SEI Investments agreed to sell SEI Capital Resources, the company's traditional consulting arm, to Notre Capital Ventures II and William Nicholson, who heads up the asset consulting group for Donaldson, Lufkin and Jenrette Securities. Terms of the deal were not disclosed.
Mr. Nicholson will leave DLJ and become CEO of the acquired company. Notre is a venture capital firm active in the consolidation of fragmented industries, SEI officials said. The transaction is expected to close in August.
TIAA-CREF executives are urging Republican lawmakers to reconsider an effort to rescind the organization's tax-exempt status through a provision in a tax package approved by a congressional conference committee. TIAA-CREF Chairman John H. Biggs today called the provision ``an ill-advised action.''
Sens. Bob Graham, D-Fla., and Alfonse D'Amato, R-N.Y., and 44 of their colleagues issued an appeal to Senate Finance Committee Chairman William Roth Jr., R-Del. on TIAA-CREF's behalf.
Navy-Marine Corps. Relief Fund, Arlington, Va., with $165 million in assets, has equitized its $8 million market-neutral portfolio run by Standish, Ayer & Wood, using S&P 500 futures to mimic the stock market, said Jim Koltes, chief of the asset allocation committee.
The portfolio is 100% equitized, but the fund overlaid a proprietary TAA model that will guide the level of equity exposure and determine when to pull back. The fund has about $11.6 million in an equitized long-short strategy with Numeric Investors and about $6 million in an unequitized strategy with Weiss Associates. The fund decided to equitize the Standish Ayer portfolio ``based upon our experience with our Numeric equitized portfolio and our tactical asset allocation model,'' Mr. Koltes said.
State of Michigan Retirement System heads a list of Michigan-based investors that have committed money to the first closing of Wind Point Partners III. The $35 billion Michigan fund committed $25 million to the private equity fund, which will have a Michigan focus but is not restricted to the state.
Other Michigan institutions committed a total of $91 million of the $167.5 million raised so far. They include the pension funds for Chrysler Corp., MASCO Corp., Dow Chemical Co., Detroit Edison Co. and CMS Energy Corp., and the endowment of the University of Michigan, according to minutes of the Michigan Investment Advisory Committee. The State of Wisconsin Investment Board also committed to the fund, the minutes say.
Minneapolis Employees' Retirement System is beginning a search for a consultant, including minority- and women-owned firms, as well as more-established firms, said Farouki Majeed, investment officer. Officials of the $1.3 billion fund are considering either a general retainer or project relationship. Mr. Majeed said the RFP process will remain open for some time. ``I want to be flexible,'' in order to be as inclusive as possible, he said; the system hasn't imposed a deadline.
Idaho Power Co., Boise, completed an asset allocation that recommended keeping its current 65% equity allocation for its $250 million pension fund, said Ronald Meyers, pension and investment administrator. The fund has no plans to make changes. Broken down, its equity allocation will remain 17% core and 12% each in large-cap growth, large-cap value, small-cap and international. Its other allocations, as recommended, will stay 20% fixed income, 10% real estate and 5% cash.
Vassar College, Poughkeepsie, N.Y., hired Bee & Associates to run $18 million in global small-cap stocks for its $457 million endowment fund. Funding will come from a reduction in the allocation to Grantham, Mayo, Van Otterloo, which runs $97 million in global stocks for Vassar. Cambridge Associates assisted.
Illinois State Board of Investment, Chicago, hired The Townsend Group as a real estate consultant on a project basis, said Kathy Lindsay, deputy director of the $6.3 billion fund. Townsend has worked with the fund on quarterly analysis. The firm met with the board today in a closed-door meeting.
The board also interviewed Nicholas-Applegate, Fleet Investment Advisors and J. & W. Seligman for a $100 million small-cap growth mandate. The board has yet to decide if one or two firms will be hired to replace Chancellor LGT. A selection will be announced Monday.
Iron Workers District Council New England, Dorchester, Mass., hired Loomis Sayles to run a bond portfolio and Freedom Capital Management, a large-cap growth equity portfolio, for its $175 million pension fund, said Hugh Shaw, director-investments.
The assignment amounts weren't available. Funding will come from cash and from dropping Westfield Capital Management, a small-cap equities manager.
All-Phase Electric Supply, Benton Harbor, Mich., changed two growth equity mutual fund options for its $37 million defined contribution plan. The plan added the T. Rowe Price Blue Chip Stock Fund and the Franklin Small-Cap Growth Fund, replacing Fidelity Magellan and American Century Ultra.
Northern Trust assisted