Affiliated Managers Group is buying quantitative money manager First Quadrant in a cash transaction. Neither side would disclose figures, but analysts put the between $40 million and $60 million.
AMG will buy the firm from Talegen Holdings, a wholly owned subsidiary of Xerox. AMG will be majority partner; management will own a minority stake in the firm, but could increase its ownership eventually to nearly half of the firm.
Medallion Investment Management has been acquired by Loomis Sayles in a cash transaction. The amount was not available at presstime. Medallion, which manages $180 million in domestic growth equity and fixed income, will remain based in Albuquerque, N.M., and Medallion President Laree Perez will become a Loomis Sayles vice president. As of Feb. 15, the firm will become a satellite office of the Pasadena, Calif., office of Loomis Sayles.
The $140 million Vermont Yankee Nuclear Power Corp. nuclear decommissioning trust, Brattleboro, is undertaking an asset allocation study, said Thomas Schimelpfenig, manager-financial planning.
The fund is looking at boosting its equity target in light of liberalized federal regulations on such trusts. Also, the fund is examining other investment areas. William M. Mercer is assisting in the study, which
Mr. Schimelpfenig expects to be completed next month.
The fund now has 10% of total assets in equities, split between a passive fund and active management. The remainder of the fund is in corporate bonds and municipal and Treasury securities.
Citibank sees itself ``as a larger player and an improving player'' in the trust and custody business now that it has acquired a large part of Harris Trust's business, said Joseph Jasionowski, managing director-U.S. custody and employee benefit trust.
Citibank will acquire $104 billion in Harris master trust and master custody assets in addition to other large institutional, corporate and insurance custodial accounts.
Citibank will continue to look for more acquisitions ``if we find things as attractive as the Harris opportunity,'' he said.
The ultimate price paid to Harris depends on how many clients stay with Citibank.
Fidelity Investments plans to offer discount institutional brokerage and custody services in Germany in an effort to break the lock held by German universal banks. Fidelity executives believe they can knock 20% to 70% off the price of transacting stocks, bonds and funds for German regional banks, insurance companies and medium-sized institutional clients.
Pending regulatory approval, Fidelity Brokerage Services hopes to be operating by mid-1996, said Hugh Humfrey, managing director of Fidelity Investment Adviser Group, Tadworth, England. Fidelity executives say they will offer execution-only brokerage, cutting out research costs.
Fidelity also will offer online custody services to customers, and is considering creating an electronic bulletin board.
SEARCHES & HIRINGS
The $230 million Cook County deferred compensation plan, Chicago, has issued RFPs for a bundled third-party administrator, said John Chambers, county comptroller. The deadline is Jan. 29.
The new administrator, which would replace Copeland Cos., would provide daily valued record keeping, plan administration, participant marketing, employee communications, investment education and financial planning services.
A new administrator should be selected by April.
No changes to investment options are under consideration.
State Mutual Insurance Co., Rome, Ga., hired First Union National Bank of Georgia to manage its $11 million defined benefit plan and $2 million profit-sharing plan, said Robert Strauss, vice president-investments.
Both plans will be invested in First Union's Evergreen mutual funds in large/midcap equity, international equity, domestic bond, stable value and money market funds.
Investment management had been in-house.