Commonwealth Edison Co.
($ millions)
Total assets 4,690
Defined benefit 3,648
401(k)/457* 1,042
* From Money Market Directory
Internally managed assets:
Defined benefit 696
The fund uses:
Stock index futures
Fixed-income futures
Defined benefit asset mix:
Domestic stocks 49%
Foreign stocks 12%
Domestic fixed income 36%
Cash equivalents 3%
CHICAGO -- As of Sept. 30, Commonwealth Edison Co.'s total defined benefit assets decreased 3% from a year earlier.
There is no comparable figure for 1997 for defined contribution assets.
The defined benefit master trustee/custodian is Northern Trust.
Key personnel overseeing the investment management of the fund are Rickard P. Schwartz, manager of investments; and Kevin M. Norberg, senior portfolio manager.
Compaq Computer Corp.
($ millions)
Total assets* 4,453
Defined benefit 2,340
401(k)/457 2,113
* P&I estimate
HOUSTON -- As of June 30, Pensions & Investments estimates the employee benefit assets of Compaq Computer Corp. totaled $4.453 billion. Compaq completed its acquisition of Digital Equipment Corp. in June 1998.
The estimate is based on the $898 million Compaq reported for its 401(k) plan as of December 1997 in Money Market Directory, and the $3.54 billion Digital reported in MMD as of June 30, 1998.
Also during the past year A. Raymond Schmalz, director, benefits finance, left to become the director of investments at the California State Automobile Association. He was replaced by John W. Cutler Jr., who had been manager, pension investment analysis.
Key personnel overseeing the investment management of the fund are Mr. Cutler and Earl Mason, chief financial officer.
State of Connecticut Retirement & Trust Funds
($ millions)
Total assets 16,905
Defined benefit 16,905
Employer DB contributions n/a
Defined benefit asset mix:
Domestic stocks 40%
Foreign stocks 12%
Domestic fixed income 36%
Cash equivalents 2%
Private equity 5%
Real estate equity 3%
Mortgages 2%
HARTFORD, Conn. -- As of Sept. 30, State of Connecticut Retirement & Trust Fund's total employee benefit assets -- all defined benefit -- increased 4% from 13 months earlier.
The state of Connecticut got a new treasurer Jan. 1 when Denise Lynn Napier, who had been treasurer of the city of Hartford, became state treasurer.
In a post-election interview with P&I, she said she plans to issue an RFP for a consultant to do an asset allocation study.
In June the Legislature passed a bill exempting REITs from the state law capping the funds' equity allocations at 55%. Under the new law, REITS are considered a real estate investment, not a stock.
Also in June, the Connecticut funds were co-lead plaintiffs (along with Pennsylvania) in a lawsuit filed by a group of public funds against Cendant Corp., alleging the firm issued false and misleading financial statements to investors about income and earnings.
Defined benefit managers:
Domestic equities: State Street Global; BGI; J.P. Morgan; Rosenberg Institutional Equity; Travelers; Alliance; Brown Capital; Cowen Asset; RCM Capital; ValueQuest.
International equities: State Street Global; Morgan Stanley; Grantham, Mayo, Van Otterloo; Smith Barney Capital; DSI International; Pictet International.
Domestic fixed-income: State Street Global; BlackRock Financial; J.P. Morgan; Western; Wellington; Phoenix; Mitchell Hutchins; Oaktree; Loomis, Sayles; W.R. Huff; Lazard.
International fixed-income: GMO Emerging Debt.
Real estate: Aldrich, Eastman & Waltch; Walton Street; CIGNA; Apollo; RREEF; Sentinel; Tishman; Wachovia Bank of Georgia; Conn Public Storage.
Venture capital: Triumph Crystal Partners; Crossroads Constitution; Prospect Street CT; Cullinane & Donnelly; Connecticut-Green Ventures; Triumph-Connecticut; Hicks Muse; DLJ Merchant Banking; Goldman Sachs; AIG Global; Blackstone Capital; Compass Partners; Conning Fund; Garmark Partners; Gilbert Global; Grotech Partners; IAI World Fund; KKR; Lexington Capital; Pioneer Ventures; RFE Investments; SCP Private Equity; Shawmut CT Equity Partners; Thomas H. Lee Equity Fund; Veritas Capital; WCAS; Forstman Little; Kelso; Smith Wiley; Wellspring.
Cash reserve account: State Street Global.
The defined benefit master trustee/custodian and global custodian is State Street Bank.
Key personnel overseeing the investment management of the fund are Denise Lynn Napier, treasurer; Gregory D. Franklin, chief investment officer; and Gary B. Draghi, principal investment officer.
Consolidated Edison Co. of New York Inc.
($ millions)
Total assets 7,470
Defined benefit 6,160
Total defined contribution 1,310
Defined benefit asset mix:
Domestic stocks 47%
Foreign stocks 14%
Domestic fixed income 32%
Foreign fixed income 2%
Cash equivalents 1%
Real estate equity 4%
Defined contribution asset mix:
Company stock 4%
Other stock 40%
Fixed income 1%
Stable value 38%
Cash equivalents 1%
Balanced 16%
NEW YORK -- As of Sept. 30, Consolidated Edison Co. of New York Inc.'s total employee benefit assets increased 1.2% from a year earlier. Defined benefit assets decreased 0.3% during the same period; defined contribution assets increased 8.4%.
Fund Director Earl White left in October to become a large-cap equity portfolio manager at U.S. Trust Co. David Templin, manager of pension administration, is handling matters until a new director is selected.
Defined benefit managers:
Domestic equities: Goldman, Sachs; INVESCO; Bankers Trust; BGI; Mellon.
International equities: Batterymarch; State Street Global.
Domestic fixed-income: J.P. Morgan; State Street Research; Seix.
International fixed-income: J.P. Morgan; State Street Research.
Real estate: J.P. Morgan; Prudential.
Defined contribution manager: Vanguard.
The defined benefit master trustee/custodian and global custodian is State Street Bank. The defined contribution master trustee/custodian and global custodian is Vanguard.
