General Motors Investment Management Corp., New York, manager of GM's pension assets, is exploring whether its global TAA program - initiated in 1996 - can be broadened to GM's entire $70 billion of defined benefit assets.
``We're trying to see if there are ways we can leverage results of the program,'' said R. Charles Tschampion, managing director of the GMIMCo investment strategy and asset allocation group.
More than $1.5 billion of GM's defined benefit assets are managed in a global TAA program that involves six portfolios. Four of the portfolios are managed by external money managers, the fifth is managed in-house and the sixth is managed collectively by the five managers.
Brockton (Mass.) Contributory Retirement Program is conducting an asset allocation study and restructuring its investment policy to fit with a new asset mix. With the help of consultant H.C. Wainwright, the board is expected to select a new asset allocation in late April or early May, said Harold Hanna, executive secretary to the retirement board.
The $139 million fund's current mix: 39% U.S. stock, 10% non-U.S. stocks, 33% U.S. bonds, 8% non-U.S. bonds, 8% real estate, 2% venture capital.
Teachers' Retirement System of the City of New York trustees yesterday voted to increase the TAA portfolio managed by Mellon Capital by $278 million. The money came from its two other TAA managers: $157 million from Barclays Global Investors and $121 million from PanAgora.
Mellon managed $748 million for the $35 billion system before Thursday's decision; BZW ran $693 million; and PanAgora, $657 million. Board Chairman Melvyn Aaronson said Mellon's style best meets the system's needs.