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
July 08, 1997 01:00 AM

Generale de Banque, Belgium's largest bank, is expected to acquire...

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

    Generale de Banque, Belgium's largest bank, is expected to acquire Harbor Capital Management. Officials at the bank and Harbor declined comment until tomorrow. Harbor, an active stock and bond manager, has $5 billion under management.

    Prudential Portfolio Managers, London, will absorb £15 billion ($25.3 billion) of life and personal pension assets formerly run by Scottish Amicable Investment Management, Glasgow, bringing total assets under management to £106 billion ($178.8 billion). The changes follow Prudential's acquisition of SAIM in March. Also, Scottish Amicable's £800 million institutional pension fund business has been sold to Britannia Investment Managers, also in Glasgow.

    A review by the insurer concluded it no longer was economically viable to continue managing the assets in Glasgow, a Prudential official said. SAIM has a staff of 125, of whic 25 are fund managers. About 20 people will move to Britannia, 10 of them fund managers. Prudential also is looking at transferring the remaining 15 fund managers to its offices in London, but the back office staff will be let go at the end of this year.

    Pillsbury Co., Minneapolis, plans to consolidate its U.S. equity managers for its $1.1 billion pension fund, said John E. Bohan, vice president-pension investments.

    The fund will maintain its 55% allocation to U.S. equities. The fund, which now has eight equity managers running nine portfolios, expects to cut the number of portfolios to seven during the next 12 months. Current managers are: Alliance Capital, which has two growth-oriented portfolios; Boston Partners, Brinson Partners, Dietche & Field and MacKay-Shields, all value equities; Sit Investment and TCW Group, small-cap growth; and State Street, an equal-weighted S&P 500 index fund.

    SEARCHES & HIRINGS

    Hartmarx Corp., Chicago, will be hiring an international equity manager and a U.S. bond manager for its $185 million defined benefit plan, said James Condon, vice president and treasurer.

    Mr. Condon said the international hiring, for about 6% of assets, will be completed in about a month; he has just begun reviewing managers for the allocation. The fixed-income search will begin in early September. He hopes to finish it by year-end. Work is being done internally. To fund the hires, the plan dropped its domestic equity allocation to 60% from more than 70%, he said.

    The fund also might buy about 600,000 shares of company stock as follow-up to its purchase of about 400,000 shares already this year, Mr. Condon said.

    Ventura County Employees Retirement Association, Ventura, Calif., retained Asset Strategy Consulting after including eight or nine outside firms in a search.

    The $1.5 billion fund will conduct an asset allocation study in the fall. Van Perris, retirement manager, expects the study to be finished in November.

    National Service Industries, Atlanta, invested $50 million of its $130 million defined benefit plan in the Vanguard Institutional Index fund.

    The change was part of a decision to move to passive management for the large-cap stock allocation, said Russell Watson, assistant treasurer. Mr. Watson declined to name the active manager terminated to fund the hire. Towers Perrin assisted.

    Redland Aggregates North America, Hunt Valley, Md., hired Vanguard to provide quasi-bundled services for its new $50 million 401(k) plan.

    The company's British parent decided to combine the various retirement plans of its four North American subsidiaries into a single plan, said Pam Zerba, North American benefits specialist. The combined plan goes live Aug. 1. Vanguard will manage five of eight investment options. Two Templeton international funds also are offered, as well as the PBGH Aggressive Growth Fund. Vanguard will provide daily valued record keeping, trust and administration and employee education and communication.

    Beloit Clinic, Beloit, Wis., hired Vanguard to provide bundled services for its $50 million 401(k) plan.

    Eight options, all managed by Vanguard, were selected for the plan, together with daily valued record keeping, trust and administrative services. Vanguard also provides employee investment education and communication services, said James Ruethling, administrator. The plan went live July 1.

    The clinic previously used quarterly record-keeping services from the Chering Co. and had six options by multiple managers.

    WHO'S NEWS

    Paul E. Pender was named vice president-finance and treasurer of Northern States Power Co., Minneapolis. He replaced Arland D. Brusven, who retired. Mr. Pender will help oversee more than $2 billion in employee benefit assets. He was an assistant treasurer. His position won't be filled

    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