The St. Paul (Minn.) Teachers' Retirement System's staff plans to
recommend this spring that the board consider investing $7 million to
$10 million in small-cap international equities in developed countries,
said Eugene Waschbusch, secretary and treasurer of the $600 million
fund. The fund already invests in large-cap international equities and
emerging markets equities, he said. Assets would come from cash. If the
board approves the recommendation, the fund probably would send out an
RFP, said Mr. Waschbusch.
A prudent-investor bill, passed by both houses of the Wyoming Legislature, is awaiting the signature of Gov. Jim Geringer. If signed into law, it would end investment restrictions on the $3 billion Wyoming Retirement System, Cheyenne, and lead to a higher U.S. equity exposure and new asset classes.
Harry Wales, the system's financial manager, expects the governor to sign the measure. If he does, the system also will study initial allocations to domestic real estate and international equities and
With the law, the system plans an asset allocation study with the help of Buck Consultants. A priority will be to increase domestic equity exposure, which now stands at 32% based on cost and 40% based on market value. Officials in the governor's office didn't return phone calls.
A memorial service for PBGC Executive Director Martin Slate has been scheduled for 10 a.m. March 6 at the Andrew W. Mellon Auditorium, at Constitution Avenue between 12th and 14th streets, Washington.
He died Feb. 23 of a heart attack at his home. He was 51.
Contributions may be made in his memory to Thomson School Fund, Strong John Thomson Elementary School, 1200 L St. N.W., Washington, D.C. 20005, or the Jewish Foundation for Group Homes, 6101 Montrose Road, Suite 200, Rockville, Md. 20852.
CORRECTION: The Texas Pension Review Board asked Dallas city officials to hand over actuarial studies that city officials claim show the Dallas Employees' Retirement Fund is financially sound. An item in Wednesday's P&I Daily was incorrect due to an editing error.
New Mexi co Educational Retirement Board, Santa Fe, issued RFPs for a hybrid investment manager/adviser for its $4.6 billion defined benefit plan.
The decision on hiring the firm is anticipated at the board's April meeting, said Frank C. Foy, CIO. Wellington Management, whose contract expires June 30, is expected to bid.
The plan also hired Bankers Trust as its first small-cap equity manager. The firm will run $200 million in a Russell 2000 index fund. Assets for the hire will come from cash. Bankers Trust is the system's third outside manager. About $4.2 billion is managed internally. The search was done in-house.
Wellington manages $229 million in midcap domestic equities. Capital Guardian m anages $119 million in an international equities commingled trust fund.
University & Community College System of Nevada, Reno, is conducting a search for a small-cap growth equity manager to manage about $10.2 million of its $174 million endowment fund. A shortlist is expected to be made at the board's next meeting on March 6, with a selection following later in the month, said Tim Ortez, director of banking and investments. The hire will replace an existing manager, which fund officials plan on terminating. Mr. Ortez would not name the manager. Cambridge Associates is assisting.
The California State Teachers' Retirement System, Sacramento, picked Pathway Capital, Pantheon Ventures and Abbott Capital as finalists in a search for a new alternative investment adviser. Abbott is the current adviser. The $68 billion fund has about $2 billion committed to alternative investments. A selection is expected March 5; Pension Consulting Alliance is assisting.
The Oregon Public Employes' Retirement System, Salem, committed $100 million to HVP V L.P., a private equity fund of funds managed by Hancock Venture Partners. The allocation will be drawn from cash flow, said Jay Fewel, senior investment officer for the $25 billion fund. Pacific Corporate Group assisted. The Oregon fund also expects to do a complete review of its international equity managers in May.
Neiman-Marcus Group, Chestnut Hills, Mass., added its first international fund to its lineup of investment options for its $115 million 401(k) plan. The new fund is offered by Templeton Investment Counsel and brings the plan's number of options to six. Fidelity provides the other five funds. The search for the fund was completed in-house.
Newport News (Va.) Employees Retirement Plan hired Brandes Investment Partners to handle $10 million in international equity. Brandes will be the $433 million defined benefit plan's second international manager. Assets came from the fund's large-cap domestic equity managers; no one was terminated. Dahab Associates assisted