Ohio State Highway Patrol Retirement System, Columbus, increased assignments to four existing managers while dropping an index fund, said R. Dean Huffman, interim executive director for the $650 million pension fund.
The fund raised Munder Capital's broad fixed-income assignment to $170 from $145 million; Fidelity's REIT portfolio to $25 million from $5 million; Bank of Ireland's international stocks portfolio to $30 million from $20 million; and Templeton's international stock portfolio to $15 million from $10 million.
The changes were made to rebalance the portfolio. The money had been in an S&P 500 index fund managed by ANB, which became part of Northern Trust.
DeMarche Associates assisted.
University of Utah, Salt Lake City, will consider adding small-cap growth equity to its asset mix for its $190 million endowment fund.
The fund's investment committee will meet in the next couple of months and may increase the endowment's international equity and decrease its multistrategy bond portfolios, said David Heap, investment manager.
The assets are expected to stay with The Common Fund, the fund's sole manager. The current mix is 50% in The Common Fund's multistrategy stock fund, 10% in the international stock fund and 40% in the multistrategy bond fund.
Paul Silvester, Connecticut's state treasurer, said he will be a candidate in this year's race for treasurer. Last summer, Mr. Silvester replaced Christopher Burnham, who resigned to become CEO of Columbus Circle Investments. At the time of his appointment, Mr. Silvester said he would not seek the office in 1998. He is the sole trustee of the $16.8 billion State of Connecticut Trust Fund, Hartford.
Charles Schwab Corp. today announced 1997 revenues were up 24% to $2.299 billion from $1.851 billion in 1996. Total assets administered and managed by the firm exceeded $350 billion at year-end 1997. The firm had $69 billion in net new assets and 1.2 million new customer accounts in 1997.
Mutual fund service fees and net interest revenues both grew 38% over 1996 levels. Schwab's bundled retirement plan business grew by 48%, with defined contribution plan assets totalling $15 billion compared with the previous year. Assets in Schwab's proprietary mutual funds grew to $56 billion.
Canadian pension funds are becoming more sophisticated investors, a report by Greenwich Associates says.
Greenwich's survey of 299 Canadian funds found 30% used active-passive strategies in 1997 vs. 22% in 1994. Also, 31% were invested in emerging markets last year, vs. 20% in 1994; and 31% used specialized index products in 1997, vs. 18% in 1993.
In addition, the use of derivatives rose to 39% of funds in 1997 compared with 28% in 1995. Foreign allocations jumped to 21.5% of total pension assets in 1996, the most recent available data - compared with 12.9% in 1992, Greenwich's data showed.
