Lockheed Martin Corp., Bethesda, Md., today announced the formation of Lockheed Martin Investment Management.
The wholly owned subsidiary will manage the more than $45 billion in retirement and savings plans assets the company will have following its merger with Northrop Grumman. LMIM will be based in Washington and will be effective in mid-October.
Anthony G. Van Schaick will be president and CEO. Mr. Van Schaick had worked for Lockheed from 1978 to 1995, in various financial posts. He most recently was senior vice president and CFO at John Wieland Homes.
International equity investment funds in defined contribution plans gained in popularity between 1995 and 1996, a survey by the Profit Sharing/401(k) Council of America found.
According to the survey ``the most significant investment change'' in the period was the popularity of international equity funds, with 66% of plans allowing participant contributions to international funds, up from 53% in 1995 and 6% in 1991. Also, 56% of plans allow employer contributions to the international funds, up from 44% in 1995 and 8.3% in 1991.
The survey also found pre-tax participation in profit-sharing and 401(k) plans has increased to an average of 84% in 1996, up from 82.9% in 1995.
Sacramento County (Calif.) Employees' Retirement System is reviewing its domestic equity portfolio, and will begin a full-scale asset allocation study by early next year, said CIO Jeffrey States. Pension Consulting Alliance is looking at the structure and market capitalizations used for the $1.3 billion portfolio, and is expected to have recommendations by the end of October.
The $2.7 billion fund's equity managers are Nicholas-Applegate, Alliance Capital, Bankers Trust, Chancellor and Oppenheimer.
Los Angeles County Employees' Retirement Association will interview ICM Asset Management Nov. 19 to decide whether the firm should move out of the fund's emerging manager program and onto its regular manager roster. ICM now manages about $20 million for the fund in a small-cap value portfolio. If the firm is hired as a regular manager, its portfolio could grow to as much as $150 million, said a spokeswoman for the $22 billion fund in Pasadena, Calif.
The money might come from a $150 million Russell 2000 index fund LACERA has with Bankers Trust.