable alpha mandates at the $3.3 billion Vermont State Retirement System (VSRS), as first reported on imweekly.com...

Oklahoma Cops Launch Bond Search.
October 15, 2007... The Oklahoma Police Pension & Retirement System (OPPRS) has issued an RFP for a global bond manager to oversee an initial investment of between $40 million and $60 million. The plan discussed potentially launching the search with its...

Another Replacement For The Boston Co.?
October 15, 2007... The $225.5 million New Bedford Retirement System has issued an RFP for a manager to oversee an approximately $15 million international growth equity mandate in a move that could potentially replace The Boston Company. Further details could...

ICERS to Interview Small-Cap Managers.
October 15, 2007... The $265 million Imperial County Employees' Retirement System (ICERS) will interview two small-cap international equity managers at its Oct. 17 meeting, said David Prince, retirement division manager with ICERS. Victory Capital Management...

New Funds Discussed at New Mexico Plan.
October 15, 2007... Three new alternative investments were discussed at last week's investment committee meeting for the $11.5 billion New Mexico Public Employees Retirement Association (NM PERA). The committee considered two hedge fund investments of $35...

Lakeland Makes Manager Selections.
October 15, 2007... The $18 million City of Lakeland Police Officers' Retirement Fund (PORF) selected three new managers at its Oct. 2 meeting. According to minutes from the meeting, Galliard Capital Management was selected to oversee a bond portfolio....

OCERS Picks PIMCO for Mortgage Fund.
October 15, 2007... The Orange County Employees' Retirement System (OCERS) recently approved a $50 million investment in a distressed mortgage fund managed by PIMCO, said Robert Kinsler, spokesman for the $7.7 billion California plan. "This is a highly...

LA 911 Looks at Urdang Fund.
October 15, 2007... The board of the Los Angeles Fire & Police Pension System (LAFPP) was scheduled to consider an investment in Urdang Advisors' Value-Added Fund II last Thursday. Prior to the meeting, Tom Lopez, the plan's CIO, explained that the board is...

LACERS Considers More Real Estate.
October 15, 2007... The investment committee of the Los Angeles City Employees' Retirement System (LACERS) considered new real estate investments last week. According to the agenda for an Oct. 9 meeting, the committee considered recommending a $30 million...

Money Manager Boosts Consultant Relations.
October 15, 2007... Franklin Templeton Institutional has named Dennis Rothe head of U.S. consultant relations, as it continues its focus on expanding the team. Rothe was most recently a senior VP at the firm. In his new role, he will report to William Babtie,...

Odds & Ends.
October 15, 2007... * Citigroup has decided to retain only four fund managers from Tribeca Global Management. Citigroup closed the hedge fund manager last month, when it had 20 fund managers. John Park, who specializes in merger arbitrage, Andrew Wang, who...

Watson Wyatt: Plans Should Invest Internally.
October 22, 2007... According to Watson Wyatt Worldwide, pension plans allocate to external managers and not enough to internal resources. Roger Urwin, global head of investment consulting at the firm, said that the costs of running pension plans have...

Fresno City Funds Discusses The Boston Co.
October 22, 2007... The investment committee of the City of Fresno Retirement Systems (CFRS)-which makes decisions on behalf of the $945.9 million Employees' Retirement System and the $1.04 billion Fire & Police Retirement System-discussed potentially replacing...

Arkansas Fund Needs New Manager.
October 22, 2007... The Arkansas Venture Capital Investment Trust (AVCIT) is seeking a manager to oversee the newly created Arkansas Risk Capital Matching Fund (ARCMF). According to the RFP, the ARCMF was created earlier this year in order to "assist in the...

Swimming With the Big Fish: Canadian Plans Dive into Private Equity.
October 22, 2007... At the end of June, the Ontario Teachers Pension Plan (OTPP) led a leveraged buyout of BCE, Canada's largest telecommunications company. To pull off the deal, OTPP successfully outmaneuvered rival private equity groups led by the Canadian...

City of San Marcos Launches Search.
October 22, 2007... The $138 City of San Marcos has launched a search for investment management services. Rosie Vela, director of finance for the Texas plan, referred questions to Cheryl Pantermuehl, purchasing manager. Pantermuehl said that the city was...

CalPERS to Review Global Equity.
October 22, 2007... The $256.2 billion California Public Employees' Retirement System (CalPERS) will begin an internal review of its $150 billion global equity portfolio, including staff, consultants and external managers in an effort to optimize the portfolio's...

Essex R.B. Looks for Small-Cap.
October 22, 2007... The $278.6 million Essex Regional Retirement Board has launched a search for a small-cap growth equity manager to oversee a $10 million mandate. A source at the plan stated that small-cap growth is a new asset class for Essex, and that the...

Timber! Mass. Plans Seek Managers.
October 22, 2007... Investments in timber picked up steam last week in Massachusetts, as two plans launched searches for managers in the asset class. The $280 million City of Quincy Retirement System is on the lookout for a firm to oversee an approximately $9...

SFERS Approves Search; Picks Finalists.
October 22, 2007... An RFP for global real estate securities managers was issued by the San Francisco City & County Employees' Retirement System (SFERS) last week, following approval at the board's Oct. 9 meeting, confirmed David Kushner, deputy director for...

