Skip to main content
MENU
Subscribe
  • Subscribe
  • Account
  • LOGIN
  • Topics
    • Alternatives
    • Consultants
    • Coronavirus
    • Courts
    • Defined Contribution
    • ESG
    • ETFs
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Opinion
    • Partner Content
    • Pension Funds
    • Private Equity
    • Real Estate
    • Russia-Ukraine War
    • SECURE Act 2.0
    • Special Reports
    • White Papers
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • WPS Innovation Awards
    • Eddy Awards
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • ESG Sustainability - Gaining Momentum
    • Climate Change: The Inescapable Opportunity
    • Impact Investing
    • 2022 ESG Investing Conference
    • ESG Rated ETFs
  • Defined Contribution
    • Latest DC News
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • Trends in DC: Focus on Retirement Income
    • 2022 Defined Contribution East Conference
    • 2022 DC Investment Lineup Conference
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Performance Data
    • P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
    • Future of Investments Research Series
    • Charts & Infographics
    • Polls
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
    • 2022 Retirement Income Conference
    • 2022 Managing Pension Risk & Liabilities
    • 2022 WorldPensionSummit
Breadcrumb
  1. Home
  2. Online
December 02, 1997 12:00 AM

West Virginia Investment Management Board, Charleston, soon will begin...

  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print

    West Virginia Investment Management Board, Charleston, soon will begin an asset allocation and liability study in anticipation of eventually hiring its first equity managers, said H. Craig Slaughter, executive director.

    The board yesterday hired Summit Strategies Group as its first investment consultant. The firm will conduct the study and also will assist with future equity manager searches, which could be as much as a year off. The investment board manages $5.5 billion, including a $2.96 billion pension fund.

    Summit's initial mandate includes educating fund trustees on the securities markets. The fund now is invested entirely in bonds and cash, but recently received permission to add stocks. Mr. Slaughter expects the study to be completed within six months.

    Callan, Wilshire, Hewitt and RogersCasey were finalists in the consultant search.

    State Universities Retirement System of Illinois, Champaign, may boost its commitment to international equities, according to a trustee memorandum. Trustees of the $9 billion fund will consider searching for an additional non-U.S. stock manager later this month. The idea is part of a recommendation to increase its international stock allocation to 20% from 17.5% of assets.

    Ennis Knupp will recommend the trustees hire an active international equity manager to add to the three the system now uses. The consultant also will recommend raising the international equity target of 22.5% over time.

    New Jersey state lawmakers are expected to pass legislation before the end of the year that would allow the $60 billion New Jersey Division of Investment, Trenton, to use out-of-state banks as custodians, said Roland M. Machold, director. The fund now can use as custodian only banks with principal offices in New Jersey. But with merger frenzy gripping the banking industry, the pension fund is running out of local banks.

    The fund has three custodians, Bankers Trust New York, a New York bank with custody operations based in New Jersey; CoreStates Financial, which acquired New Jersey National Bank, one of the fund's custodians; and First Union, which bought First Fidelity Bancorp/N.J., another custodian of the fund.

    Hartford Financial Services Group created an investment management subsidiary and moved $48.2 billion in internal assets to the new firm.

    The subsidiary, called Hartford Investment Management, will pursue outside business, specifically targeting U.S. institutional assets.

    The bulk of the assets now are invested in an array of fixed-income products using a relative-value approach. About $4.5 billion is in equities, using a quantitative approach with a growth or value style. The firm plans to offer both kinds of portfolios to outside clients.

    The IRS extended to two years the period within which pension plan sponsors may correct problems they detect on their own without involving the IRS or paying a penalty. Until now, employers had only one year following the period in which the errors occurred to ``self-correct.''

    Houston Firefighters' Relief and Retirement Fund has been named the top performing U.S. public pension fund for the five-year period ended June 30 by R.V. Kuhns & Associates. The $1.4 billion fund had a compound annual return of 15.5%, the best of 88 public pension funds included in the survey.

    Danny Bowers, CIO of the fund, said the strong returns were largely due to minimal turnover among fund managers, asset allocation and its long-term approach.

    The Morgan Stanley Capital International World Index crept up 1.6% in dollar terms in November, while the MSCI EAFE index fell 1.1%. The MSCI Emerging Markets Free Index dropped 3.7% for the month.

    Among developed markets, Singapore led with a 9% rise. Malaysia trailed with a 21.3% decline. Among emerging markets, the Mexico Free index climbed 9.7%, leading the pack. Last-ranked Korea's market tumbled 25%.

    Recommended for You
    Happy Fourth of July greeting
    No P&I Daily for Independence Day holiday
    Juneteenth_1550_i.jpg
    No P&I Daily on Juneteenth
    No P&I Daily on Memorial Day
    No P&I Daily on Memorial Day
    SPDR® ETF’s New Approach to Bond Liquidity
    Sponsored Content: SPDR® ETF’s New Approach to Bond Liquidity

    Reader Poll

    June 6, 2022
    SEE MORE POLLS >
    Sponsored
    White Papers
    Nearing the finish line: Ideas on end-state investing for corporate DB plans
    The Meaning of "Portfolio Intelligence"
    Credit Indices: Closing the Fixed Income Evolutionary Gap
    Forever in Style: Benchmarking with the Morningstar® Broad Style Indexes℠
    Crossroads: Politics, Inflation, & Bonds
    Is there a mid-cap gap in your DC plan?
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    June 20, 2022 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Content Solutions
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Consultants
      • Coronavirus
      • Courts
      • Defined Contribution
      • ESG
      • ETFs
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Opinion
      • Partner Content
      • Pension Funds
      • Private Equity
      • Real Estate
      • Russia-Ukraine War
      • SECURE Act 2.0
      • Special Reports
      • White Papers
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • WPS Innovation Awards
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • ESG Sustainability - Gaining Momentum
      • Climate Change: The Inescapable Opportunity
      • Impact Investing
      • 2022 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2022 Defined Contribution East Conference
      • 2022 DC Investment Lineup Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Performance Data
      • P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
      • Future of Investments Research Series
      • Charts & Infographics
      • Polls
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2022 Retirement Income Conference
      • 2022 Managing Pension Risk & Liabilities
      • 2022 WorldPensionSummit