Pension fund executives and money managers were split 50-50
on whether President Clinton should be impeached over allegations of
obstruction of justice stemming from a purported sexual affair with a
21-year-old White House intern, according to a Pensions & Investments
fax poll that received 122 responses. Among the findings:
respondents believe the allegations will lead to an attempt to
impeach President Clinton; 42% believe they won't.
14% believe President Clinton will be impeached and 19% think the
allegations will cause him to resign.
57% think the president should resign.
In addition, 76 respondents believe the allegations and investigation will have no short-term impact on the stock market and 95 believe there will have no long-term impact.
District of Columbia Retirement Board, with $4.9 billion in assets,
wants to drop almost half of its equity and fixed-income money
managers when it hands over the bulk of its assets to the federal
government later this year.
The retirement board is hoping to replicate its current asset exposure and risk exposure with only 16 equity and fixed-income portfolios run by 11 managers when the pension fund shrinks to $1.275 billion later this year. It now has 25 such portfolios with 21 managers.
For now, fund plans to retain all 20-odd real estate and alternative investment managers.
The RREEF Funds and Parkside Senior Services formed a partnership to market investments in senior citizen housing to current RREEF investors. Parkside intends to invest $800 million alongside RREEF investors during the next 24 months in a fund that will inv est in the acquisition and development of senior communities.
Parkside officials declined to say how much they hope to raise from RREEF investors. Marketing will begin in the second quarter with an initial closing being made in Se ptember.
George F. Russell Jr., chairman of the Frank Russell Co., is the recipient of the EBRI Lillywhite Award presented during Pensions & Investments' 1998 Defined Contribution Conference held in New York Thursday.
Winners of the Lillywhite award are recognized as people or organizations that have made significant contributions to the investment management and employee benefit fields and whose services have enhanced America's economic security.