Oprah Winfrey's announcement today that she will continue her syndicated TV talk show set the stock of King World Productions soaring. It was up 7% or $2.75 to $42.06, a 52-week record high in midday trading. Trading in the shares was above average. King World syndicates her show.
Ms. Winfrey said she will continue through the 1999-2000 TV season.
Ohio State Highway Patrol Retirement System, Columbus, is considering consolidating its fixed-income management, said Debra Pelley, executive director of the $570 million fund. Fund officials, working with DeMarche, are considering terminating Phoenix Duff & Phelps, which runs $66 million, and reassigning the assets to Munder Capital Management, which oversees $67 million. Both run core portfolios.
The move would make Munder the fund's sole bond manager, and streamline the fund's investment management and cost. A decision could be made next month.
Equity Office Properties Trust and Beacon Properties reached a definitive agreement to merge the companies into an office building REIT with an $11 billion market capitalization. The combined companies will operate under the Equity Office Properties Trust name and will operate 233 office buildings.
The transaction values Beacon at about $4 billion, including the assumption of debt and the issuance of preferred shares. Equity Office will issue 93,461,269 new common shares, which will be used to assume Beacon's outstanding debt of $833 million. Beacon also will issue about $200 million of preferred stock that will be exchanged for Equity Office preferred stock.
Pension funds earlier this year approved the roll-up of their partnership units in the privately held Equity Office Properties into a public REIT.
Hedge fund managers maintained positive returns in August, on average, in a month when many stock and bond market indexes were negative.
The Hennessee Hedge Fund Advisory's index was up 0.34% in August, and was up 16.3% year to date. Evaluation Associates Capital Markets composite hedge fund index return 0.2% in August and 10.7% year to date. And Hedge Fund Research's composite index of hedge fund managers returned 0.63% in August, and 14.8% year to date.
In the same respective periods, the S&P 500 Index returned a negative 5.6% and 22.9%. The Lehman Brothers Government Corporate Bond Index returned -1.1% and 4.7% for the same respective periods.
Los Angeles City Employees' Retirement System is expected to issue an RFP as early as Thursday for a large-capitalization growth equity manager. The manager will receive an estimated $320 million that had been managed by Chancellor LGT.
A spokesman for the $6.2 billion system said Chancellor was terminated primarily for investment performance and personnel turnover. No one at Chancellor could be reached for an immediate response. Staff will conduct the search, with help from Asset Strategy Consulting.