HARTFORD, Conn. - RCM Capital Management has been put on a watch list by the $15 billion State of Connecticut Retirement & Trust Funds, said state Treasurer Christopher Burnham, sole trustee.
RCM was placed on the watch list because of personnel changes, Mr. Burnham said. Connecticut hired RCM in spring 1996 to manage a $150 million equity portfolio. RCM officials were unavailable for comment.
raises equity exposure
AUBURN, Ala. - The $180 million endowment of Auburn University will increase its equity allocation to 60%, said Charles Bruce, director-treasury services. It will boost the allocation from 55%, increasing the assignments of INVESCO and Scudder, its current equity managers. Funding will come from cash flow.
Officials will decide which manager will receive the additional allocation as new money is invested every quarter. Both now split the equity allocation.
Smith Barney assisted.
CalSTRS seeks officer
for alternative investing
SACRAMENTO, Calif. - The $75 billion California State Teachers' Retirement System will begin a search for a senior investment officer for alternative investments with top pay of $110,000 a year.
The fund has a target allocation of 5% of assets for alternative investments.
The recruitment process will be handled by the fund's staff, and selection will be made by a panel.
The position has been vacant since March when Solomon Owayda resigned to take a new job with Schroder Ventures in Boston.
Los Angeles County
boosts emerging markets
LOS ANGELES - The $22 billion Los Angeles County Employees' Retirement Association decided to allocate as much as $200 million over the next year to an existing emerging markets equity portfolio, and will study emerging markets debt later this year.
The $200 million will go to the Capital Guardian Trust Emerging Markets Growth Fund. LACERA has $424 million with the fund now. The decision was made because the county wanted to increase its allocation to emerging markets equity slightly.
REITs, venture cap
on tap for foundation
STAMFORD, Conn. - The $190 million Charles E. Culpeper Foundation is planning to make its first REIT investments "rather soon," and boost venture capital later in the year, said Boris Wessley, comptroller.
The $190 million fund will invest cash flow from its current real estate funds into a REIT or a REIT fund of funds.
The venture capital allocation is expected to increase to 5% of total assets from 3%. The board is looking specifically at European venture capital.
Cambridge Associates is assisting.
Montgomery County eyes
more Fidelity options
ROCKVILLE, Md. - The Montgomery County Employees' Retirement System is considering adding more options from bundled service provider Fidelity Investments for its $4 million defined contribution plan, said Julie Dellinger, executive director.
The defined contribution plan offers 10 investment choices. The system also may replace some existing funds with new funds, limiting the total investment choices at around 20.
It is considering adding two or three funds from Fidelity's new Spartan family of index funds, including an international fund, plus the five funds in the Fidelity Freedom lifestyle fund family.
The system staff will make recommendations at the Sept. 5 meeting. The defined contribution plan covers new employees other than police and fire employees.
Memphis utility choosing
consultant in August
MEMPHIS, Tenn. - The $760 million Memphis Light, Gas & Water Division Pension System is searching for a consultant. Responses to the RFP were due July 19. A decision is expected by mid-August. The search is part of a periodic review undertaken every few years. Incumbent Consulting Services Group is in the running, said John W. McCullough, manager, finance and treasury.
N.Y. fund shuffles
ALBANY, N.Y. - The $88 billion New York Common Retirement Fund has consolidated alternative and real estate investing under the direction of Alan Sullivan, assistant deputy comptroller, said a spokesman for H. Carl McCall, sole trustee.
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.
In another development, the fund $32 million for First Union Plaza, the single-largest office property transaction in the Raleigh/Durham/Chapel Hill, N.C., market, said Marcus & Millichap Commercial Real Estate Investment Brokerage.
The fund paid more than $136 per square foot for the 235,000-square-foot building, making it the most ever paid for a property in the region. New York Common was represented by Jones Lang Wootton Realty Advisors.