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. Print
December 08, 1997 12:00 AM

AT DEADLINE

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

    Foundation taps 5 firms

    The $1.6 billion foundation of the Memorial Sloan Kettering Cancer Center committed assets to three alternative managers and hired two domestic equity managers.

    Brentwood Associates will run $5 million in a U.S. venture capital fund; Doughty Hanson, $7 million in a European-based leverage buy-out fund; and Exxel Capital Partners, $10 million in a South American buy-out fund.

    The foundation also hired Goldman Sachs and J.P. Morgan Investment Management to evenly split $140 million in U.S. large-cap value equities. Mike Gutnick, senior vice president-finance, would not name the single manager both firms are replacing.

    Cambridge Associates assisted.

    UAM adding manager

    United Asset Management is expected this week to announce a new affiliate in Europe. The investment team heading the start-up firm is expected to come from a large European money manager. UAM made a similar move in July, opening Expertise Asset Management in Paris with investment staff from Fimagest.

    Walden closes fund

    Walden International Group closed its Pacven Walden Ventures IV fund with $328 million raised from pension funds, endowments and foundations.

    Investors include the pension funds of IBM Corp., AT&T Corp. and Bell Atlantic; the endowments of Massachusetts Institute of Technology, Stanford University, Harvard University, University of Michigan and Northwestern University; and the Ford Foundation, Howard Hughes Medical Institute and the Kauffman Foundation.

    The fund will invest in Asian companies and U.S. enterprises with potential business links to Asia.

    Louisiana Teachers' hires

    The $9 billion Teachers' Retirement System of Louisiana hired Bankers Trust as its domestic and global custodian. Bankers replaces City National Bank as domestic custodian and Chase Manhattan as global custodian. A spokesman said the fund wanted to consolidate its custodial activities with a single firm.

    Sullivan leaves N.Y. post

    Alan Sullivan has left his position as assistant deputy comptroller with the $96 billion New York State Common Retirement Fund, to join Reckson Associates Realty Corp., a developer and REIT.

    Mr. Sullivan was responsible for all private placements for New York Common, said a spokesman. A replacement is being sought.

    Asia news not all bad

    Money managers investing in Asia have not been performing well, although they have outperformed at least one index this year, according to a report by WM Co. and RCP & Partners.

    A composite universe developed by the firms shows 21 money managers posted an average -14.4% return for the year through Sept. 30. That compares with -17.6% for the same period of the MSCI Asia index, excluding Japan.

    Most traditional managers "misread the fundamental weaknesses threatening the region since 1994," the report said. By the time the markets of Hong Kong and China began to be rocked in August/September, many firms had high concentrations in those markets. And, "few conventional managers were extensively hedged during the crisis," the report said.

    Turner goes international

    The $250 million pension fund of Turner Corp. hired Scudder, Stevens & Clark as its first international equity manager.

    Scudder will manage $15 million in international core equity. Funding likely will come from U.S. equities, said Don Sleeman, senior vice president and CFO. Ennis Knupp assisted.

    Turner also will add the Fidelity Low Price Equity Fund and the Spartan Fund to its $103 million defined contribution plan, bringing the number of options to 10.

    Curtiss Wright chooses MFS

    The $230 million pension fund of Curtiss Wright hired MFS Institutional as a large-cap value equity manager.

    MFS replaces another manager in handling the $23 million portfolio. Treasurer Gary Benschip would not disclose the name of the terminated manager. Evaluation Associates assisted.

    Girl Scouts hire 2

    The $70 million pension fund of Girl Scouts of the USA hired two managers as it moved into two new asset classes, said Denise Jones, director-financial operations.

    It hired Templeton for emerging markets, assigning it 5% of its assets, and Lazard Freres for domestic small-cap equities, assigning it 10%.

    Funding will come from reducing its allocation to core domestic value equities to 35% from 50%.

    IBEW Local 701 taps CIGNA

    The $40 million defined contribution plan of the International Brotherhood of Electrical Workers Local 701 hired CIGNA as bundled provider.

    The local also hired Putnam Institutional to run $15 million in domestic core equities for its $150 million defined benefit plan. Marco Consulting Group assisted.

