American investors still face barriers to investing in the Asian stock market, and U.S. securities firms still can't fully offer services to Asian investors, according to a Securities Industry Association report.
The report, by David Strongin, the SIA's vice president of international finance, and Kristin Hofeditz, vice president of legislative affairs, encourages world trade negotiators to dismantle the barriers when negotiations begin under the umbrella of the World Trade Organization this spring.
``While Asia's economic expansion has been complemented by a gradual reduction in barriers to foreign access, U.S. securities firms still face fundamental denials of national treatment and market access,'' the authors say.
A memorial Mass will be said for Roger Bransford at 4 p.m. Feb. 6 at the Church of Our Savior, 39th Street and Park Avenue, New York. Abbot Gerard from the Delbarton School in Morristown, N.J., who taught Mr. Bransford there in high school, will say the Mass. It will be followed by a gathering at the Kitano Hotel on Park Avenue. Further information may be obtained from Anne Russell, Oppenheimer Capital Corp., at (212) 374-7385, or Catherine A. Higgins, Towers Perrin, (212) 309-7385.
The San Diego County Employees' Retirement Association made its first move into long-short investing with a $10 million allocation to Numeric Investors, according to CIO Richard N. Rose. The $2.9 billion fund aims to eventually increase its exposure to the strategy but is testing the waters now, he said. The strategy is being treated as part of the overall equities portfolio, not a separate asset class. The fund got tired of paying high fees to active stock managers for delivering marketlike returns, Mr. Rose explained as the reason for the move.
Iowa State University, Ames, hired Alliance Capital Management to run $40 million in an enhanced S&P 500 index fund for its $138 million endowment.
Alliance will replace INVESCO, which had managed the $40 million in an active large-cap equity portfolio. The termination of INVESCO was not related to performance, but because fund officials wanted to switch to an index fund, said Thomas C. Hawkins, vice president of development services.
Humana Inc., Louisville, Ky., added two new options and replaced one manager for its $360 million defined contribution plan.
Fund officials added a domestic fixed-income fund from PIMCO and a large-cap equity fund from IDS, bringing the number of fund options to nine, said James W. Doucette, vice president and treasurer.
Mercer assisted in adding a balanced fund from INVESCO to replace a similar fund from Fidelity, which was terminated because of performance, he said. Fidelity officials would not comment on the fund's performance.
Separately, Humana hired John A. Levin Co. as the first outside money manager for its $67.5 million foundation.The firm ultimately will manage $4.5 million in large-cap value domestic stocks, Mr. Doucette said. The rest of the foundation's assets will continue to be managed internally. The expertise of Humana's in-house investment team in fixed-income investments prompted the foundation to bring an equity manager on board, he said. The search was conducted in-house.
Intergraph Corp., Huntsville, Ala., has added five Dreyfus funds to its $200 million defined contribution plan, said Beth Medley, manager of employee investments. Funds added were: a short-term bond fund, a balanced fund, a small-cap fund, an appreciation fund and an international equity fund managed by Templeton through a special alliance with Dreyfus.
Fund officials didn't terminate any fund managers, although some of the new funds will overlap with existing offerings. Fidelity currently manages a balanced fund; Boston Co., a bond fund; and Smith Barney Investment Advisors, an appreciation fund.
It is possible some managers could be terminated in the future depending upon how participants direct their assets, said Ms. Medley.
St. Olaf College, Northfield, Minn., hired Washington Square Advisers to manage $15 million in domestic bonds for its $90 million endowment fund. Assets came from a manager that Alan Norton, treasurer, declined to identify. However, he said the manager still handles $27 million in a balanced portfolio.
DeMarche Associates assisted.
The Benefits Connection Group, Washington, added nine options to its defined contribution plan and moved to daily from monthly valuation, said Jim Brodsky, president. Options added were from Dreyfus, Templeton Investment Counsel, Fred Alger Management and Certus Asset Advisors. Dreyfus will manage an S&P 500 fund, a small-cap fund, a discount brokerage fund and three lifestyle funds. Templeton will run an international fund; Alger a growth fund; and Certus a stable value fund.
Participants of the $250 million plan formed focus groups and decided there was a need for better access to funds and more diversity in options. Evaluation Associates assisted