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November 12, 1997 12:00 AM

New York State Teachers' Retirement System, Albany, placed State...

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    New York State Teachers' Retirement System, Albany, placed State Street Global Advisors on its investment manager watch list because the firm has underperformed three of the last four quarters, said Candace Ronesi, a spokeswoman for the $68 billion fund. SSgA manages a $609 million international equity portfolio for the retirement system in which it makes active country decisions but invests passively in the stock market.

    SSgA Principal John Grady corroborated the past underperformance, but said SSgA's performance so far this quarter had improved.

    As expected, the Federal Reserve Board Open Markets Committee left interest rates unchanged at today's meeting.

    Steven Gordon, director-fixed income at Warren Nadel, said no action was expected ``because of the currency turmoil in Asia and the resulting volatility in world markets.'' But, he said Fed watchers expect the Fed to continue its anti-inflation vigilance in coming months.

    The federal funds rate currently is 5.62% and the discount rate, 5%.

    The Labor Department will take enforcement action to ensure workers' retirement savings are not eroded because of excessive or undisclosed fees, Assistant Labor Secretary E. Olena Berg said today.

    The enforcement project will look at what fees investment managers charge, what services they provide in exchange for the fees, and whether the fees are charged separately, or netted with investment results. The department also will review industry data and practices on 401(k) plan fees.

    Iowa Public Employees' Retirement System, Des Moines, is finishing a search for a high-yield bond manager.

    Three finalists have been named for the new $300 million portfolio; a final decision is expected by the beginning of the year. Mike Finnegan, senior investment officer for the $12 billion fund, wouldn't identify the finalists.

    Wilshire is assisting.

    Richmont Investment Management will begin marketing its high-yield investment strategy to institutions and high-net-worth investors. Richmont's strategy focuses on companies in turnaround situations.

    To assist with marketing, Richmont retained, on a consulting basis, Paul Ruse, who was Vermont's treasurer from 1988 to 1994. The high-yield group is overseen by Dan Johnedis, director of fixed income for Richmont Corp.

    Richmont originally was formed to invest the assets of Richmont Corp., Dallas, parent to Mary Kay Cosmetics Corp., as well as the assets of Richmont's officers and owners.

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