House Republicans yesterday introduced companion legislation to a bill introduced by Senate Republicans some weeks ago that would help women save for their retirement. The legislation would expand IRAs and let women returning to work after either maternity leave or up to 15 years of child-rearing make up for missed contributions. The bill was introduced by Reps. Jennifer Dunn, R-Wash., and Bill McCollum, R-Fla.
Futures manager Hart Bornhoft will split its business in two, with Chairman Patrick Hart taking the institutional side and Richard Bornhoft, president, taking the retail side, said Bryan Dower, vice president of finance and operations. Business growth, as well as philosophical differences, led to the decision to split, Mr. Dower said. Hart Bornhoft manages $120 million in institutional assets.
Officials at the San Diego County Employees' Retirement Association, a major client, will meet with Hart Bornhoft executives to discuss how the split affects their managed futures portfolio, said CIO Richard N. Rose.
The investment arm of the United Church of Christ, Cleveland, is protesting the SEC's policy allowing companies to exclude work-related shareholder proposals from their proxy statements. The United Church Foundation has asked its members to write letters to SEC commissioners to reverse the policy. The foundation will offer a resolution this summer at its biennial General Synod, the denomination's main deliberative body, asking for United Church's four main national religious organizations to protest the SEC's policy.
San Francisco City & County Employees' Retirement System, with $7.4 billion in assets, is expected to approve an RFP in May for a search for a manager investing in below-investment-grade commercial mortgage-backed securities. No amount has been specified; the search is expected to be completed by the end of this year. Asset Strategy Consulting is assisting in the RFP.
San Antonio (Texas) Fire & Police Pension Fund is moving forward on its search for a U.S. small-cap value manager, but its expected hiring of an emerging markets manager probably won't occur until late in the third quarter. The $800 million fund soon expects to receive a list of 15 to 20 candidates from consultant Towers Perrin for the $30 million small-cap assignment; the hiring is expected by the end of June. The fund expects a similar list of emerging markets managers in mid-August. Assets for will come from reducing the allocation to U.S. large-cap stocks.
The Securities Industry Association wants regulators, mutual fund firms, broker-dealers and clearing houses to make it easier for investors to move their money between load mutual funds distributed by brokers and no-load mutual funds, offered by mutual fund companies, said Stuart Kaswell, SIA general counsel. An SIA survey of 70 companies released today shows 94% of securities firms want investors to be able to easily move their money between financial institutions. Securities firms surveyed also said no-load funds and proprietary or in-house mutual funds sold by a brokerage firm are the least portable.
The Managed Futures Association has changed its name to the Managed Funds Association, will relocate its head office to Washington from Palo Alto, Calif., and will be seeking a new executive director. Jane Martin, executive director, chose not to relocate, said MFA Chairman John R. Frawley Jr. The MFA will seek to replace Ms. Martin for next year; her contract expires at the end of the year.
CORRECTION: Wisconsin Power & Light Co., Madison, Wis., IES Utilities Inc., Cedar Rapids, Iowa, and Interstate Power Co., Dubuque, Iowa, - which hope to complete a merger in the fourth quarter - are considering a search for a consultant. An April 28 news item stated in error the search had begun.