University of Oregon Foundation, Eugene, is considering adding more alternative investments and is reviewing its strategic asset allocation.
The foundation is looking into hedge funds, LBOs, oil and gas investments or an emerging markets mandate. The $200 million fund now has 16.5% in alternatives and has the leeway to allocate up to 20% of the portfolio to the asset class. Any changes that may be made may take from one to three years to be implemented, said Peter Rothschild, chairman of the investment committee.
The board is scheduled to meet again in October.
The Province of Prince Edward Island, Charlottetown, is rewriting its pension fund investment policy statement, said Harold Parker, investments officer.
The C$480 million (U.S.$340.8 million) fund expects to have its new statement in place by March 31 when contracts expire for its four existing managers. The four, all balanced managers, are Beutel Goodman, McLean Budden, Sceptre and Altamira.
Comstat Capital is assisting a subcommittee of trustees and the staff. While there are no preconceptions, he said the new policy could call for the fund to go more aggressively into equities and use separate accounts.
The fund now has about 60% total in equities.
New York Common Retirement Fund, Albany, has consolidated alternative and real estate investing under the direction of Alan Sullivan, assistant deputy comptroller, said a spokesman for H. Carl McCall, the sole trustee of the $88 billion fund.
Day-to-day management of alternative investments will be handled by Michael Arpey, senior investment officer. Mr. Arpey, who joined the comptroller's office in 1995 as an investment officer, replaces Anne Collins, who left last month to join Fleet Equity Partners. Real estate investing will continue to be directed by Joseph DelCasino, chief real estate investment officer.
Nursultan Nazarbaev, president of Kazakhstan, signed legislation creating a private pension system for the Asian country. The new system, which takes effect Jan. 1, calls for employers to contribute 15% of workers' salary and employees to contribute 10%. Individuals also will be allowed to make additional voluntary contributions. Current retirees will still receive their pensions from the government's central pension fund.
As part of the new program, retirement ages will rise in Kazakhstan. For men, the retirement age will rise to 63 from 60, and for women, to 58 from 55.
Dreman Value Management said today it agreed to another five-year contract to subadvise the $1.9 billion Kemper-Dreman High Return Equity Fund, subject to approval by shareholders. David Dreman, chairman and controlling stockholder of Dreman Value Advisors, will remain the fund's portfolio manager.
Standard & Poor's ComStock, a real-time market data provider and data redistributor, announced plans to significantly expand its presence in the Asia/Pacific region.
Initial steps include the establishment of an Asia/Pacific regional technical support and marketing center in Singapore and agreements to distribute Standard & Poor's ComStock's real-time market data, research and news in South Korea and New Zealand.
SEARCHES & HIRINGS
Texas Municipal League Intergovernmental Risk Pool, with $320 million in assets, hired Voyager Asset Management to run an $80 million domestic fixed-income portfolio. Other finalists were INVESCO and Smith, Graham. The search was conducted internally following a rebidding of the contract, which had been with Graham & Co. for the past four years.
Vassar College, Poughkeepsie, N.Y., hired Northern Trust to replace Bank of New York as custodian for its $450 million endowment fund. The change was made to get more timely accounting and performance reports, said Jay Yoder, director of investments. Fees also will be lower. Kohlberg & Associates assisted.
A Bank of New York spokesman declined to comment.
Jackson National Life Insurance Co., Lansing, Mich., hired Putnam Investments to run two funds for its Perspective variable annuity program. Putnam assumed management of a $35 million large-cap value equity portfolio and a $56 million core growth stock portfolio from Phoenix Duff & Phelps, said Michael Wells, a Jackson National spokesman.
David Schane was named vice president of institutional marketing at American Century Investments, a new position. He will manage relationships with East Coast institutional insurance clients. Mr. Schane was a senior marketing executive with Credit Suisse Private Banking in London, where his position was eliminated during a reorganization