The New Jersey Division of Investment, Trenton, is searching for a new director to replace Roland M. Machold, who plans to retire next June. Mr. Machold plans to spend more time with his family, said a spokeswoman who declined to be identified. Mr. Machold was on vacation and could not be reached for comment.
The new director will oversee internally managed assets totaling around $65 billion.
Piper Jaffrey Cos., Minneapolis, settled its final derivatives class-action suit and a related suit for a total of $6.6 million, and set aside another $24 million for costs related to derivatives losses at its money management subsidiary.
The class-action settlement involves shareholders of a fund in which Piper was the subadviser: the Managers Intermediate Mortgage Fund, a no-load open-end mutual fund that was managed by The Managers Funds. The related suit was with First Commercial Trust. First Commercial purchased shares of the Managers Intermediate Mortgage Fund, as well as other Piper subadvised funds: the Managers Short Government Fund and the Managers Short and Intermediate Bond Fund, said an outside attorney for Piper.
The $24 million covers the estimated remaining cost of litigation and regulatory inquiries relating to funds or assets managed by Piper Capital Management and other litigation, a Piper statement said.
Becker Capital Management is offering a midcap value portfolio strategy to plan sponsors. The portfolio, a first for the firm, comes after the closing Aug. 1 of pits small-cap value portfolio at $600 million. The run-up in the market and a recent hiring by the Oregon Public Employes' Retirement System forced the money manager to consider closing the portfolio. The firm requires a $5 million minimum investment for the midcap strategy and manages $25 million in the new portfolio for two clients, which a source at the firm would not name.
AEW Partners II formed a partnership with Dolce International to acquire and develop conference center hotels and resorts in the United States and Europe.
AEW Partners II, a partnership managed by AEW Capital Management, has committed $75 million to the venture and will hold a 90% stake. Dolce International is a hotel conference center management company. To date, the venture has completed two acquisitions.
Ibbotson Associates and CDA/ Wiesenberger are joining forces in offering mutual fund analysis and education.
Ibbotson's Fund Strategist returns-based style analysis software will include CDA/Wiesenberger data beginning in January. CDA/Wiesenberger will include Ibbotson's style analysis in its fund sales software. The two firms also will collaborate on Ibbotson's mutual fund investing seminars.
State Street Corp. reported net income of $101 million in the third quarter, up from $74 million a year earlier. Revenue grew 30% to $612 million. Total assets under custody increased 38% to $3.8 trillion. Total assets under management increased 35% to $379 billion compared with a year earlier.
