The $8.6 billion Mississippi Public Employees Retirement System is preparing to invest in REITs, said a fund spokesman.
The fund plans to invest 5% - or $400 million - in the new asset class. At its mid-December meeting, the board will discuss the parameters of an RFP, the spokesman said.
Money to fund the new allocation will come from fixed income; no managers will be terminated.
As expected, Bankers Trust Corp. announced its New York-based investment management group will be headed by Frank P.L. Minard, who will join the firm after his contract as chairman and CEO of Mitchell Hutchins Asset Management expires at year end.
BT is consolidating its worldwide investment management functions under the direction of Ian Martin, head of funds management at Bankers Trust Australia Ltd.
He replaces Ivan Wheen, who is moving to Singapore to head Bankers Trust's business strategies for Southeast Asia.
Mr. Martin will remain based in Sydney and portfolio management activities in Bankers Trust's New York, Sydney and Tokyo offices will not be affected.
The Maine State Retirement System, Augusta, renewed its contract with its current actuary, Milliman & Robertson, for another three-year term. The contract expires in June, and the fund had to rebid the contract. The search was carried out internally.
The fund also will have final presentations for a custodian at the board's Dec. 14 meeting, said Claude Perrier, executive director of the $3.9 billion fund.
The incumbent is Mellon Bank, which will take part in the review. The fund's consultant, Ennis Knupp, is assisting.
The London International Financial Futures & Options Exchange and the London Commodity Exchange agreed to begin negotiations to merge.
Under current proposals, LIFFE would acquire all of the shares of the LCE through an offer to LCE shareholders of either cash or a combination of cash and to-be-issued class ``F'' LIFFE shares.
Both exchanges already clear trades through the London Clearing House.
Budget conferees have included a provision in the massive tax package that would encourage small employers to set up pension plans. The provision, which would exempt small employers from non-discrimination rules and give them a tax credit for start-up costs, was part of the Senate version of the tax bill.
A companion House bill was introduced separately by Rep. Rob Portman, R-Ohio, last week. President Clinton is expected to veto the tax package later this week.
Mr. Portman introduced the bill to put the House's stamp on such a provision and ``to give the conferees some leverage,'' according to Julie Williams, a spokeswoman, who confirmed the provision was in the tax package crafted by lawmakers yesterday.
Wood Logan Associates, Old Greenwich, Conn., the wholesale marketing organization for the Venture annuities, announced today the introduction of the Venture Retirement Profile, a software program that helps financial advisers explain the investment issues and challenges faced by their clients as they plan for retirement. The interactive program places particular emphasis on the benefits of tax-deferred investing and asset allocation.
The Venture Retirement Profile software package is available to financial advisers and planners free of charge.