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:
58% of 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 hand s 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 wh en 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.
Public Employees' Retirement Association of Colorado, Denver, and the Florida State Board of Administration, Tallahassee, are suing Oxford Health Plans charging fraud and insider trading.
The $21 billion Colorado fund wants to be lead plaintiff in a class acti on suit that would consolidate the 40 shareholder lawsuits filed against Oxford. It has filed motions in both the Southern District Court of New York and the U.S. District Court, District of Connecticut. Florida filed a separate co mplaint in the District of Connecticut court.
Since Oxford's stock price plunged in October, Colorado sustained a net loss of $25.6 million on its Oxford investment; Florida lost $17.1 million.
Nicole Reilly, an Oxford spokeswoman, said the company will ``vigorously defend'' itself against the allegations.
George F. Russell Jr., chairman of the Frank Russell Co., is the recipient of the EBRI Lillywhite Award presented during Pensions & Investments' 1998 Defi ned 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.