Capital Management Associates' intermediate-term fixed-income performance numbers were not included in the Dec. 14 Pensions & Investments Performance Evaluation Report.
For the year ended Sept. 30, CMA returned 13.5%, placing us in a tie in your rankings for the top intermediate duration fixed-income manager.
CMA, founded in 1982, manages $950 million in intermediate-term fixed income and midcap value equities.
Courtney L. Proctor
Capital Management Associates Inc.
Our firm was omitted from your Nov. 2 directory of pension investment consulting firms. Set forth below is an overview of our firm.
Independent Fiduciary Services Inc. (formerly Bear Stearns Fiduciary Services Inc.) provides overall development of investment policies/objectives; overall development of asset allocation; selection of managers for U.S. public and private investments, as well as for derivatives and global/international accounts; performance measurement; and additional analysis.
We also offer evaluation and selection of custody services; analysis of directed brokerage/commission recapture programs; and development of risk controls for alternative investments.
Our firm has special expertise in the fiduciary aspects of investment decision-making. We specialize in performing one-time evaluative studies of the investment programs and practices of public and ERISA funds ("fiduciary investment audits") and over recent years have completed audits of funds with combined assets in excess of $140 billion. Our firm also acts as an independent fiduciary decision maker on specific transactions when needed to overcome conflicts of interest or ERISA-prohibited transactions.
We employ seven professional consultants. Our firm is independently owned and not affiliated with any brokerage or investment management firm. Fees are payable in hard dollars only.
Of the 23 tax-exempt clients on retainer, all are Taft-Hartley funds. Over the 12 months ended Nov. 30, we have performed projects regarding tax-exempt corporate, public and Taft-Hartley funds, ranging in value up to $35 billion.
The firm's telephone number is 202/898-2270.
Samuel W. Halpern
Independent Fiduciary Services Inc.