David M. Strauss, deputy chief of staff to Vice President Al Gore, is the White House's pick for the top job at the PBGC. An official announcement of his appointment as executive director is expected any day.
Mr. Strauss, in a telephone interview, confirmed he is awaiting completion of White House paperwork for the appointment. He would succeed Martin Slate, who died Feb. 23.
The Dow Jones industrial average today closed up 128.34 points to 7434.06, a new high that topped the record close of 7383.41 May 27. The S&P 500 closed up 14.44 points to 857.91, also a record. The Nasdaq composite was up 14.51 points to 1404.56, which is short of its 1410.18 high. Closing numbers are preliminary.
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 gain 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. The takeover attempt has been called unprecedented by mutual fund experts.
CIM may not stop its efforts to gain control of the fund, said Howard A. York, president of CIM. Mr. York said CIM hoped ``to have an airing of the issues with the independent board.''
Chancellor LGT appointed a new team at the end of April to run the $545 million balanced emerging markets closed-end mutual fund.