The Dow Jones industrial average set its third straight record today, closing at 8547.21, a rise of 56.54 points and, its first-ever close above the 8,500 mark, based on preliminary numbers.
The S&P 500 index rose to 1,049.38, up 0.71, also based on preliminary numbers.
County Executives of America, Washington, endorsed the defined contribution plan products of Variable Annuity Life. At the request of members, the association reviewed requests for proposals from more than 150 vendors and interviewed 40, said Jennifer Harper, director of research.
Ms. Harper said members of the association wanted a recommendation for a single vendor that could provide varied retirement plan services, such as 401(a), 401(k), 457, 403(a) and 403(b) plans, non-qualified annuities and IRAs that will satisfy the needs of county governments.
State Street Global Advisors is in discussions to buy a Russian mutual fund manager. Pallada Asset Management of Moscow, if bought, would be the fifth overseas venture of SSgA Global Alliance, the year-old division of SSgA charged with finding atypical opportunities worldwide.
Pallada has about $26 million in assets. The purchase is expected to be completed in about a month.
Pooled stable value funds returned an average 1.61% for the fourth quarter 1997 and 6.49% for the year, according to Hueler Analytics. Pooled stable value returns were comparable with the 2.14% and 7.87% returns on the Lehman Brothers Government/Corporate Intermediate Bond Index for the same periods. Hueler tracks pooled stable value funds with total assets of about $28.7 billion, representing nearly 80% of the total market.
American investors increasingly are dominating the global equity markets, according to a report by The Conference Board. U.S. investment in foreign stocks more than quadrupled to $423.5 billion by mid-1997, from $91.5 billion in 1988, according to the report by Carolyn Kay Brancato, director of the Conference Board's corporate governance research center.
The largest 25 U.S. pension funds are the biggest players abroad, with holdings of $110.8 billion on Sept. 30, 1996, or about 30% of the $397.7 billion in foreign stocks held by all U.S. institutional investors.
Virginia Retirement System, Richmond, logged a 20.6% return in 1997, handily beating the 8% assumed rate of return, according to a statement issued by the pension fund. The fund grew to $28.6 billion at the end of 1997, from $23.9 billion a year earlier.