Skip to main content
MENU
Subscribe
  • Subscribe
  • Account
  • LOGIN
  • Topics
    • Alternatives
    • Consultants
    • Coronavirus
    • Courts
    • Defined Contribution
    • ESG
    • ETFs
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Opinion
    • Partner Content
    • Pension Funds
    • Private Equity
    • Real Estate
    • Russia-Ukraine War
    • SECURE Act 2.0
    • Special Reports
    • White Papers
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • WPS Innovation Awards
    • Eddy Awards
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • ESG Sustainability - Gaining Momentum
    • Climate Change: The Inescapable Opportunity
    • Impact Investing
    • 2022 ESG Investing Conference
    • ESG Rated ETFs
  • Defined Contribution
    • Latest DC News
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • Trends in DC: Focus on Retirement Income
    • 2022 Defined Contribution East Conference
    • 2022 DC Investment Lineup Conference
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Performance Data
    • P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
    • Future of Investments Research Series
    • Charts & Infographics
    • Polls
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
    • 2022 Retirement Income Conference
    • 2022 Managing Pension Risk & Liabilities
    • 2022 WorldPensionSummit
Breadcrumb
  1. Home
  2. Print
September 20, 1999 01:00 AM

IBM CHANGES MIND

  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print

    IBM, yielding to employee pressure over its move to a cash balance plan, is more than doubling the number of workers who may choose to stay in its traditional defined benefit plan.

    In a Sept. 17 memo to workers, Tom Bouchard, senior vice president of IBM's human resources, conceded thousands of IBM employees had "expressed deep concerns" about possible losses of pension benefits as a result of the conversion to a cash balance plan. Consequently, the company is now allowing about 65,000 workers age 40 and older with 10 or more years of service to stay in the old plan.

    "We feel it's a great victory and it shows the power of employees when they get together and organize," said a spokeswoman for the Pension Rights Center, which helped IBM participants push for the change.

    UBS acquiring Global Asset

    UBS AG agreed to acquire Global Asset Management for between $575 million and $675 million. The purchase price, which will be paid in a combination of cash and UBS treasury shares, will be determined by assets under management at closing, expected within a few months.

    UBS is buying GAM because it wants to expand its private banking capabilities for high-net worth individuals, said Christoph Meier, a UBS spokesman. GAM manages about $13.9 billion in global international manager-of-managers strategies. About $2 billion was managed for U.S. tax-exempt institutional investors as of Dec. 31.

    A source close to the deal said GAM's approximately $4 billion in worldwide institutional assets will continue to be marketed under the GAM brand name and not by UBS Brinson, the U.S. institutional investment management unit.

    AEW lines up refinancing

    AEW Capital Management arranged an $827.4 million refinancing for nine superregional shopping centers owned by the General Motors Pension Trust, confirmed Tom Dobrowski, manager of real estate for the $80 billion pension fund.

    The proceeds were used to retire a one-year bridge loan from UBS, said Mr. Dobrowski.

    An AEW spokeswoman said the refinancing was accomplished through five transactions: three long-term fixed-rate loans with MetLife; one 10-year loan with Northwestern Mutual Life; and a three-year floating-rate securitization pool cross-collateralized by five regional shopping centers.

    CWS restructures

    CWS Pension Fund restructured its asset allocation and dropped Colonial First State Investments as one of its balanced managers, said Alan Murphy, head of pensions.

    The board of the L1.7 billion ($2.7 billion) fund hired Lombard Odier to run a L100 million active U.K. equity mandate; Morgan Grenfell Asset Management, L100 million in specialist U.K. equities; Fidelity Investments, L100 million in active international equities; and Norwich Union Investment Management, L200 million in U.K. bonds.

    The remainder of the fund will be split between Legal & General Investment Management, which will run a passive balanced portfolio, and Mercury Asset Management, active balanced.

    S. Carolina hires near

    The $19 billion South Carolina Retirement System will hire its first small-cap to midcap domestic equity managers, pending on-site visits of four firms recommended by consultant Mercer.

    J.L. Kaplan Associates and Boston Co. Asset Management will run the value-oriented portfolio, and Suffolk Capital and MFS Institutional Advisors will run the growth portfolio. Each firm initially will manage $50 million.