    On the DC side, the plan had been handled in-house previously and was employer-directed. Officials used low-risk investments, managed by outside managers. Fred Mersman, fund administrator, declined to name the specific managers used. Participants will get seven options; specifics have not been decided. Ennis Knupp assisted.

    Flinn picks Oaktree fund

    The $160 million Flinn Foundation committed $2 million to Oaktree Capital Management's distressed securities limited partnership.

    Funding will come from cash. Cambridge Associates assisted.

    East Bay taps Putnam

    The $420 million East Bay Municipal Utility District Employees' Retirement System hired Putnam to run $25 million in a core EAFE portfolio, said Lloyd J. Sawchuk, treasury manager.

    Putnam will take over the assignment from Wellington, which was dropped. Mercer assisted.

    Black Hills selects Merrill

    Black Hills Corp. hired Merrill Lynch as semi-bundled service provider for its $17 million defined contribution plan, said Garner Anderson, risk manager.

    Merrill replaces a record keeper Mr. Anderson wouldn't name, and American Funds as fund manager. Administration had been done internally.

    The plan will have a total of 15 options effective on Jan. 1. Merrill will offer five funds; Oppenheimer, State Street Research, Morgan Stanley, Federated, Managers Funds and PIMCO will offer the remaining 10 funds.

    The search was completed in-house.

    Arlington County hires

    The $900 million Arlington County Supplemental Retirement System picked a Bank of New York-First Union Corp. partnership as its new custodian, said Bruce O. Kallos, administrator.

    Signet Bank, the incumbent custodian, was acquired by First Union.

    PLAN shifts manager

    PLAN International hired MFS as a fund manager and PaineWebber as record keeper for its $3 million offshore defined contribution plan.

    The firms were chosen to replace bundled provider AIG, following an asset performance analysis and a fiduciary compliance review.

    MFS will provide six investment options that, for the first time, will include U.S. stock funds. Previously, the plan offered a money market option, non-U.S. government bond option, international equity, Southeast Asia equity, and a balanced option. Argus Consulting assisted.

    401(k) Forum expands

    401(k) Forum acquired the investment fund performance monitoring and tracking software products of Decision Analytics, which is exiting that business. Terms were not disclosed.

    401(k) Forum provides investment advice to plan participants via the Internet. Stephen L. Deschenes, president, said the addition of the monitoring software will enable the firm to provide detailed fund information, including measuring performance, style drift, variability and volatility of returns, and comparisons of investment funds with standard and adjusted indexes.

    Johnson joins IFS

    Jack E. Johnson joined the Washington office of Independent Fiduciary Services as senior vice president. He previously was finance director and chief investment officer of the International Union of Operating Engineers Central Pension Fund. He replaces Terry Moloznik. who moved to the National Electrical Benefit Fund.

    At his new job, he will perform traditional consulting duties for the firm's Taft-Hartley pension fund clients.

    At the union fund, Mr. Johnson has been replaced as CIO by John Szczur.

    Futures returns strong

    Futures managers reported strong performance in November, returning 1.67%, according to preliminary data at Managed Account Reports.

    Futures returns were bolstered by positions in currency markets as well as financial futures. Lois Peltz, managing editor of MAR, said in a statement some advisers benefited from long positions in Canadian and Australian dollars and short positions in yen. Nonetheless, volatility in the energy markets led to losses, she said.

    Hare joins Advantus

    Rodney B. Hare has been appointed director of institutional and marketing client services at Advantus Capital Management, a new position. He will focus exclusively on foundations, endowments and corporate retirement plans.

    Mr. Hare had been a senior vice president of marketing and client service at NCM Capital. Officials at NCM did not return phone calls.

    Fidelity adds lobbyist

    Doug Fisher joined Fidelity as vice president of federal government affairs, a new position. Mr. Fisher will lobby on behalf of Fidelity before Congress, he said.

    He was previously majority counsel to the Senate Finance Committee, where he has not yet been replaced.

    Recommended for You
    Read the print edition of P&I
    Read the print edition of P&I
    How low is low? Projections say it's not low enough
    How low is low? Projections say it's not low enough
    FINRA honors Wharton's Olivia Mitchell with Ketchum Prize
    FINRA honors Wharton's Olivia Mitchell with Ketchum Prize
    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