A settlement agreement between Seaboard Investment Advisers Inc. and the SEC is expected this week.
Seaboard had been accused by the SEC of advertising false or misleading performance numbers. Terms of the agreement haven't been finalized yet, but they involve a possible payment of $1 million, semiannual audits by an independent accounting firm and added compliance officers and education. Under the proposed agreement, Seaboard would neither admit nor deny wrongdoing.
Alan Adelman, formerly CIO of First Interstate Bank of California, has been named president and CEO of Analytic Investment Management, one of the nation's oldest derivatives managers, with $1.2 billion in assets.
He replaces Sheen Kassouf, who remains as chairman. First Interstate is searching for a replacement for Mr. Adelman.
Analytic is a subsidiary of United Asset Management.
The California Public Employees' Retirement System, Sacramento, is in the process of sending out notices of rejection to people who applied unsuccessfully for the CEO's job. The fund also is running preliminary background checks on applicants still under consideration.
Preliminary interviews for the job formerly held by Dale Hanson could begin by the end of August; selection of finalists is expected in September.
John Lawson has been appointed the first full-time executive director of the $750 million Houston Policemen's Retirement System. Mr. Lawson is a former stock broker and former fund trustee. He said no changes are anticipated at least until he has reviewed the system's investment structure.
John Winchester has been named acting CIO and Gary Carter, acting chief administrative officer, of the $11 billion State of Connecticut Trust Funds, Hartford.
The two will fill in for Frank P. McDermott, the assistant state treasurer who retired June 24.
The fund plans to advertise shortly for a new assistant treasurer, but it has already been approached by some potential candidates, said spokeswoman Mildred McNeil.
Mr. Winchester is principal investment officer-pension analysis; Mr. Carter is principal investment officer-pension accounting.
In another development, the fund reappointed Mellon Trust to a three-year contract as master custodian after a review.
Sens. William V. Roth Jr., R.-Del., and John Breaux, D-La., introduced a bill July 21 that would restore full deductibility of IRAs. The bill also would create a non-deductible IRA whose earnings would not be taxed on withdrawal.
The bill also would allow withdrawals from IRAs for college expenses, first-time home purchases, catastrophic medical expenses and long-term unemployment. And, it would allow non-working spouses to put away $2,000 a year in separate IRAs.
Rebecca H. Garner has dissolved her fixed-income firm to become president and CIO of Llama Asset Management, a fixed-income firm begun by the Walton family that started Wal-Mart.
Garner Asset Management had $77 million in tax-exempt assets under management. Her new mission is to build the tax-exempt asset base at Llama. That firm has about $190 million under management, of which only about $50 million is tax-exempt.
The $5.5 billion Los Angeles Fire & Police Pension System dropped Husic Capital, which had managed a $62.5 million small-cap portfolio for the system. Some of the assets will go to the system's other small-cap managers.
The $56 billion New York State and Local Retirement Systems, Albany, hired NCM Capital Management for a $25 million a midcap equity portfolio, said Cynthia Munk, spokeswoman for the state comptroller. Wyatt assisted.
The $600 million Metropolitan Water Reclamation District Pension Fund, Chicago, dropped Weiss Peck & Greer as a fixed-income manager and moved the $40 million it managed to Becker Van Etten, said George E. Burns, executive director.
Becker, which was managing a $28 million equities-only portfolio, will now be a balanced manager for the district. Standard Valuations assisted.
Marshfield Clinic, Marshfield, Wis., chose a commingled fund offered by Provident Mutual Life Insurance and managed by BEA Associates for $15 million in international growth equities for its $270 million money purchase plan, said Thomas Bauer, retirement plans manager.
The fund will receive any future positive cash flow over the next couple of years until it reaches $25 million. Jeffrey Slocum & Associates assisted.
Oppenheimer Capital acquired Liberty Street Trust, renaming it Oppenheimer Capital Trust. The company will offer collective trust funds to small and midsized pension funds, specialty pooled vehicles such as small-cap and international and a line of products for 401(k) plans.
The trust company will be headed by Virginia Sirusas. She also is director of marketing of Oppenheimer Capital.
Lens Inc. is planning to ask a Delaware court to force Stone & Webster to let it examine ownership records, financial books, minutes of meetings and records relating to the company's backlog of engineering and construction projects, said Nell Minow, principal.
Lens, which owns 1.2% of Stone & Webster, three times has been refused its request for such information from the company.