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June 06, 1997 01:00 AM

AXA-UAP Group, Paris, is seeking a combination of global and domestic...

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    AXA-UAP Group, Paris, is seeking a combination of global and domestic custodians to oversee $141 billion in insurance assets, believed to be the largest single request for external custody ever. AXA officials said coordination of the recently merged group's European insurance assets is aimed at determining the firm's overall risk exposure and coordinating fees.

    The complex request for proposals involves nine entities in five countries. AXA's U.S. and Australian insurance operations are not affected. Bids for the business were due this week. Thomas Murray Ltd. is serving as consultant.

    Sources said AXA officials propose allowing each entity to select up to two domestic custodians. Cross-border assets will be consolidated in one or two global custody accounts.

    California State Teachers' Retirement System trustees have asked for an outline of the costs of using real estate fiduciaries to do some due diligence work formerly done by the Sacramento-based fund's real estate consultant. The $68 billion fund's staff recommended hiring independent fiduciaries for due diligence on specific transactions and fund recommendations. Once the board makes a decision, possibly next month, the staff is expected to issue an RFP for a new real estate consultant. If the board approves hiring independent fiduciaries, an additional RFP could go out for a second consultant.

    Institutional Property Consultants resigned earlier this year.

    Trustees of the G.T. Global Developing Markets Fund yesterday rejected a request by CapMAC Investment Management to win a subadvisory relationship with the fund, said William Guilfoyle, president of GT Global and chairman of G.T. Global Funds, in a statement.

    CIM officials made the request after four of the seven-member team that managed the fund joined CIM; the rest joined other firms. CIM may keep trying to gain control of the fund, said Howard A. York, president of CIM.

    Chancellor LGT named a new team at the end of April to run the $545 million balanced emerging markets closed-end mutual fund.

    NCM Capital Management Group has reorganized and closed offices in Los Angeles and Minneapolis, said Victoria Treadwell, vice president, client services.

    Four senior marketing staffers - Stanley Laborde, Brenda Walker, Dennis McCaskill and Rodney Hare - left. Linda Jordan, regional vice president, is the sole remaining senior marketing employee. Lawrence Verny, a midcap portfolio manager, departed in April, and Stephon Jackson, director of equity research, will leave. Drake Craig replaced Mr. Verny, and Wendell Mackey will replace Mr. Jackson. Both were promoted from within.

    Ms. Treadwell, former investment analyst with the Los Angeles County Employees Retirement Association, and Lee A. Baker, formerly a manager of pension investments at the New York Times, joined NCM as vice president of client services, new positions.

    David M. Strauss, deputy chief of staff to Vice President Al Gore, is the White House's pick for executive director of the PBGC. An announcement is expected soon. Mr. Strauss confirmed he is awaiting completion of paperwork for the appointment. He would succeed Martin Slate, who died Feb. 23.

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