Skip to main content
MENU
Subscribe
  • Subscribe
  • Account
  • LOGIN
  • Topics
    • Alternatives
    • Consultants
    • Coronavirus
    • Courts
    • Defined Contribution
    • ESG
    • ETFs
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Opinion
    • Partner Content
    • Pension Funds
    • Private Equity
    • Real Estate
    • Russia-Ukraine War
    • SECURE Act 2.0
    • Special Reports
    • White Papers
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • WPS Innovation Awards
    • Eddy Awards
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • ESG Sustainability - Gaining Momentum
    • Climate Change: The Inescapable Opportunity
    • Impact Investing
    • 2022 ESG Investing Conference
    • ESG Rated ETFs
  • Defined Contribution
    • Latest DC News
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • Trends in DC: Focus on Retirement Income
    • 2022 Defined Contribution East Conference
    • 2022 DC Investment Lineup Conference
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Performance Data
    • P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
    • Future of Investments Research Series
    • Charts & Infographics
    • Polls
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
    • 2022 Retirement Income Conference
    • 2022 Managing Pension Risk & Liabilities
    • 2022 WorldPensionSummit
Breadcrumb
  1. Home
  2. Print
November 13, 1995 12:00 AM

MINARD MOVE LIKELY; CURRENCY OVERLAY EYED;BILL SEEKS CLARIFICATION; SURPLUS PLAN MAY REVIVE; EMERGING MARKETS TARGETED; MORTGAGE PROGRAM SET;AMCOL HIRES NORTHERN; GM TAPS RUDINOFF

  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print

    Frank P.L. Minard, president of Mitchell Hutchins Asset Management, has agreed to become head of Bankers Trust's global investment management group late this year or early in 1996, sources say.

    He would replace Ivan Wheen, who plans to leave the position at year end to assume another job with BT in Singapore.

    Mr. Minard declined to comment; a Bankers Trust spokesman also declined comment.

    Staff of the $88 billion California Public Employees' Retirement System is recommending the board approve an RFP for currency overlay management services, both active and passive.

    The contracts for the fund's two currency overlay managers - Pareto Partners and BEA Associates - expire June 30.

    The contracts could be extended, but the staff is asking for the RFP instead. Pareto has declined to accept additional assets under management at the current fee.

    The RFP request is expected to be approved next week by the fund's board.

    Nancy Kassebaum, R-Kansas, chairwoman of the Senate Labor and Human Resources Committee, introduced a bill requiring the Labor Department to clarify that pension fund assets held in insurance companies' general accounts are exempt from federal pension law.

    Ms. Kassebaum's bill would require the Labor Department to issue that guidance retroactively to Jan. 1, 1975. The bill would not, however, affect any pending litigation.

    The bill is intended to reverse a 1993 Supreme Court decision in John Hancock Mutual Life Insurance vs. Harris Trust and Savings Bank, which resulted in insurance companies becoming fiduciaries for certain portions of pension plan group annuity contracts they hold in their central investment pools.

    The bill, introduced at the request of the life insurance industry, aims to prevent copycat lawsuits.

    A provision dropped from the Senate tax bill that would let companies withdraw surplus assets from their pension funds might be resurrected when lawmakers from the House and Senate negotiate to produce a single tax bill, predicts Ann Combs, principal in the Washington office of William M. Mercer, and a former deputy assistant secretary in the Labor Department's pension office.

    House Ways and Means Chairman Bill Archer, R-Texas, a key backer of the provision, "is seeking a way to forge a compromise that would be acceptable to Senate Republicans," Ms. Combs wrote in a memo to clients last week.

    Moreover, some Republican Senators who voted to strip the provision from the Senate tax bill now are reconsidering their position, after seeing opponents crow over the 94-5 vote that removed the provision.

    The $50 billion California State Teachers' Retirement System approved an RFP for a maximum of two passive equity money managers for emerging market investments.

    The amount of money at stake wasn't available.

