The General Board of Pension and Health Benefits of the United Methodist Church, Evanston, Ill., will increase its allocation to affordable housing by $100 million to a total of $250 million, said F. Gale Whitson-Schmidt, treasurer and CFO.
The money from the $8 billion fund will go to 10 intermediaries, including the Enterprise Foundation and the Local Initiative Support Corp., that help invest in organizations seeking funding.
Money for the additional investment will come from cash.
Riggs Investment Management was awarded $352,000 in a suit filed in federal district court in Washington against Robert A. Von Pentz and his new firm Columbia Partners. Riggs sought at least $6.7 million from Columbia and former CEO Mr. Von Pentz, alleging that Mr. Von Pentz spent the last six months at Riggs working on setting up Columbia.
Riggs officials also claim Columbia lured Riggs employees to the firm, failed to give credit to other Riggs employees for Mr. Von Pentz's track record and stole a proprietary computerized investment model.
Fox Asset Management is increasing the minimum for its large-cap value, balanced and fixed-income products to $10 million from $5 million, said Peter J. Skirkanich, president and CIO.
The firm also is adjusting its fee schedules to reflect the change. The firm's small-cap value product will continue with a $1 million minimum.
The changes will allow Fox to control growth and continue its focus on research, portfolio management and client service, said Mr. Skirkanich. Fox will continue to compete in searches already under way.