BARRA Inc. reported income of $4.6 million for the quarter ended March 31, up 91% from the same quarter a year ago. Operating revenue was $29.4 million for the quarter, a 42% increase. BARRA's results were restated to reflect its combined results with RogersCasey & Associates. Revenue from the core analytics and consulting businesses of BARRA and RogersCasey were up 14% from the same quarter a year ago.
Revenue from Symphony Asset Management and the asset management segment of RogersCasey totaled $8.1 million for the quarter, up from $2.1 million for the same quarter a year ago. Symphony has $1.2 billion under direct management and another $600 million in private equity that it assumed from RogersCasey.
The investment banking firm of Cowen & Co. closed Polaris Fund II, a $125 million private equity fund that will provide capital to emerging technology companies in Israel. Among the investors in the fund are Cowen, Travelers Group, Hancock Venture Partners and Chase Capital. Amounts for each investor were not released.
The fund is oversubscribed from its original $75 million target. Polaris Fund II is managed by DS Polaris Ltd. and sponsored by Dovrat, Shrem & Co. Ltd., an Israeli investment bank.
CalPERS' investment committee extended the deadline for responses to its apartment manager RFP to May 6. The extension results from many questions concerning the RFP from money managers. The search is part of the $110 billion fund's restructuring of its $7.5 billion real estate portfolio.
Sacramento-based CalPERS has about $522 million invested in apartments. Managers that now invest in apartments for CalPERS are LaSalle Advisors; Equitable Real Estate; Metric Institutional; RREEF Funds; and Sentinel Real Estate.
Virginia Retirement System, Richmond, picked two emerging markets managers to share $400 million. The names of the hires will be disclosed after May 8, said Pamela Thomas, the $25 billion fund's director, international equities. The new allocation will bring to $1.2 billion the fund's holdings in emerging markets equities.