    The $70 billion New York State and Local Retirement Systems and Union Labor Life will fund a $300 million commercial mortgage co-investment program that will finance real estate development using union labor in New York state, according to State Comptroller H. Carl McCall, sole trustee of the pension fund.

    New York State and Local will invest $200 million and Union Labor Life will invest $100 million, according to a statement issued by Mr. McCall.

    The $300 million will be invested through Union Labor's J FOR JOBS mortgage separate account.

    The $25 million 401(k) plan of AMCOL International Corp. hired Northern Trust to provide bundled services that include the use of five money managers, said Amiel Naiman, benefits accounting manager.

    The new bundled services, offered jointly by Northern Trust and its Hazlehurst & Associates unit, will take effect Jan. 1, providing record keeping and education services and increasing the plan's investment choices to eight from five.

    The firms selected, and the funds they will manage, were: Templeton Worldwide, its Foreign Fund international equity portfolio; Dodge & Cox, a balanced fund; Neuberger & Berman, its Guardian growth equity fund; and Strong Capital, its Opportunity equity value fund.

    Northern Trust will manage three other portfolios: an S&P 500 index fund, a stable-value fund, and a bond fund.

    The plan will continue to offer an existing company stock fund.

    The managers will replace Fidelity Institutional Retirement Services, which has been the plan's sole investment manager offering four choices.

    Mr. Naiman declined to name the plan's current record keeper, but noted it is not Fidelity.

    AMCOL selected Northern Trust in part because it will allow the plan to move to daily valuation from monthly valuation and also will have available a telephone service representative, rather than only an automated response system, Mr. Naiman said.

    No consultant was used, he said.

    General Motors Investment Management Corp. has named Paul Rudinoff director of risk management, a new position.

    Mr. Rudinoff, previously in charge of more than $5 billion in GM's pension fund assets for employees in 12 foreign countries, now will be responsible for "analyzing, measuring and monitoring all the risk that the pension fund can and is likely to be susceptible to," he said.

    Meanwhile, Walter Deck, a 31-year veteran of GM's pension fund who last worked in the domestic equity area at GMIMC, has retired.

    Messrs. Rudinoff and Deck have not yet been replaced.

    Recommended for You
    Read the print edition of P&I
    Read the print edition of P&I
    How low is low? Projections say it's not low enough
    How low is low? Projections say it's not low enough
    FINRA honors Wharton's Olivia Mitchell with Ketchum Prize
    FINRA honors Wharton's Olivia Mitchell with Ketchum Prize
    SPDR® ETF’s New Approach to Bond Liquidity
    Sponsored Content: SPDR® ETF’s New Approach to Bond Liquidity

    Reader Poll

    June 6, 2022
    SEE MORE POLLS >
    Sponsored
    White Papers
    Nearing the finish line: Ideas on end-state investing for corporate DB plans
    The Meaning of "Portfolio Intelligence"
    Credit Indices: Closing the Fixed Income Evolutionary Gap
    Forever in Style: Benchmarking with the Morningstar® Broad Style Indexes℠
    Crossroads: Politics, Inflation, & Bonds
    Is there a mid-cap gap in your DC plan?
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    June 20, 2022 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Content Solutions
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Consultants
      • Coronavirus
      • Courts
      • Defined Contribution
      • ESG
      • ETFs
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Opinion
      • Partner Content
      • Pension Funds
      • Private Equity
      • Real Estate
      • Russia-Ukraine War
      • SECURE Act 2.0
      • Special Reports
      • White Papers
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • WPS Innovation Awards
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • ESG Sustainability - Gaining Momentum
      • Climate Change: The Inescapable Opportunity
      • Impact Investing
      • 2022 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2022 Defined Contribution East Conference
      • 2022 DC Investment Lineup Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Performance Data
      • P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
      • Future of Investments Research Series
      • Charts & Infographics
      • Polls
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2022 Retirement Income Conference
      • 2022 Managing Pension Risk & Liabilities
      • 2022 WorldPensionSummit