Nomura Capital
Management Inc.
180 Maiden Lane, Suite 2903, New York, N.Y. 10038; phone: (212) 509-8181; fax: (212) 509-8835
(U.S. $ millions)
Total discretionary assets5,391
Non-U.S. pension assets227
U.S. discretionary tax-exempt assets managed:
Total international/global4,365
International4,365
Active equity accounts4,241
Active bond accounts124
Minimum separate account5
Nomura Capital Management Inc. had $4.365 billion in international accounts as of March 31.
The equity assets were committed most heavily to Japan, Australia, the United Kingdom, Hong Kong and Malaysia.
The equity approach is a combination of top-down and bottom-up, with a concentration on stock selection screened through original fundamental research and valuation. The fixed-income approach uses interest rate anticipation, based on active country, currency and duration decisions. Local managers invest in their respective regions.
Analysts or portfolio managers are stationed in Tokyo, Osaka, Yokohama, Singapore, Hong Kong, Sydney, London, Paris, Frankfurt, New York and Washington.
The firm, a subsidiary of Nomura Investment Management Co. Ltd., has been registered with the SEC since 1976.
Takeo Nakamura is chief investment officer; Brian X. Fitzgibbon and William Barnes are client contacts.
Oechsle International
Advisors
1 International Place, 23rd Floor, Boston, Mass. 02110; phone: (617) 330-8810; fax: (617) 330-8812
(U.S. $ millions)
Total discretionary assets6,062
Non-U.S. pension assets144
U.S. discretionary tax-exempt assets managed:
Total international/global4,947
International4,250
Active equity accounts4,132
Active bond accounts118
Global697
Active equity accounts471
Active bond accounts226
Minimum separate account20
Oechsle International Advisors had $4.25 billion in international accounts and $697 million in global accounts as of March 31.
The firm's asset mix for international accounts was 97% equity and 3% bonds as of March 31; equity assets were committed most heavily to Japan, the United KIngdom, Italy, Germany and France.
As of the same date, its global account asset mix was 68% equity and 32% bonds; equity assets were committed most heavily to Japan, the United States, the United Kingdom, Italy and Germany.
Analysts or portfolio managers are stationed in Boston, London, Tokyo and Frankfurt.
The firm has been registered with the SEC since 1986.
Walter Oechsle is chief investment officer; Steve Langer is client contact.
OFFITBANK
520 Madison Ave., New York, N.Y. 10533; phone: (212) 758-9600; fax: (212) 421-6227
(U.S. $ millions)
Total discretionary assets5,946
U.S. discretionary tax-exempt assets managed:
Total international/global388
International21
Active bond accounts14
Emerging markets7
Global367
Active bond accounts337
Emerging markets30
Minimum separate account10
OFFITBANK had $21 million in international accounts and $367 million in global accounts as of March 31.
The firm's asset mix for international accounts was 90% bonds and 10% cash as of March 31. As of the same date, its global account asset mix was 92% bonds and 8% cash.
The firm actively manages multicurrency fixed-income portfolios to take advantage of currency relationships and yield curve differentials. Portfolio strategies are guided by a long-term cyclical view of world capital markets, interest rate spread relationships and central bank policy.
Analysts or portfolio managers are stationed in New York and Hong Kong.
Samuel R. Karetsky is client contact.
Pacific Investment
Management Co.
840 Newport Center Drive., Suite 360, Newport Beach, Calif. 92660; phone: (714) 640-3031; fax: (714) 760-4739
(U.S. $ millions)
Total discretionary assets53,327
U.S. discretionary tax-exempt assets managed:
Total international/global5,303
International4,234
Active bond accounts4,234
Global1,069
Active bond accounts1,069
Minimum separate account75
Pacific Investment Management Co. had $4.234 billion in international accounts and $1.069 billion in global accounts as of March 31.
The firm's asset mix for international accounts was 100% bonds as of March 31. As of the same date, its global account asset mix was 95% bonds and 5% cash.
The firm's global fixed-income style is a top-down core approach that avoids extreme swings in duration, country and currency exposure. Major strategy shifts are driven by long-term or secular trends. Sophisticated analytical tools are used.
Analysts or portfolio managers are stationed in Newport Beach.
The firm, a subsidiary of Pacific Mutual Life Insurance Co., has been registered with the SEC since 1971.
William Gross is chief investment officer; Doug Hodge is client contact.
PanAgora Asset
Management Inc.
260 Franklin St., Boston, Mass. 02110; phone: (617) 439-6300; fax: (617) 439-6675
(U.S. $ millions)
Total discretionary assets12,605
Non-U.S. pension assets2,212
U.S. discretionary tax-exempt assets managed:
Total international/global1,952
International1,655
Active equity accounts410
Active bond accounts27
Indexed equity accounts1,218
Global297
Active equity accounts44
Active bond accounts87
Balanced166
Minimum separate account10
PanAgora Asset Management Inc. had $1.66 billion in international accounts and $297 million in global accounts as of March 31.
The firm's asset mix for international accounts was 100% equity as of March 31; assets were committed most heavily to Japan, Germany, France and the Netherlands.
As of the same date, its global account asset mix was 87% equity, 12% bonds and 1% cash; equity assets were committed most heavily to Japan, the United States, Spain, Australia and Sweden.
The firm combines fundamental analysis and econometric models to identify mispriced assets.
The firm runs $948 million of U.S. institutional, discretionary tax-exempt assets in managed currency overlay strategies; $483 million of the underlying assets is managed internally.
Analysts or portfolio managers are stationed in Boston and London.
The firm, jointly owned by Lehman Brothers Inc. and Nippon Life Insurance, has been registered with the SEC since 1989.
