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January 08, 1996 12:00 AM

The East Coast blizzard disrupted financial markets across the country...

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    The East Coast blizzard disrupted financial markets across the country today. All expect to be open for regular hours tomorrow.

    The New York Stock Exchange, American Stock Exchange and Nasdaq stock market as well as the Chicago, Pacific and other regional stock exchanges opened at 11 a.m. and closed at 2 p.m. EST. The Chicago Mercantile Exchange kept similar hours for its index futures, including its contracts on the Standard & Poor's 500, Nikkei 255 and Goldman Sachs Commodities Index, and closed at 2:15 p.m. The Chicago Board Options Exchange held the same schedule for its index and individual stock options; for its interest-rate options, it closed at 11:45 a.m. Unlike the others, the Chicago Board of Trade kept its regular trading hours.

    Preliminary volume for the day on the NYSE was 131 million shares, down from the average 350 million shares a day last year.

    Meanwhile, money managers on the East Coast worked out of their homes and rented hotel rooms, if necessary, to keep operations going. A spokeswoman for Alliance Capital said employees were using home computers and the few employees who could make it to the office to manage the firm's assets. Spokeswomen for both Putnam Investments and Fidelity Investments said employees checked into nearby hotel rooms in anticipation of the storm.

    With an average 8.15% rise, South African equity funds were the top performers in the three-month period ended Nov. 30, according to Micropal Emerging Market Fund Monitor. Moroccan equity funds were No. 2, with an average 5.06% gain. The worst performing funds during the period were Pakistani equity funds, which averaged a 26.86% plunge, according to Micropal, which measured more than 1,300 emerging markets funds with nearly $125 billion in assets.

    Among specific funds, Daehan International Investment Trust, a Korean equity fund, posted a 27.65% gain in the three months, making it the best performer for the period. During the first 11 months of 1995, the best performing fund was Toronto Trust Argentina, up 51.9%, followed by Spes Bona Investment Co., investing in South African equities, up 43.65%, and the Nigeria Emerging Markets Fund, up 32.69%, Micropal reported.

    Stephen Davis has launched Davis Global Advisors in Boston, the first firm specializing in international corporate governance consulting. Mr. Davis, previously director of the Investor Responsibility Research Center's Global Shareholder Service, said he will help U.S. and European institutional investors craft guidelines and strategies for dealing with corporate governance issues.

    He also will advise on governance issues affecting European corporations, governments and stock exchanges.

    Corinna Arnold, formerly deputy at the IRRC, has been named to succeed him there.

    HIRINGS

    Making its first move to specialty management, the C$140 million (U.S.$103 million) Gaz Metropolitain & Co. pension fund, Montreal, hired two managers, reassigned two others and dropped one, said Edward Doucet, director-compensation and employee services.

    Morgan Stanley Asset Management will run 10% of total assets in international equities; Bolton Tremblay will run 35% in a balanced fund, with authority to invest 5% in international securities.

    The fund reassigned St. Lawrence Financial Consultants, which had run 10% in a balanced fund, to now manage 20% of total assets in domestic fixed income. T.A.L. Investment Counsel, which had run 45% in a balanced fund; now will run 35% in a balanced fund, with authority to invest 5% in international securities. The fund dropped Montrusco Associates, which ran 45% of assets in a balanced fund.

    Les Conseillers Optimum, its consultant, assisted in the searches.

    USAir Inc., Arlington, Va., will add the Neuberger & Berman Guardian fund to its defined contribution plan options starting in April, said Richard S. Lustig, director of pensions. The fund will be available to participants in the airline's money purchase, 401(k) and profit-sharing plans. Company stock and nine Fidelity mutual funds now are available. USAir's defined contribution assets total $744 million.

    This month, USAir likely will make its first contribution to the profit-sharing plan since it was set up in January 1993.

    Ferrell Cos. Inc., Liberty, Mo., hired Jurika & Voyles to run a large-cap blended growth and value portfolio as a new option for its $40 million 401(k) plan.

    The option was added to round out the offerings - which range from GICs to aggressive growth stocks - along the risk spectrum, according to Dan K. Sheldon, chief financial officer.

    Nevada Power Co., Las Vegas, hired Twentieth Century Services as bundled service provider for its $16 million defined contribution plan. Seven Twentieth Century/Benham mutual funds will be offered, as well as a BZW Barclay's Global Investors equity index fund.

    Twentieth Century will provide daily valued record keeping, education and communications and other services.

    Nevada Power had used Fidelity for investments and Towers Perrin for administration and record keeping

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