IPL Energy Inc., Calgary, Alberta, might consolidate investment managers in three subsidiaries' pension plans. Together they have more than U.S.$620 million in total assets, said Arif Sayeed, manager-pension fund investments. A decision could be made by the end of the year. Ideas on how to consolidate are under study.
Consumers Gas Co., North York, Ontario, has C$600 million (U.S.$432 million) in pension assets. Its managers are: Brinson and Sceptre Investment, for non-Canadian stocks; State Street Global, emerging market stocks; Baker Gilmore and J.R. Senecal, Canadian bonds; and Knight Bain Seath & Holbrook and Laketon Investment, Canadian equities.
Interprovincial Pipe Line Inc., Edmonton, Alberta, has C$150 million (U.S.$108 million) in pension assets. Managers are: Nicholas-Applegate and Alliance Capital, U.S. equities; Putnam, non-North American stocks; Altamira, Canadian bonds; and Jones Heward and Cassels Blaikie, Canadian equities.
IPL USA Inc., Duluth, Minn., has U.S.$80 million in pension assets run by Putnam for non-U.S. stocks, Nicholas Applegate for U.S. stocks and Alliance for U.S. stocks and bonds.
Bay Area Painters & Tapers Pension Fund Trust, San Francisco, is conducting an asset allocation study. CFO Alex Lawrence wasn't sure what changes might be implemented as a result of the study.
The in-house review is expected to be finished by January. According to Nelson's Directory of Plan Sponsors, the $300 million fund invests 52% in U.S. equity, 33% U.S. bonds, 10% real estate equity and 5% in cash.
Prudential Real Estate Investors and Developers Diversified Realty, a public REIT, formed the Retail Value Investment Program, which will invest in shopping centers that need repositioning. The venture will be funded with $210 million from PREI's pension fund investors; DDR committed $70 million. The venture was put together by Chadwick, Saylor, a real estate investment bank.
Frank Russell expanded its mutual fund services to Australia, where it now offers its series of multistyle, multimanager mutual funds to retail investors and small to midsized superannuation funds. The funds are available to institutional investors through Russell Implemented Consulting,. Retail investors can access the funds through the financial planning network of ANZ, an Australian bank.
Charles Schwab Retirement Plan Services initiated a new, lower cost bundled service for small and midsized defined contribution plans through its network of broker dealers. A key feature of the enhanced service for 401(k) plans is the addition of asset-based pricing with no fees on assets held in Schwab's Mutual Fund OneSource funds.
The service spares small plans the cost of using an outside trustee by being self-trusteed through the Schwab broker dealer network.