Downtown Montreal partially reopened today following ice storms that devastated the area last week and left much of it still without power.
Pension fund sponsors reopening today included Caisse de depot et placement du Quebec - which had been allowed to have only traders come to work Monday through Wednesday - and Alcan Aluminum Ltd., which had been closed for three days. Bombardier Inc. will be closed until at least Friday. Among other pension-related businesses closed for at least part of the week were BARRA International and Towers Perrin.
The downtown has been virtually void of business since Friday afternoon after power went out. It was closed to all but a few restricted personnel for a few businesses, such as the Montreal Stock Exchange, until today. The area will be open partially tomorrow from 9 a.m. to 4 p.m.
Archdiocese of Los Angeles will boost its equity allocations as a result of a major asset allocation study for its combined $500 million pension and endowment funds, said Jose Debasa, CFO.
The plan will raise U.S. equity to 48% of total assets from 40% and international equities to 17% from 15%, including a boost in emerging markets to 2% from 1.1%. It will keep U.S. long-term bonds at 31%, while reducing short-duration bonds to 4% from 16%.
The archdiocese plans to make the shifts over six months using existing managers and retaining all of them. Asset Strategy Consulting is assisting.
Affiliated Managers Group acquired 68% of Essex Investment Management for $69.6 million in cash and about 1.75 million shares of newly issued AMG nonvoting convertible stock. Essex managers acquired the remaining 32% of the firm.
Essex has about $4.3 billion in total assets under management. The firm specializes in growth equities and fixed income using a fundamental, research-driven approach.
Graphic Communications, Inter-Local Pension Trust, Chicago, terminated Stacey Braun as a U.S. treasuries manager. The firm's performance was lackluster, said James Mitchell, executive director of the $1.4 billion fund. Stacey Braun President Martin H. Wexler was not available at press time for comment.
The $15 million portfolio will be managed by existing passive equity manager ANB. Ennis Knupp assisted.
ING Barings today unveiled the first emerging markets equity style indexes. The indexes use price-to-book ratios to divide 6650 stocks in 26 country markets between value and growth stocks.
Simon Hookway, global head of quantitative equity research, said the indexes should help money managers understand and explain performance, country allocation, sector classification, stock selection and fund design.