Pioneer Group formed Pioneer Global Institutional Advisors, a new unit that will centralize services to institutional investors.
The group will take over the company's existing institutional marketing, client reporting and product development. It also will pull together Pioneer's institutional activities in international real estate, venture capital and capital markets investing and expand the firm's product line. However, for institutional business purposes, Pioneer Capital, which focuses on the U.S. venture capital market, will remain a separate subsidiary.
State of Michigan Retirement Systems, Lansing, paid $150 million for an undisclosed stake in Edens & Avant, a real estate operating company, said Phil Van Syckle, head of mortgage and real estate for the $35 billion pension fund.
Edens & Avant operates shopping centers in the Southeast, said Joe Edens, chairman.
Harvard University's $11 billion endowment fund posted a total return of 25.8%, net of all expenses, for the year ended June 30, according to a letter to alumni from Jack Meyer, president Harvard Management, Boston, which manages Harvard's assets.
The median return of large endowment funds in the Trust Universe Comparison Service was 20.3%. Harvard's benchmark policy portfolio returned 20%. For the five years ended June 30, the endowment returned 18.9%, compared with 14% by the TUCS universe.
But Mr. Meyer ended his letter with a caution: ``We do not expect the five-year record .... to be sustained.''
Nicholas-Applegate today introduced the Emerging Markets Debt Fund and the Global Blue Chip Stock Fund. The emerging markets bond fund will only be available to institutional investors for six to 12 months.
By the end of November, Nicholas-Applegate will introduce the Pacific Rim Fund, the Greater China Fund and a Latin American equities fund, said Catherine Somhegyi, CIO, global equity management.