Investors Financial Services Corp. and AMT Capital Services have completed the merger of their asset administration service companies. Investors Financial, which provides asset administration services for $155 billion through its wholly owned subsidiary, Investors Bank & Trust Co., will issue 194,006 shares of its stock for the equity securities of AMT Capital Services and its affiliates.
AMT Capital Services, which services $7 billion in financial assets, will continue to operate AMT Capital Advisors, a private investment and financial advisory firm.
San Francisco City & County Employees' Retirement System trustees approved an RFI for a Russell 1000 value index fund manager. The process is expected to be completed in the next few weeks. The fund's board hasn't decided how much money to allocate to the manager chosen, but one estimate is about $300 million.
The $10 billion fund also will be looking for a small-cap value manager. No estimate on the amount of money to be allocated to that manager was available. It had been expected an RFP for that manager search would go out in August and a selection would be made by the end of November. However, those dates are uncertain now as the board re-examines its calendar.
Money for the new managers will come from rebalancing after a reallocation plan is completed. The fund intends to increase its pure passive allocation to around 15.8% of assets from 12.5%. The fund's total domestic equity is about 41% of assets.
Asset Strategy Consulting is assisting.
C. Edward Carter has been appointed president and CEO of Deutsche Bank Securities Inc., formerly Deutsche Morgan Grenfell. Mr. Carter was a managing director and head of investment banking in the Americas for the broker-dealer subsidiary. The Morgan Grenfell name was eliminated as part of the bank's previously announced restructuring plan.
