New York City Employees' Retirement System trustees will send a letter to board members of MarketSpan expressing their displeasure about the $67 million in severance payments to former Long Island Lighting Co. executives who will have similar jobs at MarketSpan, said Deputy Comptroller Richard Halvorsen.
LILCO was broken apart earlier this year. Some of its assets were merged with KeySpan Energy, which then formed MarketSpan. MarketSpan Chairman William Catacosinos, formerly chairman and CEO at LILCO, is set to receive $42 million in severance.
The $38 billion NYCERS owns about $13 million of MarketSpan stock.
American Airlines, Fort Worth, Texas, is looking at managers to help manage its $12 billion defined benefit plan's growing international equity portfolio.
Officials boosted the international equity allocation to 20% from 10% of total assets, said Bill Quinn, president of AMR, the company's investment management arm. AMR is talking to some specific value equity EAFE managers, which Mr. Quinn would not name. The decision-making process may take the rest of the year to complete.