California Public Employees' Retirement System
($ millions)
Total assets 143,887
Defined benefit 143,700
Defined contribution 187
* DEFINED BENEFIT PLAN:
Employer contributions 362
Benefit payments 4,800
Asset mix:
Domestic stocks 37.8%
Domestic fixed income 25.0%
Foreign stocks 16.9%
Foreign fixed income 4.7%
Cash equivalents 1.5%
Private equity 5.1%
Real estate equity 9.0%
Internally managed assets 70,300
* DEFINED CONTRIBUTION PLAN:
Assets in 457 187
SACRAMENTO, Calif. - As of Sept. 30, the California Public Employees' Retirement System's total employee benefit assets decreased 16% from a year earlier. Defined benefit assets decreased 16% during the same period; defined contribution assets increased 10%.
Employer contributions to the defined benefit plan decreased 77%; benefits paid decreased 7.7%.
In a year marked by controversy, Chief Investment Officer Daniel M. Szente abruptly resigned in November to join McMorgan & Co. He has been replaced internally by Mark Anson, formerly senior investment officer, global equity. Part of the reason leading to Mr. Szente's departure was a lawsuit brought earlier this year by California Controller Kathleen Connell, who sought to block pay increases for 11 CalPERS portfolio managers. She won the first round in state court, but CalPERS officials are appealing the ruling, which they contend could lead to an exodus of internal managers and outsourcing huge chunks of the portfolio at much higher costs.
Separately, CalPERS overhauled its $6 billion active international equity manager roster, hiring 10 core international equity managers, three European managers, three Pacific Basin managers and a Japan-only specialist. The fund also has put its $19 billion passive international stock portfolio up for bid. Meanwhile, the system shortly will make its choices for emerging markets portfolios totaling between $1 billion and $1.5 billion; the assets were managed passively.
CalPERS also hired five managers to run its newly expanded high-yield bond portfolio: Highland Capital, Shenkman Capital; ING Ghent; PIMCO; and Nomura Asset Management.
Early in the year, CalPERS took a 5.5% stake in The Carlyle Group for $175 million, while agreeing to invest $250 million in new Carlyle private equity funds; CalPERS has an option to invest another $425 million with Carlyle. The fund also took a stake in Texas Pacific Group and committed $485 million to TPG Ventures. The fund also approved $475 million in private equity commitments to 11 managers to invest in California's underserved markets.
Through its manager development program, CalPERS funded portfolios and invested equity capital with Golden Capital, Pyrford International, Philippe Investment Management, Shenandoah Asset Management and Denali Advisors.
DEFINED BENEFIT MANAGERS:
Domestic equities: Alliance; Boston Co.; Brown; Geewax Terker; Goldman Sachs; J.P. Morgan-Fleming; Oak; Oppenheimer; Putnam; Pzena; Dimensional Fund; Broadmark; Denali; Golden; Shenandoah.
International equities: Artisan; Baillie Gifford; GE; GMO; Mastholm; Oechsle; Schroder; Putnam; Weiss Peck; AXA Rosenberg; Bank of Ireland; Capital Guardian; BlackRock; Newport Pacific; Nomura; Arrowstreet; Phillipe; Pyrford; SSgA.
International fixed-income: Baring; Fiduciary Trust; Julius Baer; Merrill Lynch.
Currency overlay: Credit Suisse; Pareto; SSgA.
Real estate: AEW; AFL-CIO; Bankers Trust; Bridge; Buchanan; Campbell; CB Richard Ellis; CIM; CNL; Commonwealth Pacific; General Investment; Hancock; Hearthstone; Hines; Institutional Housing; Kennedy; LaSalle; Lend Lease; MacFarlane; Miller; National Retail; Newland; Olympic; RREEF; Residential Real Estate; Shattuck Hammond SSR; UBS Brinson; ULLICO; Wells Fargo; Weyerhaeuser.
Hybrid managers: Abacus; Pivotal.
