GTE Investment Management, manager of GTE Corp.'s $20 billion pension fund, formed a strategic advisory board to help it make private market investments, said Carol Tusch, portfolio manager-private markets for GTE Investment Management Corp. The advisory board is a similar concept to the strategic unit the pension fund manager formed in 1995 with public securities managers and later with real estate advisers.The participants in the public securities alliance share information and invest anywhere in the world they see an opportunity. Ms. Tusch declined to identify the members of GTE Investment's new stategic advisory board.
California Public Employees' Retirement System, Sacramento, asked Sybase shareowners to vote for its shareholder proposals that would end its staggered board system and require an annual election of directors.The message and proposal were posted on CalPERs' Web site at www.calpers.ca.gov.The $140 billion system, which owns 423,000 shares of Sybase valued at $3.7 million, earlier this year put Sybase on its target list of financial underperformers, noting that 37% of shareowner capital was destroyed between 1993 and 1996.New York State Comptroller H. Carl McCall said he will oppose Marriott International's proposal for a dual class of common stock. Mr. McCall, the sole trustee of the $105 billion New York State Common Retirement Fund, Albany, said a dual class structure would drive down the price of Marriott's common shares, which could discourage potential bidders. The retirement fund holds 452,100 shares of Marriott, valued around $14.4 million.
Three New York City pension funds committed a total of nearly $2.5 billion to broad international equity portfolios.The $37.4 billion New York City Employees' Retirement System hired: Rowe Price-Fleming for $600 million; Oechsle International, $150 million; Putnam, $150 million; Sprucegrove, $190 million; Delaware International, $190 million; Bank of Ireland, $190 million; and Invista Capital, $35 million. NYCERS is raising non-U.S. equities holdings to 13% of assets from 10%; it will have $4.8 billion in foreign stocks. The $5.6 billion New York City Fire Department Pension Fund hired: GE Investments for about $58 million and Invista, $25 million. Existing managers Scudder, Stevens & Clark and Bank of Ireland receive an additional $30 million and $40 million, respectively. Scudder's total foreign stock allocation will grow to $91.2 million and Bank of Ireland's to $91.4 million.The $15.2 billion New York City Police Department Pension Fund hired: Delaware International for $100 million; Oechsle and Putnam, $100 million each; Rowe Price-Fleming, $200 million; and Invista, $35 million. The fund increased its non-U.S. equity allocations to GE by $150 million to $225 million, and the Bank of Ireland by $65 million to $352 million. The passive component handled by Barclays Global will be raised by about $96 million to $840 million. The fund will boost its non-U.S. stock allocation to 19% of assets from 13.2%; it will have $2.8 billion in foreign equities.Ohio Bureau of Workers' Compensation, Columbus, hired 28 minority managers, assigning to them a total of $1.325 billion from its $19.5 billion insurance fund, said Robert G. Cowman, CIO.In core bonds, LM Capital was assigned $55 million; Greystone Capital, $30 million; and Utendahl Capital, $65 million. In intermediate bonds, Holland Capital received $40 million; Hughes Capital, $45 million; and Taplin Canida & Habacht, $100 million. In active duration bonds, Advent Capital was assigned $10 million; and MDL Capital, $55 million. In mortgage securities, Pugh Capital received $15 million and Smith Graham, $85 million.For large-cap growth stocks, Alpha Capital was allocated $10 million; Bond Procope, $80 million; Delancy Capital, $15 million; NCM Capital, $65 million; Swarthmore Group, $65 million; and Woodford Gayed, $85 million. In large-cap value stocks, CIC Asset received $30 million; Edgar Lomax, $75 million; Lakefront Capital, $10 million; Sturdivant, $75 milion; and Union Heritage Capital, $10 million.In midcap growth equities, Tiffany Capital received $20 million. In midcap value equities, Diaz-Verson was assigned $25 million; Kenwood Group, $40 million; Valenzuela Capital, $100 million; and WILMOCO Capital, $10 million. In small-cap growth, Chapman Capital was assigned $10 million. In small-cap value, Ariel Capital received $100 million.Gray & Co., Fiduciary Investment Solutions and Callan assisted. San Francisco City & County Employees' Retirement System committed $15 million to TSG Capital Fund III LP. The fund will invest in a variety of companies. Cambridge assisted.University of Iowa Foundation, Iowa City, will invest about $20 million of its $375 million long-term pool in the Artisan Small Cap Growth equity mutual fund, said Larry Bruse, treasurer. No terminations will result from the hiring, he said