House Ways and Means Committee Chairman Bill Archer, R-Texas, is expected to recommend some pension simplification provisions be included in the committee's mark-up of the budget reconciliation bill this week.
A staffer declined to specify which provisions may be considered for inclusion in the mark-up.
Pension funds are well represented in the two competing offers to re-capitalize Rockefeller Center.
The latest offer comes from Goldman Sachs' Whitehall Street Limited Partnership V. Goldman would infuse up to $200 million in the real estate investment trust that holds the mortgage on the 12-building complex. The $13.4 billion Pennsylvania State Employes' Retirement System is an investor in the Whitehall Fund; the names of other Whitehall pension fund investors could not be learned by press time.
The board of the REIT last week accepted a $250 million bid from Sam Zell, General Electric Co. and The Walt Disney Co. About $30 million of that bid would come from the Zell/Merrill Lynch Real Estate Opportunity L.P. III.
Pension fund investors in the Zell fund include General Motors Corp., The Southern Co., the Public Employees' Retirement Association of Colorado and the Contra Costa County Employees Association.
James Heyworth-Dunne has been named managing director of Norwich Union Investment Management, starting Nov. 1. It is a new position at the Norwich, England, insurance company.
Previously, Mr. Heyworth-Dunne was a director at Mercury Asset Management, London. Prior to that, he was CIO of HD International, London, until the firm closed in June 1993.
Sen. Majority Leader Robert Dole, R-Kan., is planning to introduce a proposal sometime this week that would help small businesses set up pension plans. Mr. Dole's proposal would focus on filling the void between simplified employee pension plans offered by very small businesses, and pension plans offered by large employers, an aide said.
Spare, Kaplan, Bischel is expanding its marketing efforts, particularly in international, said Anthony Spare, chief executive.
Susan Grivas, who was in charge of domestic marketing, will become the firm's director of international marketing, and Paula Pretlow joined the firm as principal and head of domestic marketing. Ms. Pretlow was a principal at Wells Fargo Nikko; she has not been replaced there yet.
Additionally, Tamara Jackson, formerly a corporate finance professional with BA Securities, joined Spare, Kaplan as vice president, marketing.
Bob Michaelson has left his post as global chief investment officer for Citibank Global Asset Management, London, to pursue personal business interests. Mr. Michaelson's recruitment two years ago from Mercury Asset Management had been highly touted.
Alan Pendleton, who heads up Citibank's emerging markets asset management arm, has assumed Mr. Michaelson's position as well.
The $6.6 billion Louisiana Teachers' Retirement System hired Mississippi Valley Advisors and Boston Co. Asset Management to manage $100 million each in small-cap value stocks, said Jennifer Netterville, investment officer.
Funding will take place Nov. 1, when Putnam Investments will be terminated as a small-cap manager because "they didn't meet our criteria," Ms. Netterville said.
Putnam manages about $150 million for the fund; the remainder of the funding for the new managers will come from cash.
Putnam officials wouldn't comment.
Holbein & Associates assisted.
First American Asset Management and The Marshall Plan terminated their investment management joint venture, after failing to bring in new assets during their year-long association.
First American has formed another joint venture, with Tiffany Capital Advisors.
First American will market Tiffany's services to individuals and public funds, the same relationship it had with The Marshall Plan.
A statement of responsible corporate business philosophy will be unveiled Tuesday by three investor groups worldwide: The Interfaith Center on Corporate Responsibility in the United States, the Ecumenical Committee for Corporate Responsibility in Great Britain and the Taskforce on the Churches and Corporate Responsibility of Canada.
The "Principles for Global Corporate Responsibility: Benchmarks for Measuring Business Performance" propose standards on human rights, fair wages and safe working conditions, child and forced labor, the environment and sustainable development.
The 902 million ($1.4 billion) Halifax Building Society Retirement Fund, Halifax, England, selected Bankers Trust as global custodian.
The pension fund's previous custodian was NatWest Investment Services, which was sold earlier this year to Lloyds Bank.
The change was not related to the sale.
The Southern Farm Bureau Casualty Insurance Co. hired American Express Institutional Services to provide bundled services for its $100 million 401(k) plan.
All but one of the nine investment options will be managed by American Express; Templeton will manage an international equity option.
Ernest P. Werlin, former senior portfolio manager at Steinhardt Management, formed a hedge fund to invest in undervalued high-yield debt obligations and equity securities of companies with below-investment-grade ratings.
The fund will emphasize investment in companies involved in bankruptcy or similar restructuring or reorganization where the potential for significant appreciation exists.
Weiss, Peck & Greer introduced three asset allocation mutual funds for use by defined contribution plans. The three Tomorrow Funds are age-weighted, basing the investment objectives and risk characteristics of the funds on the age of the participants.
New fund series will be rolled out every five years or so to accommodate new investors, said Steve Gresham, associate principal, director of financial services group.
All three asset allocation funds are based on the company's quantitative equity and fixed-income investment styles.