San Diego County Employees' Retirement Association, San Diego, was among the investors in a futures fund managed by Victor Niederhoffer, a futures and hedge fund manager that recently shut down because of investment losses.
Robert Snigaroff, investment officer for the $3.3 billion fund, did not have the exact amount the San Diego fund lost through Mr. Niederhoffer, but he said less than 5% of the fund's $140 million allocation was invested with Mr. Niederhoffer.
The fund invested with Mr. Niederhoffer through Hart-Bornhoft Group, a manager-of-futures managers for San Diego, he said.
Fidelity Investments split product distribution into three separate channels today.
Fidelity's retail and brokerage divisions will merge to form Fidelity Personal Investments and Brokerage Group, which will provide direct mutual fund sales and brokerage services to individuals. J. Gary Burkhead, vice chairman of FMR Corp., will head up the division.
Robert L. Reynolds will continue to head Fidelity Investments Institutional Retirement Group, which is the company's distribution channel to 401(k), 403(b) and 457 plan sponsors. Fidelity Financial Intermediary Services, headed by Kevin J. Kelly, will serve banks, insurers and broker/dealers.
The median short-term, fixed-income return in the third quarter inched upward to 5.66% from 5.64% in the second quarter of this year, according to the Yanni-Bilkey Investment Consulting CA$H universe.
Average maturities shortened slightly to 59 days on Sept. 30 from 64 days at the end of June, reflecting mild uncertainty on the future direction of interest rates. The Yanni-Bilkey CA$H universe consists of 110 short-term institutional portfolios with total assets of about $180 billion.