The Dow Jones industrial average closed down today, after moving above 9,000 for the first time. The Dow reached 9,030.49 in early trading but closed at 8,980.91, down 5.73 points from yesterday. The S&P 500 reached a record high, closing at 1,122.38, up 2.37 points. The Nasdaq composite also closed at a record high, at 1,855.55, up 2.59 points.
All figures are based on preliminary data.
Charles Wurtzebach, president and CEO of Heitman Capital Management, resigned effective the end of March, the result of a restructuring. Managing Director Michael Casey also resigned effective the end of March. He will join Cliffwood Partners, a real estate securities manager.
Mr. Casey said he resigned because he wanted to do something more entrepreneurial. Mr. Wurtzebach, who doesn't have another job lined up and will take some time off, said the firm's new direction ``makes a lot of sense for the vast majority of the senior members of the firm.''
Mary Ludgin replaces Mr. Wurtzebach as chairman and CEO, said Jerome Claeys, chairman of Heitman Capital. Tom McCarthy replaces Ms. Ludgin as COO. He was head of Heitman Capital's portfolio management group for institutional accounts.
Philadelphia Municipal Pension Fund placed three managers - Smith Graham, Brown Capital and Provident Capital - on probation.
Smith Graham, which has a $120.5 million intermediate bond portfolio, ``continues to strugg,'' the minutes of the fund's Feb. 23 meeting said. Brown, which runs $107.2 million in large-cap U.S. growth stocks for the fund, ``struggled due to its smaller market cap bias'' and its sector weightings. Provident, a large-cap U.S. value stock manager with a $100 million portfolio, ``had poor sector and stock selection decisions,'' the minutes said.
Officials at Brown declined to comment; Smith Graham and Provident officials did not return calls seeking comment.
The $3.2 billion fund also hired Turner Investment as a small-cap growth stock manager for $30 million and Denver Investment as a small-cap value manager. Turner's portfolio will be funded from assets now in the Bankers Trust Small Cap Growth Index fund. Details about Denver's portfolio were not available.
The fund also will invest $5 million to $10 million in Keystone Ventures V, a venture capital fund.
The Worcester (Mass) City Council will vote Tuesday on issuing pension obligation bonds for the Worcester Retirement System. It could issue bonds of more than $200 million, almost doubling the system's assets, now at $280 million.
James A. DelSignore, city auditor and trustee, said, ``We may be looking for new managers,'' especially in real estate, venture capital, and for equity index. The council is expected to approve the bond issue. The proposal then has to pass the state legislature.