Indiana Teachers Change Roster.
October 22, 2007... The $9 billion Indiana State Teachers' Retirement Fund (TRF) recently terminated Institutional Capital Corp. (ICAP) from a $75 million large-cap value mandate, said CIO Robert Newland. ICAP was stripped of the assets due to personnel...

New Jersey Council Looks at Alternatives.
October 22, 2007... The $82.2 billion New Jersey State Investment Council (SIC) was scheduled to consider numerous potential alternative investments at an Oct. 18 meeting. According to its Web site, the SIC was expected to discuss real estate investments in...

Odds & Ends.
October 22, 2007... *Aberdeen Asset Management has appointed Christopher Gagnier head of U.S. fixed-income investment. He is replacing Gary Bartlett who will remain CEO of the firm's U.S.-based operations. Gagnier is also a senior portfolio manager and head of the...

Northern Trust Names New CEO.
October 22, 2007... Frederick "Rick" Waddell, president of Northern Trust Corp. will take on the CEO role, effective Jan. 1, 2008, the firm announced last week. Waddell will be replacing William Osborn who is stepping down from the position, which he has held...

Seattle City Names New Director.
October 22, 2007... The Seattle City Employees' Retirement System has selected a new executive director. Cecelia Carter was hired to replace Norman Ruggles, who left the plan last year (See IMW, 9/25/06), according to its Web site. She is joining from the...

Common Fund Increases Emerging Managers Program.
October 29, 2007... The $154.5 billion New York State Common Retirement Fund is going to be investing more in emerging managers in the coming years. According to published reports, Thomas DiNapoli, state comptroller and sole trustee, has increased the fund's...

St. Paul Teachers' Looks at Growth.
October 29, 2007... Up for discussion at the St. Paul Teachers' Retirement Fund Association's (SPTRFA) recent board meeting was the issuance of an RFP for a large-cap growth manager, according to its Web site. Nelson's MarketPlaceWeb.com indicates that SPTRFA...

L.A. Guns & Hoses To Replace Townsend?
October 29, 2007... The Los Angeles Fire & Police Pensions (LAFPP) may issue an RFP for a real estate consultant in the near future, possibly resulting in the replacement of The Townsend Group. The board was scheduled to discuss staff recommendations that the...

Contra Costa Eyes Long/Short Equity.
October 29, 2007... The Contra Costa County Employees' Retirement Association (CCCERA) was slated to hear educational presentations on 130/30 strategies at its meeting last week, according to the California plan's Web site. Further details regarding the...

Value Manager Out At LACERA?
October 29, 2007... The $40.1 billion Los Angeles County Employees Retirement Association (LACERA) was slated to discuss removing ICM Asset Management from a small-to mid-cap value equity account, according to the agenda for the plan's meeting last week. The...

Worcester Considers Private Equity.
October 29, 2007... The Worcester Retirement System has issued an RFI for direct private equity funds. According to the RFI, the Massachusetts plan is interested in managers of buyout, venture capital, mezzanine, distressed debt and special situations funds....

Colorado PERA Issues RFP.
October 29, 2007... The $40 billion Colorado Public Employees' Retirement Association has begun a search for global custodian and securities lending services. According to the RFP, the plan either will hire one firm to provide both services or hire two firms,...

Chicago Teachers Looks at Infrastructure.
October 29, 2007... The $10.9 billion Chicago Teachers' Pension Fund (CTPF) is one step closer to making its first investment in infrastructure, said Kevin Huber, the plan's executive director. Huber explained that the board is interested in the asset class...

Int'l Finalists Named By Merced County.
October 29, 2007... The $446 million Merced County Employees' Retirement Association (MCERA) was scheduled to interview three finalists for a mid-to large-cap core international equity mandate, last week. According to the agenda for an Oct. 25 meeting, the...

Imperial County Scores Victory.
October 29, 2007... The $265 million Imperial County Employees' Retirement System (ICERS) has hired Victory Capital Management to manage a small-cap international equity account, David Prince, retirement division manager at the California plan, told IMW last week....

Santa Barbara Approves New Funds.
October 29, 2007... The $1.8 billion Santa Barbara County Employees' Retirement System (SBCERS) gave the green light to new investments in private equity and real estate last week, said Oscar Peters, the California plan's administrator. SBCERS private equity...

Odds & Ends.
October 29, 2007... *The Boston Company has appointed David Cameron CEO and president. He is replacing Patrick Sheppard, who left the firm to join William Blair Investment Management, as president. Cameron, who was most recently CIO at The Boston Company, has been...

Hedge Funds Face Uncertain Future.
October 29, 2007... The hedge fund industry may have more than $2 trillion in assets under management-and was given billions of dollars to invest in the second quarter of this year alone-but it is also facing calls for increased transparency and closer regulation....

New Leader Needed for Winchester R.S.
October 29, 2007... The Winchester Retirement System is seeking a new administrator to oversee the day-to-day operations at the $80.7 million Massachusetts plan. The incumbent Karen DeAngelis explained that she is leaving the system on Nov. 5 to become the...