University and Community College System of Nevada, Reno, terminated Payden & Rygel as a short-term global fixed-income manager for its operating fund.
The termination was not performance related, but was made in a move to consolidate the managers of the $200 million endowment fund and the $150 million operating fund, said Tim Ortez, director of banking and investments. PIMCO will handle the $30 million portfolio, bringing its total to $125 million for both funds in domestic and international fixed-income portfolios.
Cambridge Associates assisted.
The MSCI World Index dropped 5.4% in U.S. dollar terms in October, while the MSCI EAFE Index fell 7.8% and the MSCI Emerging Markets Free Index plunged 16.5%.
Not surprisingly, Hong Kong's market - down 29.1% - was the month's worst performer among developed markets. Malaysia's market ranked second worst, with a return of -21.1%. Conversely, Switzerland's market, which declined 0.7%, was the developed markets' best performer last month.
Among emerging markets, the Thailand Free component ranked last with a showing of -34.1%.
Only two markets in the world posted gains last month: Turkey rose 5.7% and Morocco advanced 2.6%.
Simon DeBartolo Group and DLJ Real Estate Capital Partners entered into a joint venture to acquire and develop entertainment-oriented real estate in the United States and abroad.
Simon DeBartolo Group is the largest publicly traded REIT. DLJ Real Estate is a $700 million real estate opportunity fund sponsored by Donaldson, Lufkin & Jenrette.
The venture intends to accumulate more than $1 billion of real estate over two years.
The Futures Industry Association, a futures broker group, submitted its own plan for a merging of the clearing operations of the Chicago Board of Trade, the Chicago Board Options Exchange and the Chicago Mercantile Exchange.
The FIA proposal focuses on governance of the proposed clearing entity and financial safeguards. FIA executives hope that a joint committee looking at ways the Chicago exchanges could combine operations will use the proposal, according to a statement.
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.
Investor Responsibility Research Center and Russell Reynolds Associates, executive recruiters, have established a strategic partnership under which the IRRC will provide research and data to Russell Reynolds. Reynolds will provide financing and editorial insights for reports on global governance practices the two organizations plan to co-produce.