MONTREAL -- CDP Financial Services, a subsidiary of Caisse de Depot et Placement du Quebec, purchased 25% of the Putnam Lovell Group, parent company of Putnam Lovell Securities.
CDP will not take an active role in Putnam Lovell, which will use the infusion of capital to fund expansion in private equity, asset securitization and market making, a spokeswoman for Putnam Lovell said. Terms of the deal were not disclosed.
Separately, CDP will invest $25 million in Putnam Lovell's current private equity fund, Putnam Lovell Equity Partners LP.
NEA urges count of minority managers
CHICAGO -- The National Education Association July 5 voted to encourage state affiliates to measure the number and percentage of minority and women money managers and brokers hired by teacher retirement systems. State affiliates are to report their findings at next year's convention.
A proposal to urge that two-thirds of the trustees of state and local teacher pension funds be teachers was sent back to committee.
The NEA was meeting last week in Chicago.
Baltimore County shifts active equities to passive
TOWSON, Md. -- The $2 billion Baltimore County Employees' Retirement System has terminated Institutional Capital for underperformance on its U.S. core equity separate account, said Robert Burros, investment administrator.
No one at Institutional Capital returned phone calls by deadline.
Mr. Burros said the fund transferred the $78 million managed by Institutional Capital to Barclays Global Investors' passively managed U.S. equity separate account, which follows the Wilshire 5000 index. BGI now manages a total of $656 million for the system.
N.Y. State Nurses fund delays manager search
ALBANY, N.Y. -- New York State Nurses Association, Albany, postponed its search for a $100 million active high-yield fixed income manager until fall. The $1.4 billion plan, which began the search in spring, decided the timing for the hiring was not right, said Russell Niemie, chief investment officer. An RFP will be available from the association when the search resumes.
Meketa is assisting.
Colorado Employees' plan is now fully funded
DENVER -- The Public Employees' Retirement Association of Colorado has reached fully funded status a year ahead of schedule.
Eliminating its unfunded liability allows the $28 billion system to start making matching contributions to members' voluntary defined contribution plans and reduce employer contributions ahead of schedule.
A spokesman for the fund said it beat its deadline through a combination of "excellent" investment strategy, proper diversification and maintaining a level contribution rate.
VIA Rail Canada gets closer to hire
MONTREAL -- VIA Rail Canada Inc. has narrowed its search for hedge fund managers to six candidates, the names of which have not been disclosed. The C$1.45 billion (U.S.$977 million) defined benefit plan expects to place C$25 million in the asset class, said Chris Caswell, director of corporate financial services. Funding will come from a reduction in exposure to U.S. and EAFE equities. A decision is expected in September.
Mercer is assisting.
First Quadrant launching new hedge fund
PASADENA, Calif. -- First Quadrant LP plans to roll out The Premier Fund, a hedge fund combining its domestic and international market-neutral and long-short strategies into an in-house fund of funds, said Robert D. Arnott, president and chief executive officer. The fund will combine the firm's global futures, global currencies and global tactical options long-short strategies, as well as its international and domestic market-neutral strategies, using an optimizer to reduce risk, Mr. Arnott said.
Mr. Arnott said he hopes the new fund, which will use leverage, will top off around $1 billion, he said.
Draper Fisher, Portage create strategic partnership
CHICAGO -- Draper Fisher Jurvetson and Portage Venture Partners formed a strategic partnership to accelerate the growth of technology startups and early stage companies in the Midwest.
Draper Fisher Jurvetson Portage Venture Partners, to be based in Chicago, will provide new Midwest companies with access to capital, connections and legal counsel.
38% of employees want at-home access
HARTFORD, Conn. -- CIGNA Retirement & Investment Services' recent survey found that of employees who have Internet access at home, 35% have access to their companies' retirement plans online; and 38% said they would like to.
According to the survey, 18- to 24-year-olds were most interested in receiving web-based retirement plan information.
The survey also revealed that a majority of Americans cannot identify a source for financial planning information; and 64% of respondents said they did not receive financial planning through any established entity, online or otherwise.
A spokesman for CIGNA said the firm conducted the national survey of 659 randomly selected full-time employees for "our own understanding of the market."
LJH Global a general partner in emerging markets fund
NAPLES, Fla. -- LJH Global Investments LLC, Naples, has become a general partner in GTR Emerging Markets Fixed Income Fund, an emerging markets fixed-income fund formed in October 1999 by Michael B. Moore, former head of Cargill Corp.'s financial division.
The fund's objective is to rotate through assets in emerging markets, including Brady bonds and eurobonds, local market instruments and foreign exchange including local interest rate markets, equities, bankers' acceptance and trade paper of emerging market banks.
Diamond Hill new name for Heartland group
COLUMBUS, Ohio -- Heartland Advisory Group changed its name to Diamond Hill Capital Management. The company is adding a concentrated investment strategy for separate accounts and a mutual fund that will invest in a focused list of about 20 domestic stocks. The mutual fund, the Diamond Hill Focus Fund, will be open to investors this summer.
Commercial paper site is launched
NEW YORK -- Prescient Markets has launched cpmarket.com, an Internet-based commercial paper distribution platform that allows institutional investors to execute real-time commercial paper transactions electronically. Investors already using the website include Sears Investment Management and Genesee County, Mich., which participated in a pilot program involving more than 300 transactions totaling more than $2.2 billion.
Patty Driscoll, a short-term trader at Sears Investment Management, said Sears uses cpmarket.com to manage a $500 million money market fund, which is part of the company's $2.5 billion profit-sharing fund.
Joy Soberalski, an official at the Genesee County Office of the Treasurer, said the county will use the site to conduct trades for a $130 million general asset portfolio, which does not include pension assets.
Lehman Brothers introduces Asian-Pacific Aggregate index
NEW YORK -- Lehman Brothers last week unveiled its Lehman Brothers Asian-Pacific Aggregate index, which encompasses more than 1,000 public market fixed-income securities across Asian markets. The new index, developed in response to an increased demand for more specific indexes, was created to more accurately reflect returns for the fixed-income securities of the region. It will be included in Lehman's Global Aggregate index beginning Oct. 1.