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 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.
CIGNA Retirement & Investment Services and Louis Kravitz & Associates formed an alliance to provide bundled defined benefit pension services to small and midsized pension plans in California.
LKA will provide actuarial and consulting services; CIGNA will provide multimanager investment management services. The alliance is designed to provide a total outsourcing program for employers with 200 to 5,000 employees.