President Clinton today said it was ``a big mistake'' that hearings have not yet been scheduled for Labor Secretary nominee Alexis Herman.
Speaking this morning at a White House meeting on Medicaid, Mr. Clinton said Ms. Herman is ``clearly well qualified'' and is supported by many in the business and labor communities.
The hearing is on hold until Senate Republicans finish their investigation of any role Ms. Herman might have played in mixing politics with policy at White House coffees.
``If anybody wants to vote against her for whatever reason, they're plainly free to do that, but she deserves a hearing and if she gets a hearing, she's going to be confirmed,'' Mr. Clinton said.
The $200 million pension fund of Milwaukee Transport Services Inc., Milwaukee, pulled its $15 million investment from the Amcap mutual fund, managed by American Fund Advisors, because of poor performance.
The pension fund had been invested in Amcap for about 18 years, but Amcap had been performing poorly for the last three or four years, said Kenneth Warren, deputy director.
The money will be put into an equity mutual fund managed by Heartland Advisors and an eq uity fund and a fixed-income fund managed by Firstar. The plan will now have six mutual funds and does not plan to replace American, he said.
An American spokesman said executives could not immediately comment on the move.
With a 14.9% return in 1996, the performance of the median manager in the global emerging market equity universe of InterSec Research trampled the 6% return of the MSCI Emerging Markets Free index.
Managers added value principally through their market allocations, often underweighting South Africa and Thailand and overweighting Brazil and Poland, according to InterSec. But many managers' substantial underweighting of the Malaysia market was the biggest drain on thei r performance.
Only 3% of U.K. employers - mostly in banking and pharmaceutical sectors - switched to a defined contribution plan last year, contrary to popular perception of a wholesale shift, according to the National Association of Pension Funds' annual survey.In contrast, 1% of schemes (five employers) replaced money purchase plans with defined benefit plans. ``The final salary scheme is not dead,'' said NAPF Director General Ann Robinson.
The World Bank pension fund, Washington, delayed adopting recommendations of an asset allocation study until it completes an examination of its actuarial assumptions and the methods used to arrive at those assumptions, said Sudhir Krishnamurthi, senior manager pension investments. Any changes in actuarial assumptions will affect how much and how often the bank must contribute to its pension fund, and that in turn could have implications for the fund's asset allocation, Mr . Krishnamurthi said.
The World Bank, with $7.8 billion in pension fund assets and $1.2 billion in its retiree medical fund, hopes to complete the funding review by the end of March.
Royal Bank of Canada and its wholly owned subsid iary, Royal Trust, today finalized an agreement to acquire the institutional and pension custody and related businesses of both Montreal Trust and Scotiabank.
Montreal Trust is a subsidiary of the Bank of Nova Scotia and a member of the Scotiabank Group of Companies. Terms were not disclosed.
Under the agreement, Royal Bank Financial Group will acquire about C$120 billion (U.S. $88.5 billion) of client assets under custodial administration.
Mid-America Dairy men, Springfield, Mo., hired Charles Schwab for investment options and record keeping for its $50 million 401(k) plan, said Les Long, plan administrator.
Fidelity Investments had provided five options and offered Stanwich Benefits Group as record keeper through its Fidelity Advisor 401(k) program. Schwab replaced those funds with similar funds through its OneSource program.
Funds selected: Montag & Caldwell's aggressive growth fund, Scudder's growth and inco me fund, INVESCO's balanced fund, Loomis Sayles' bond fund and Schwab's stable value GIC fund. Two new funds will be added: Ivy Asset Management's international active equity fund and an S&P 500 index fund from Schwab.
The City of New Haven (Conn.) Retirement Funds, with assets of $291 million, hired Bankers Trust to handle benefits administration services for the systems' 1,700 retirees, confirmed Gwendolyn Bell, pension administrator.
The administration se rvices previously were handled internally, said Ms. Bell