Richard A. Crowell is chief investment officer; Jay Cromarty is client contact.
Payden & Rygel
333 S. Grand Ave., 32nd Floor, Los Angeles, Calif. 90071; phone: (213) 625-1900; fax: (213) 625-1943
(U.S. $ millions)
Total discretionary assets16,000
U.S. discretionary tax-exempt assets managed:
Total international/global2,000
International200
Active bond accounts200
Global1,800
Active bond accounts1,800
Minimum separate account25
Payden & Rygel had $200 million in international fixed-income accounts and $1.8 billion in global fixed-income accounts as of March 31.
The firm's approach begins on a macro level with an emphasis on maturity and total return opportunities. Currency positions are actively managed by various hedging techniques, options and futures. Currency exposure then is managed with a level of volatility consistent with the client's objective.
The firm runs $120 million of U.S. institutional, discretionary tax-exempt assets in currency overlay strategies; none of the underlying assets is managed internally.
Analysts or portfolio managers are stationed in Los Angeles.
The firm has been registered with the SEC since 1983.
John P. Isaacson is chief investment officer; Lynda L. Faber is client contact.
PCM International Inc.
820 Morris Turnpike, Suite 102, Short Hills, N.J. 07078; phone: (201) 912-7500; fax: (201) 912-7549
(U.S. $ millions)
Total discretionary assets954
Non-U.S. pension assets21
U.S. discretionary tax-exempt assets managed:
Total international/global881
International881
Active equity accounts855
Other26
Minimum separate account10
PCM International Inc. had $881 million in international accounts as of March 31.
The firm's asset mix for international accounts was 98% equity and 1% cash and 1% options as of March 31; equity assets were committed most heavily to Japan, Italy, Korea, Germany and France.
The firm's approach is bottom-up and seeks growth at a reasonable price. Security valuations are screened through a proprietary computer model. Defensive risk management techniques are used to avoid bear market phases. Currencies are actively managed.
Analysts or portfolio managers are stationed in Short Hills.
The firm, a subsidiary of The Prudential, is registered with the SEC.
Barry Gillman and Cassandra Hardman are chief investment officers;
Jeffrey S. Kutler is client contact.
Pinnacle Associates Ltd.
666 Fifth Ave., 14th Floor, New York, N.Y. 10103; phone: (212) 757-7333; fax: (212) 757-6619
(U.S. $ millions)
Total discretionary assets560
U.S. discretionary tax-exempt assets managed:
Total international/global254
International34
Active equity accounts34
Global220
Active equity accounts220
Minimum separate account2
Pinnacle Associates Ltd. had $34 million in international accounts and $220 million in global accounts as of March 31.
The firm's asset mix for international accounts was 99.9% equity and 0.1% cash as of March 31; equity assets were committed most heavily to Hong Kong, the United Kingdom, Singapore, Argentina and France.
As of the same date, its global account asset mix was 99.9% equity and 0.1% cash; equity assets were committed most heavily to the United States, Hong Kong, Malaysia, Argentina and Singapore.
The firm structures portfolios through top-down quantitative country weightings combined with bottom-up selection of unique and rapidly growing companies.
Analysts or portfolio managers are stationed in New York.
The firm has been registered with the SEC since 1984.
Nicholas Reitenbach is chief investment officer; he and Christine Ackert are client contacts.
Rowe Price-Fleming
International
100 E. Pratt St., Baltimore, Md. 21202; phone: (410) 547-2130; fax: (410) 547-1270
(U.S. $ millions)
Total discretionary assets16,217
U.S. discretionary tax-exempt assets managed:
Total international/global6,901
International6,901
Active equity accounts6,313
Indexed bond accounts588
Minimum separate account50
Rowe Price-Fleming International had $6.901 billion in international accounts as of March 31.
The firm's asset mix for international accounts was 91% equity and 9% bonds as of March 31; equity assets were committed most heavily to Japan, the United Kingdom, the Netherlands, France and Malaysia.
The firm's approach is a top-down, bottom-up hybrid that links a broad macroeconomic framework with the attractiveness of stock opportunities in each market. Stock selection emphasizes growth at a reasonable price.
Analysts or portfolio managers are stationed in Hong Kong, Tokyo, London, Jakarta, Shanghai, Bombay, Taipei, Kuala Lumpur, Manila, Bangkok, Johannesburg, Seoul and Singapore.
The firm, a joint venture of T. Rowe Price and Fleming Group, is registered with the SEC.
Martin G. Wade is chief investment officer; George A. Murnaghan is client contact.
Putnam Investments
1 Post Office Square, Boston, Mass. 02109; phone: (617) 292-1000; fax: (617) 292-1618
(U.S. $ millions)
Total discretionary assets89,693
Non-U.S. pension assets4,405
U.S. discretionary tax-exempt assets managed:
Total international/global5,863
International2,139
Active equity accounts1,262
Active bond accounts805
Balanced72
Global3,724
Active equity accounts71
Active bond accounts3,401
Balanced252
Minimum separate account10
Putnam Investments had $2.139 billion in international accounts and $3.724 billion in global accounts as of March 31.
The firm's asset mix for international accounts was 61% equity and 39% bonds as of March 31; equity assets were committed most heavily to Japan, the United Kingdom, France, the Netherlands and Mexico.
As of the same date, its global account asset mix was 62.7% equity and 37.3% bonds; equity assets were committed most heavily to Japan, the United States, the United Kingdom, France and the Netherlands.
The firm offers a variety of investment vehicles and styles.
Analysts or portfolio managers are stationed in Boston, London and Tokyo.
The firm, a subsidiary of Marsh & McLennan, is registered with the SEC.
Peter Carman and Gary Coburn are chief investment officers; John F. Boneparth is client contact.
