Skip to main content
MENU
Subscribe
  • Subscribe
  • Account
  • LOGIN
  • Topics
    • Alternatives
    • Consultants
    • Coronavirus
    • Courts
    • Defined Contribution
    • ESG
    • ETFs
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Opinion
    • Partner Content
    • Pension Funds
    • Private Equity
    • Real Estate
    • Russia-Ukraine War
    • SECURE Act 2.0
    • Special Reports
    • White Papers
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • WPS Innovation Awards
    • Eddy Awards
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • ESG Sustainability - Gaining Momentum
    • Climate Change: The Inescapable Opportunity
    • Impact Investing
    • 2022 ESG Investing Conference
    • ESG Rated ETFs
  • Defined Contribution
    • Latest DC News
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • Trends in DC: Focus on Retirement Income
    • 2022 Defined Contribution East Conference
    • 2022 DC Investment Lineup Conference
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Performance Data
    • P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
    • Future of Investments Research Series
    • Charts & Infographics
    • Polls
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
    • 2022 Retirement Income Conference
    • 2022 Managing Pension Risk & Liabilities
    • 2022 WorldPensionSummit
Breadcrumb
  1. Home
  2. Online
June 19, 1997 01:00 AM

Chicago Municipal Employees' Annuity and Benefit Fund probably will...

  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print

    Chicago Municipal Employees' Annuity and Benefit Fund probably will review its asset allocation following legislative changes, and continues to look closely at adding managed futures to the mix. The state Legislature recently passed a bill that would allow the fund to adopt a prudent investor rule, removing limits on investment in equities and other asset classes, said James Stack, executive director for the $4.2 billion fund. Gov. Jim Edgar is expected to sign the bill.

    Also, the fund's board decided to bring in representatives from both RXR, a futures manager, and Baldwin, a manager of managers, to examine a possible joint hiring of the two firms. But Mr. Stack said it is not too late for other managed futures firms to gain consideration from the fund. Board members will try to schedule a joint meeting with board members of the Chicago Laborers Annuity & Benefit Fund, which shares some board members and a consultant, Becker Burke, and also is looking at managed futures.

    Merrill Lynch's broker-dealer subsidiary and the Orange County, Calif., district attorney reached a settlement covering the company's role as an underwriter of four county note issues in 1994. Merrill Lynch, while denying any wrongdoing, agreed to pay Orange County $27 million and reimburse the county for the $3 million cost of the investigation. It also agreed to implement enhanced procedures for internal coordination of certain California municipal offerings.

    The settlement has no effect on pending litigation stemming from the county's bankruptcy in December 1994.

    Phoenix Duff & Phelps agreed to acquire a majority stake in GMG/Seneca Capital Management. Under the terms of the deal, Phoenix Duff & Phelps will assume majority ownership. Existing GMG/Seneca senior management will retain a significant equity stake. Existing management will continue to run the company.

    The deal valued GMG/Seneca at $54 million; Phoenix Duff & Phelps would not disclose the size of the equity stake it acquired.

    Zacks Investment Research, making its first move into traditional money management, teamed up with Reich & Tang to offer an equity investment fund. Separately, Zacks is seeking a partner to handle distribution for a mutual fund it wants to establish, said Leonard Zacks, president and CEO.

    In the Reich & Tang venture, it is offering a unit investment trust based on the 39 top equity picks of Zacks analysts. The trust will be open for investment for the next two months. The stocks will be held in the trust for 13 months, when it will be liquidated. Mr. Zacks said his firm also wants to manage a mutual fund and has been seeking a distributor.

    Conrail ESOP participants will have to wait until the end of 1998 to collect their entire share of the $500 million windfall from the company's acquisition by CSX and Norfolk Southern, CEO David M. LeVan said this week. Workers who lose their jobs this year as part of the merger might never get all of the money, because only employees on the rolls in 1998 will be eligible to collect next year's payout. And employees will have to forgo contributing to their 401(k) plan in 1997 and 1998. Contributions already made this year will be returned.

    Conrail must stagger payments of the profits the ESOP collected in the merger because tax rules limit the amount employers can contribute annually to retirement plans to 25% of pay, or $30,000, whichever is lower. The IRS treats as employer contributions the spread between the price at which the ESOP acquired the shares and the price at which it tendered them in the merger.

    Recommended for You
    Happy Fourth of July greeting
    No P&I Daily for Independence Day holiday
    Juneteenth_1550_i.jpg
    No P&I Daily on Juneteenth
    No P&I Daily on Memorial Day
    No P&I Daily on Memorial Day
    Private Markets
    Sponsored Content: Private Markets

    Reader Poll

    August 10, 2022
    SEE MORE POLLS >
    Sponsored
    White Papers
    Gaining Momentum: Where Next for Trend-Following?
    The market opportunity in U.S. residential mortgage-backed securities
    Credit Indices Evolve with Enhanced Data Inputs
    Hedge Funds 2.0: Back to the future
    How Has 2022's Carnage Reshaped Global Stock and Bond Markets?
    Crossroads: Politics, Inflation, & Bonds
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    August 1, 2022 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Content Solutions
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Consultants
      • Coronavirus
      • Courts
      • Defined Contribution
      • ESG
      • ETFs
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Opinion
      • Partner Content
      • Pension Funds
      • Private Equity
      • Real Estate
      • Russia-Ukraine War
      • SECURE Act 2.0
      • Special Reports
      • White Papers
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • WPS Innovation Awards
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • ESG Sustainability - Gaining Momentum
      • Climate Change: The Inescapable Opportunity
      • Impact Investing
      • 2022 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2022 Defined Contribution East Conference
      • 2022 DC Investment Lineup Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Performance Data
      • P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
      • Future of Investments Research Series
      • Charts & Infographics
      • Polls
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2022 Retirement Income Conference
      • 2022 Managing Pension Risk & Liabilities
      • 2022 WorldPensionSummit