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July 02, 1997 01:00 AM

The Federal Reserve Board left short-term interest rates unchanged...

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    The Federal Reserve Board left short-term interest rates unchanged today.

    ``This was what the market was expecting,'' said Mark Giura, vice president in portfolio management with Van Kampen American Capital. The bond market, which already was up slightly for the day, rose further immediately following the Fed announcement, he said.

    The Financial Accounting Standards Board issued for public comment its long-awaited proposal to increase disclosure of pension and post-retirement medical information in corporate financial statements. The proposal, which would increase the amount and type of information in pension and post-retirement medical footnotes, has not met with substantial opposition, but the exposure draft will be subject to comment until Sept. 30.

    Theodore J. Tyson, American Century's former international equity chief, and four others have formed Mastholm Asset Management.

    Salomon Brothers Asset Management made a ``significant, direct equity investment'' in Mastholm that gives it an ownership interest, Mr. Tyson said. He declined to elaborate. He did say, however, that Mastholm will subadvise an international equity fund Salomon will launch this fall.

    Mastholm will specialize in bottom-up, all-cap growth international equity investing.

    Other principals are Joseph P. Jordan, director and portfolio manager, who worked for Mr. Tyson at American Century; Arthur M. Tyson II, Ted Tyson's brother, director-research; Thomas M. Garr, managing director-administration, a former vice president of Salomon Brothers; and Robert L. Gernstetter, director-marketing and client services, formerly manager of the portfolio liaison team at American Century.

    Money managers for the Pennsylvania Public School Employes' Retirement System have been instructed to stop buying tobacco company stocks. The cap will remain in place until the investment staff receives a ``clear direction'' on the litigation and other issues facing the tobacco companies. The fund owned $264 million worth of tobacco company stocks as of May 30.

    Callan Associates is searching for a ``specialty consultant'' to focus solely on defined contribution record-keeping searches. Callan hopes to find an individual who understands both investments and provider systems and is able to educate clients in what to look for in a record-keeper. Callan expects to complete the hiring process within two months.

    Refco Group purchased Bersec International, an international bond dealer. Terms were not disclosed.

    Refco recently formed a money management firm with the purchase of equity manager Forstmann-Leff Associates and with fixed-income portfolio managers hired from UBS Asset Management (New York).

    HIRINGS

    St. Louis (Mo.) Employees' Retirement System hired Reich & Tang Capital Management and Columbia Partners as its first small-cap equity money managers. Reich & Tang will run $20 million in small-cap value and Columbia $20 million in small-cap growth equity for the $430 million fund. Funding will come from existing managers; none will be terminated, said Mary Lou Mullen, employee benefits manager. Watson Wyatt assisted.

    Providence (R.I.) Employees' Retirement System hired Boston Partners to manage $43 million in small- to midcap value equity. The firm replaces Pioneering Management, said Boyce Spinelli, director of finance. The board of the $270 million fund was concerned with style deviation, changes in personnel and poor performance at Pioneering, he said.

    David Tripple, Pioneering's CIO, contends the performance had improved since the end of last year and style had been consistent. ``We do understand the concern over the departure of a senior team member,'' he said. H.C. Wainwright & Co. assisted.

    Oklahoma State & Education Employees Group Insurance Board hired Chicago Trust to run a $60 million intermediate-term bond portfolio. A spokesman for the $228 million fund said assets were shifted from a terminated manager he declined to name. Marquette Associates assisted.

    WHO'S NEWS

    Seamon ``Sandy'' Lincoln has resigned from Lincoln Capital Management after serving less than a year as COO.

    ``We are all disappointed,'' said J. Parker Hall, Lincoln president and managing director. ``He initiated changes that are of use to the firm and he's a first-class individual. But Sandy was a more ambitious builder than we thought appropriate at this time for Lincoln Capital.''

    The firm has started a search for a new COO. Mr. Lincoln could not be contacted about his future plans

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