Christian Washington resigned as senior consultant and principal of Washington Hackett Poitevien amid revelations he falsified his academic record. Mr. Washington told P&I Daily he misrepresented his academic record in the Form ADV filed with the SEC and in WHP marketing materials. He falsely claimed to have graduated from Yale University with a master's degree in public policy management and from the University of California, San Diego, with a bachelor's degree in economics. Mr. Washington said he attended the University of California but did not graduate. He confirmed he did not attend Yale.
``It's a mistake I made as a young man,'' said Mr. Washington, 35. The firm was founded in 1987. ``I have to deal with it. My partners didn't know.'' Mr. Washington said he does not know what he will do.
The firm also resigned as consultant to the $1 billion Louisiana School Employees' Retirement System, Baton Rouge, and dropped out of the fund's search for a new consultant. Mr. Washington was the lead consultant on that assignment.
Also, trustees of the $340 million City of St. Louis Employees' Retirement System voted to terminate WHP as its consultant, said William Duffy, secretary and plan administrator.
Lloyds Investment Managers and Hill Samuel Investment Management are being merged into Hill Samuel Asset Management Group, with combined assets of 28 billion ($43.4 billion).
Peter Axton, previously managing director of Lloyds' unit, will become chief executive of the combined group. HSIM Chief Executive Richard Bernays will stay on for the six-month transition period.
Raymond Haines, CIO at Lloyds, will be the group's CIO. Paul Sharman, who was investment director at Hill Samuel, will leave the firm. Head of marketing will be David Sachon of Hill Samuel. Lloyds marketing head Keith Jecks will leave. The merger followed last year's union between parent banks Lloyds Bank and TSB Group. Both banks are based in London. Neither is a strong player in the pension market.
TRINOVA Corp., Toledo, Ohio, may add lifecycle funds later this year to the 11 options offered in its more than $500 million defined contribution plan, said Patricia M. Krakos, director of benefits planning. TRINOVA is considering the addition of a series of risk and age-weighted asset allocation funds, she said at a Conference Board meeting Wednesday in Chicago. TRINOVA is also expanding to all U.S. locations a modified version of a pilot financial planning program it tested with a focus group in 1995. All employees will be offered a financial planning seminar, conducted by the Rouse Co. Employees also can purchase software to help with retirement goals setting and asset allocation. The program may be further expanded in 1997.
The C$560 million (U.S. $410 million) York University pension fund, North York, Ontario, is beginning an asset allocation study, said Christopher I. Torres, secretary. The fund hasn't decided whether to use a consultant. The study will forecast the equity and bond mix of the fund and will review managers. Mr. Torres expects the study to take several months. Altamira Management, Sceptre Investment Counsel and Gryphon Investment Counsel manage the fund.
The $2.5 billion San Diego County Employees' Retirement Association hired Lotsoff Capital Management to manage a $400 million enhanced cash portfolio, using derivatives to boost returns and control risk, said Richard N. Rose, chief investment officer.
Assets came from dropping Bank of New York, which had the portfolio in a short-term investment fund.
The $12 billion Teamsters, Central States, Southeast & Southwest Areas Pension Fund, Rosemont, Ill., received court and Department of Labor approval to hire a commodities manager and two fixed-income managers, according to court documents.
Morgan Stanley, the court-appointed named fiduciary for the Teamsters fund, hired BZW Derivatives Management as a commodities manager. It is not clear whether BZW is replacing Putnam Investments, which was hired last year for a commodities mandate, or whether this is an expansion of the Teamsters' commodities allocation. Also hired were the U.K. affiliate of Fischer, Francis, Trees & Watts for international fixed income and PIMCO for an unspecified bond mandate. Court records did not disclose the dollar amounts.
The $900 million Battelle Memorial Institute pension fund, Columbus, Ohio, hired Morgan Stanley Asset Management for a $30 million non-U.S. stock portfolio, said Damian D. Sung, director-investment management. Funding came from reallocations among other managers, which were all retained.
The change is the result of an asset allocation study, which resulted in raising the fund's international allocation to 10%.
The $750 million Houston Municipal Employees Retirement Fund allocated $55 million to small-cap growth stocks; $35 million to John Hancock Funds and $20 million to Kopp Investment Advisors. Duncan-Hurst Capital Management was the other finalist. Assets came from a reallocation of assets; no managers were terminated. Wilshire Associates assisted