    Alameda sets review

    The $3.4 billion Alameda County Employees' Retirement Association will meet next month with Global Asset Management, regarding personnel changes and poor performance, said Betty Tse, investment officer. Global Asset is an active EAFE manager that was placed on probation by the fund; last week, UBS agreed to acquire GAM. Brent Felsman, spokesman for Global Asset Management, did not return phone calls by press time.

    CalPERS hires Campbell

    The $160 billion California Public Employees' Retirement System hired The Campbell Group as an additional timberland manager, to run $439 million.

    Funding came from reducing the allocation to existing manager Hancock Timber Resource Group to $814 million.

    The board also hired UBS Brinson to develop a strategic plan for future timber purchases internationally. CalPERS' policy allows for up to 10%of the $160 billion system's timber portfolio to be invested internationally.

    L.A. County issues RFP

    The $24.8 billion Los Angeles County Employees' Retirement Association will issue an RFP to Barclays Global Investors and State Street Global Advisors to run $8.2 billion in domestic and international passively managed equity portfolios.

    In July, five individuals resigned from LACERA's current index fund manager Deutsche Bank, formerly Bankers Trust. Following a meeting with Deutsche, LACERA staff issued a memo expressing concern over seven more people leaving; the new head of passive investment management, Kathleen Condon, being close to retirement; and Deutsche's recruitment efforts being "focused on their active quantitative strategies, a higher fee business, rather than on replacing the departed passive managers."

    A spokeswoman for Deutsche Bank refused to comment.

    Oregon needs director

    The $33 billion Oregon Public Employees Retirement Fund is searching for a new executive director to replace Fred McDonnal, who will retire in December. He had been executive director since 1993.

    Haverhill hires 3

    The $115 million Haverhill Retirement System picked Irish Life, MFS Institutional Advisers and INVESCO as international equities managers to run $5 million each, subject to approval from the system's lawyers.

    Funding will come from terminated managers Bank of Ireland and Babson-Stewart Ivory International.

    Stevens joins BGI

    Paul Stevens joined Barclays Global Investors as head of global technology. He will oversee BGI's worldwide information technology activities. He had been head of systems at J.P. Morgan Asset Management Services.

    Ex-CSAM staffers set up shop

    William Sterling, Stephen Waite, Ian Borsook and C.I. Mutual Funds, a Canadian mutual fund firm, have opened Trilogy Advisors, a new asset management firm that will primarily run global and international equities. All three men were at Credit Suisse Asset Management until June.

    Recommended for You
    Read the print edition of P&I
    Read the print edition of P&I
    How low is low? Projections say it's not low enough
    How low is low? Projections say it's not low enough
    FINRA honors Wharton's Olivia Mitchell with Ketchum Prize
    FINRA honors Wharton's Olivia Mitchell with Ketchum Prize
    Private Markets
    Sponsored Content: Private Markets

    Reader Poll

    August 10, 2022
    SEE MORE POLLS >
    Sponsored
    White Papers
    Gaining Momentum: Where Next for Trend-Following?
    The market opportunity in U.S. residential mortgage-backed securities
    Credit Indices Evolve with Enhanced Data Inputs
    Hedge Funds 2.0: Back to the future
    How Has 2022's Carnage Reshaped Global Stock and Bond Markets?
    Crossroads: Politics, Inflation, & Bonds
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    August 1, 2022 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Content Solutions
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Consultants
      • Coronavirus
      • Courts
      • Defined Contribution
      • ESG
      • ETFs
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Opinion
      • Partner Content
      • Pension Funds
      • Private Equity
      • Real Estate
      • Russia-Ukraine War
      • SECURE Act 2.0
      • Special Reports
      • White Papers
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • WPS Innovation Awards
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • ESG Sustainability - Gaining Momentum
      • Climate Change: The Inescapable Opportunity
      • Impact Investing
      • 2022 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2022 Defined Contribution East Conference
      • 2022 DC Investment Lineup Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Performance Data
      • P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
      • Future of Investments Research Series
      • Charts & Infographics
      • Polls
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2022 Retirement Income Conference
      • 2022 Managing Pension Risk & Liabilities
      • 2022 WorldPensionSummit