Holland Capital Management is a Chicago-based, minority-owned investment advisory firm providing domestic equity and fixed-income investment services to institutional and individual investors.
Our firm was excluded inadvertently from your May 17 directory of investment advisers and the list of minority-owned firms. While we understand your organization has historical information regarding our firm, we are not certain we received your questionnaire requesting data for the directory.
As of Jan. 1, Holland Capital Management had $656.8 million in total worldwide assets, of which $632.8 million was internally managed, U.S. institutional tax-exempt assets. The firm had $261.5 million in active domestic equity and $371.3 million in active domestic bond strategies. Also as of Jan. 1, the firm managed $51.8 million in defined contribution assets.
Louis A. Holland is chief investment officer.
Monica L. Walker
partner and portfolio manager
Holland Capital Management
First Data correction
I was surprised to note the unfortunate omission of First Data Investor Services Group on your lists of the nation's top defined contribution service providers, and record keeping and administration providers (P&I, April 5).
With retirement plan assets under administration now exceeding $20 billion, First Data Investor Services Group provides full-service record keeping for more than 6,000 plans and more than 725,000 participants and ranks among the nation's top providers of record keeping and administrative servicing for retirement plans. Additionally, Investor Service Group is a major provider of defined contribution and defined benefit technology solutions: more than 20,000 plans and 3 million participants are processed on our systems.
A veteran with over a decade in the industry, Robert W. Guillocheau, executive vice president and general manager, retirement services, is responsible for the overall management of Investor Services Group's full range of defined contribution and defined benefit products.
Last year was one of dramatic expansion for our retirement services division. We acquired United States Pension Services, a Florida-based independent third-party retirement plan administrator. The acquisition of USPS was followed by our purchase of Watson Wyatt's WySTAR software division. WySTAR is recognized as the industry's premier daily record-keeping software technology for defined contribution plans. In 1999, we have completed new outsourcing relationships for defined contribution record-keeping services with State Street Global Advisors, Salomon Smith Barney, LaSalle National Bank, SEI Investments, Riggs National Bank and Watson Wyatt, among others.
Investors Services Group software systems are based on more than 30 years of experience in providing employee benefit and retirement services to plans of all sizes. We operate 24 hours a day, seven days a week and employ approximately 700 people. With headquarters in Massachusetts and offices and operation centers in California, Florida, Maryland, Minnesota, North Carolina and Virginia, our clients include banks, insurance companies, broker/dealers and investment advisory firms.
As the facts demonstrate, our position as an established defined contribution service provider is well known throughout the retirement services industry. We look forward to joining the ranks of our colleagues in your upcoming special reports.
Jeanette L. Harrison-Sullivan
vice president, public relations
First Data Corp.
David Langer's article, "Carl Ponzi Returns" (P&I, June 4), has it all backwards when it comes to Social Security privatization. He claims privatization would need new investors to "prop up" gains for the existing participants. That describes a Ponzi scheme, but not privatization.
What he describes instead is the present Social Security System. Its pay-as-you-go approach uses the contributions of existing workers to pay other participants. By contrast, a private scheme would rely on genuine investment returns to pay its participants. These, of course, would depend on the continued growth of the economy and the contributions of all people to that effort.
But to call this a Ponzi scheme, as Mr. Langer does, is to characterize the entire basis of the nation's prosperity in such terms. I find that not a little unsettling. However self-serving some of the advocates of privatization might be -- and some are, though only some -- they have less in common with Carl Ponzi than does the present Social Security Administration.
chief investment officer
Nomura Asset Management
Saying no to astrology
I was disappointed in the lack of professionalism demonstrated by "Starstruck," Betsy Wangensteen's interview with Arch Crawford (P&I, June 28).
While a wide variety of economic, social, technical and psychological factors drive or explain market behavior, the position of planets orbiting in is not one of them.
We have an abundance of rational means to bolster our professionalism. We do not need to pander to a human weakness that has been exploited for thousands of years by giving credence to this use of astrology. Financial astrology belongs somewhere between the weather forecast and the comics but not in a business publication.
Robert W. Lawrenz
Robert Lawrenz Consulting
Louis Bad Wound and Larry Red Shirt would surely cry. Both Lakota freedom fighters have gone on ahead with the Creator. Both were part of the original group who worked so hard for the return of the Black Hills to the eight Sioux tribes.
As an enrolled member of the White Earth Chippewa Nation and the president of the largest Native American-owned growth equity investment management firm, having registered with the Securities and Exchange Commission in 1995, I thought I would show cause why Native American tribes need to invest prudently in the equity markets and why the tribes should question the role of the BIA in managing their assets.
In June 1980, a decade after I attended high school in Pine Ridge, S.D., the Supreme Court upheld an award of $105.9 million to the Sioux for the value of land taken by the U.S. government plus accrued interest. Those assets have been held "in trust" by the BIA ever since. The money has been invested in bonds guaranteed by the U.S. government, the same government that has violated almost every treaty agreement signed with tribal leaders. The original investment "managed" by the BIA has grown to around the $500 million mark.
But, had the BIA been directed, asked or instructed by tribal or federal court authorities to invest that award, in June 1980, into an unmanaged, passive index of U.S. stocks composed of the largest 500 stocks in America (the S&P 500 index), that original $105.9 million would have grown to an absolutely staggering amount of $2,313,915,000 in April 1999.
Think about these numbers. The time it would take to invest $105.9 million into the S&P 500 index today would be minutes. Imagine the power these eight tribes would have with more than $2 billion in assets in securing the 1.3 million acres of U.S. land they wanted returned. As a former trust officer for one the largest U.S. banks, I don't call that a trust relationship. I call that a rip-off.
Stop asking what the BIA can do with your money; that answer seems obvious. Start asking what professional investment management firms can do for Native American money. The time is now to break the cycle of dependency on BIA financial mismanagement. For all the wonderful Sioux who could be benefiting from these funds. I know Louis Bad Wound and Larry Red Shirt would.
Dean T. Parisian
Native American Advisors Inc.