Affiliated Managers Group Inc. of Boston has filed with the Securities and Exchange Commission to complete an initial public offering during the fourth quarter. The underwriting group is led by Goldman, Sachs & Co. AMG acquires interest in smaller asset management companies and will have $40 billion in assets under management when two recently announced investments are completed.
The Los Angeles County Employees Retirement Association, Concord, Calif., delayed an impending search for an EAFE manager because the board asked its consultant to review other scenarios for the $2.2 billion pension fund, said Chuck Barron, assistant retirement administrator.
The board was considering a top-down EAFE manager for a $70 million assignment. But it asked Dorn Helliesen & Cottle to evaluate bottom-up and other types of EAFE investments and report to the board.
The amount of the assignment could change as well. Funding likely will come from a reallocation.
The board could make a decision by the end of the month.
Atlantic Asset Management, an investment-grade bond manager with $2.1 billion in assets, and Fountain Capital Management, a high-yield bond manager with $400 million in assets, have formed a business partnership.
Through the partnership, Atlantic will run traditional fixed-income portfolios for Fountain's clients and Fountain will manage high-yield bond accounts for Atlantic's clients.
Each firm will maintain its name and identity with respect to client relationships.
SEARCHES & HIRINGS
Visa USA Inc., Foster City, Calif., hired Wells Fargo to replace Chase Manhattan as master trustee for its $96 million defined benefit plan. Chase Manhattan was terminated because of problems with the bank's East Coast location and the three-hour time difference between the fund and the firm, said Susan Sparks, pension consultant at Visa.
The change to Wells Fargo will take place Oct. 1. The firm is also the fund's only investment manager.
Sound Shore will run $40 million in an active account and State Street, $50 million in a Russell 1000 value index fund. Richard Connell, vice president and treasurer would not identify the manager both firms are replacing. Evaluation Associates assisted.
Whirlpool Foundation, Benton Harbor, Mich., hired Putnam Institutional Management to manage its $17 million portfolio in six mutual funds.
Putnam will use four Delaware Business Trust Funds: a core growth equity trust, small-cap growth trust, international equity trust, and Putnam Horizon Management FI trust; and two other Putnam funds: a large-cap value fund and high-yield advantage fund. Frank Luongo, manager of corporate funding, would not identify the manager the foundation used previously.
City of Baton Rouge (La.) & Parish of East Baton Rouge Employees' Retirement System trustees narrowed their search for a domestic fixed-income manager to six finalists: PIMCO; Western Asset Management; BlackRock Financial Management; Standish, Ayer & Wood; Orleans Capital Management; and Lincoln Capital Management.
The final selection will be made before the end of the month, according to Jeff Yates, executive director of the $600 million fund. The placement will be at least $40 million.
Alaska State Pension Investment Board, Juneau, named seven semi-finalists in its search for a team of core-plus and value-added real estate equity managers.
The $10 billion fund will select two to four managers to manage between $300 million and $400 million. Core-plus real estate equity finalists are: Allegis Realty Investors, INVESCO Realty Advisors, PMRealty Advisors and SSR Realty Advisors. Value-added manager finalists: Fidelity Management Trust, Lowe Enterprises and Urdang & Associates.
The fund's real estate committee will meet with the candidates Sept. 13 and 14, and will make recommendations for the final selection at the October board meeting.