Frank Minard resigned today from Bankers Trust, where he was a managing director and head of investment management for the U.S. portion of the company's global institutional investment management business. Jerry Chafkin, a managing director and COO within the institutional division, will replace Mr. Minard.
Doug Kidd, managing director and head of corporate affairs, said Mr. Minard ``has not indicated what he intends to do.''
Mr. Minard, who was traveling, could not be reached for comment.
Mr. Kidd said the situation is ``amiable.'' He speculated one reason Mr. Minard is leaving may be the reorganization and integration earlier this year of oversight of all of Bankers Trust's global institutional client services functions into a single division.
Mary Cirillo was named head of the global institutional services earlier this year and Mr. Minard began reporting to Ms. Cirillo, rather than to Chairman Frank Newman.
Raytheon Co.'s retirement plan assets are expected to double in size by the end of the day after Raytheon's acquisition of Hughes Electronics closes. Raytheon executives would not release specific information about combination of the plans at this time.
Lexington, Mass.-based Raytheon's total retirement plan assets are estimated to be more than $8 billion.
Strathclyde Pension Fund, Glasgow, Scotland, will review its index-linked bond and property portfolio in 1998, said Geoff Singleton, Strathclyde Regional Council's deputy director of finance for the £4.9 billion (U.S.$8 billion) fund.
The £500 million portfolio, which swings between bonds and real estate, originally was managed by Scottish Amicable Invesment Managers. But in late 1996 the insurer sold its property team to Robeco, which renamed it Argyll Property Asset Managers. Prudential Corp. later acquired the rest of Scottish Amicable, selling off its institutional money management arm to Britannia Investment.
As a result, Argyll manages the £309 million property portion, while Britannia oversees asset allocation and the remaining bond portion. Continuity of the team has been maintained, but there may be too many components involved, Mr. Singleton said.
Greater Kansas City (Mo.) Founation will decide whether to search for a U.S. fixed-income manager in April, said Yvonne Kean, vice president of finance.
The $450 million foundation had planned to have a new passive bond manager with a $7 million allocation on board by the end of the year, but decided to monitor its current manager for now. The firm, which Ms. Kean would not name, has had improved performance recently, she said.
California Public Employees' Retirement System, Sacramento, renewed for one year the contracts of its currency overlay managers, Pareto Partners, BEA Associates and State Street Global Advisors. As of Sept. 30, Pareto overlaid for CalPERS $3.6 billion; BEA $1.6 billion and State Street $648 million.
CalPERS has total assets of $124 billion.
Vanguard Group made manager changes in two mutual funds.
PRIMECAP Capital will now manage the $69 million Capital Opportunity Portfolio of the Vanguard Horizon Fund, one of four portfolios in the fund. Terminated for performance reasons was Husic Capital. Vanguard also will allocate the $285 million managed by Husic in the $2.7 billion Vanguard/Morgan Growth Fund to two of the other three managers of the fund. Vanguard Core Management will now manage 14% or $397 million of the fund and Franklin Portfolio Associates will run 43%, Wellington will continue to run 38% of the fund.
Husic officials did not return calls by press time regarding the changes.
