SunAmerica Asset Management is seeking to fill a new position - head...

SunAmerica Asset Management is seeking to fill a new position - head of fixed income. Korn Ferry is assisting. The person chosen will oversee the firm's $1.4 billion in bond and money market mutual fund assets. Currently, CIO Stan Feeley oversees both fixed-income and equity mutual funds, according to Peter Harbeck, president. The firm also might add additional analysts and portfolio managers. Lehman Brothers Inc.'s latest move to trim costs by dismissing 300 employees won't hit its asset management business further, a company spokesman said. Earlier this year, Lehman decided to focus its asset management in three areas - cash management, performance-based funds in which Lehman invests alongside investors, and managed futures. To concentrate on these areas, Lehman chose to exit other asset management areas, including offshore mutual funds. In doing so, it already has reduced its number of employees, the spokesman said. PPM America, a money manager owned by Prudential, plans to file a class-action suit this week against Texas-New Mexico Power for redeeming part of a high-yielding bond issue before maturity, said F. John Stark, senior vice president, counsel and a PPM portfolio manager. PPM will ask the court to rescind the redemption, contending it violated the indenture agreement stating when redemptions are allowed, he said. In addition, PPM plans to send the company a notice of default on its bonds. PPM redeemed its bonds in the redemption, he said. In a rare move by a bond issuer, Texas New Mexico initially sued PPM to head off the money manager from trying to block the redemption. United Asset Management increased its assets under management by $5.7 billion - all through investment returns. The 45 UAM affiliates increased their total assets under management to $139.2 billion as of Sept. 30, but their $8.5 billion in investment returns was undercut by $2.8 billion in account reductions and terminations. UAM reported its third-quarter revenue totaled $175.9 million, a 48% increase from the first quarter of 1994. Net income for the third quarter rose 12%, from $14.8 million last year to $16.5 million. Revenue for the nine months ended Sept. 30 were $498 million, a 40% increase from the same period in 1994, and net income for the nine months rose from $44 million in 1994 to $48.9 million. The $1 billion Minneapolis Employees' Retirement Fund plans on sending out RFPs for custody providers within the next two weeks, said Farouki Majeed, investment officer. The search is part of its ongoing due diligence, and the fund's current custodian, Bankers Trust, will be included, he said. Securities lending is a part of the fund's custody mandate, although its use is very limited, he said. Meanwhile, fund executives will get started on an international equity project by the end of the year. Passive international managers run about $90 million for the fund.