Chicago Laborers' Annuity & Benefit Fund probably will review its asset allocation if Illinois Gov. Jim Edgar signs a bill allowing it and the Chicago Municipal Employees' Annuity and Benefit Fund to adopt prudent person standards for investing, said James Capasso, executive director of the $1.2 billion laborers' fund.
Separately, board members agreed to a joint meeting with the Chicago municipal fund to discuss possible managed futures investment structures with RXR and Baldwin Group. Becker Burke is assisting the fund.
Virginia Retirement System, Richmond, is considering using performance-based fees for some outside money managers, said Nancy Everett, deputy CIO for the $25.9 billion fund. The fund also is focusing on transaction costs and risk management, and may expand trading cost analysis to international stocks.
Chinook Capital, an equity manager and Seattle Capital Management, a bond manager, merged to form a new firm, Chinook Capital Management. Terms of the deal were not disclosed. Blake Singer and Greg Houser, who had been partners at Chinook, will continue to be based in Portland, Ore. Former Seattle Capital principals Kenneth Schultz, Jerry Wiesner and Laurie Nichols will remain in Seattle.
Prior to the merger, Chinook had $50 million under management and Seattle Capital managed $400 million.