Connecticut Treasurer Christopher Burnham will announce tomorrow the results of a year-long restructuring of the pension fund. Only four of the $12.2 billion Connecticut Trust Fund's 47 stock and bond managers will continue with their current assignments, said Karen Jannetty, deputy chief of staff.
The other 43 managers will have new assignments or will be terminated, according to Ms. Jannetty, deputy chief of staff. She declined to identify the changes. Ms. Jannetty did not say whether the changes will result in increased use of passive management.
Trading volume on the MATIF plunged 23% in 1995, returning to 1993 levels of 71 million contracts, said Gerard Pfauwadel, chairman and chief executive officer of the Paris-based derivatives exchange. Lack of interest by foreign investors in longer-term financial instruments prior to the French presidential election in the spring accounted for part of the fall. Trading in notional futures and options declined 34% and 49% respectively on the Marche a Terme International de France. The three-month Pibor contract experienced rising volume, though trading in the CAC 40 declined slightly.
Mr. Pfauwadel said volume improved in the last four months of 1995 over the similar period in 1994 but he is unsure whether the pickup represents a change in the investment cycle.
Stephen Davis has launched Davis Global Advisors in Boston, a 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.
Founders Asset Management Inc. has launched the Founders International Equity Fund, which will use a bottom-up growth strategy. The new fund will be managed by Michael Gerding, who runs Founders' two other foreign funds: Worldwide Growth, a global stock fund, and Passport Fund, an international small-cap fund.