Alternatives: APA; Apax; Asia Recovery; Bridgepoint; Candover; Carlyle; Coller; CVC; Doughty Hanson; Dresdner Kleinwort; Ethos; Exxel; KKR; Lombard; Newbridge; Polish Enterprise; Schroder; Alta; Bastion; Burrill/UCSF; CA Community Bank; Doyle & Boissiere; Fairview; Kline Hawkes; Levine Leichtman; Triumph-California.
DEFINED CONTRIBUTION MANAGERS:
Domestic equities: SSgA; Brown.
International equities: SSgA.
Asset allocation: SSgA.
Wilshire Associates is the primary investment consultant for the defined benefit plan.
Key personnel overseeing the investment management of the defined benefit plan are James Burton, chief executive officer; James H. Gomez, deputy executive officer; and Robert Aguallo, assistant executive officer-investment operations. The CalPERS board oversees the defined contribution plan.
State of California Savings Plus Program
($ millions)
Total assets 4,301
Defined contribution 4,301
* DEFINED CONTRIBUTION PLAN:
Assets in:
401(k) 1,062
457 3,239
Total contributions 369
Asset mix:
Stock 45%
Fixed income 36.9%
Stable value 8.2%
Other 9.9%
SACRAMENTO, Calif. - As of Sept. 30, State of California Savings Plus Program's total employee benefit assets, all defined contribution, decreased 11% from a year earlier.
DEFINED CONTRIBUTION MANAGERS:
Domestic equities: Franklin Templeton; T. Rowe Price; Accessor; Janus; Vanguard; Domini; Hartford; CalPERS; Federated.
International equities: Glenmede; Janus.
Domestic fixed income: CalPERS; Vanguard; VALIC; Dwight.
Variable annuity: Hartford; Janus; Franklin; MFS; American Century.
Other: Nationwide; Hartford; Schwab.
The investment consultants are Nationwide Retirement Solutions and William M. Mercer Consulting.
Key personnel overseeing the investment management of the fund is Karen Alejo, program administrator.
California State Teachers' Retirement System
($ millions)
Total assets 95,553
Defined benefit 95,500
Defined contribution 53
* DEFINED BENEFIT PLAN:
Assets in all hybrid plans 292
Assets in cash balance plans 16
Employer contributions 1,900
Benefit payments 4,000
Asset mix:
Domestic stocks 35.5%
Domestic fixed income 30.8%
Foreign stocks 20.6%
Cash equivalents 2.7%
Private equity 4.9%
Real estate equity 5.5%
Internally managed assets 40,823
* DEFINED CONTRIBUTION PLAN:
Assets in 403(b) 53
Total contributions 12
Asset mix:
Stock 48%
Cash equivalents 38%
Other 14%
SACRAMENTO, Calif. - As of Sept. 30, the California State Teachers Retirement System's total employee benefit assets decreased 14.3% from a year earlier. Defined benefit assets decreased 14.3% during the same period; defined contribution assets increased 1.5%.
Employer contributions to the defined benefit plan increased 18.8%; benefits paid increased 17.6%.
During the past year, the fund slashed its policy allocation to international equities to 20% from 25%, while boosting private equities to 8% from 5% and real estate to 7% from 5%; the move may take four years to implement. CalSTRS also decided to split the roles of alternative investment consulting into strategist and gatekeeper duties, reflecting its growing alternative portfolios. During the year, the fund committed to a bevy of private equity partnerships, including Apax Europe V, CVC European Equity Partners III, Blackstone Capital Partners IV, Madison Dearborn Capital Partners IV and Whitney V. The fund also signaled its intention to increase investments in secondary private equity partnerships.
CalSTRS also made its first move into high-yield bonds, hiring HIMCO, MW Post Advisory Group, Seix Investment Advisors and Shenkman Capital Management to run a total of about $1.5 billion in assets.
The fund also committed $150 million to affordable housing investments in California, and it committed $45 million to the California Urban Real Estate Fund, run by CIM Group. Separately, the fund adopted a goal of investing 2% of total fund assets in "California emerging markets."
In December, CalSTRS named Jack Ehnes as its new chief executive officer, as of Feb. 4, 2002. He will replace James D. Mosman, who left at year-end to become executive director of the National Council on Teacher Retirement.
DEFINED BENEFIT MANAGERS:
Domestic equities: Denver; SSgA; BGI; DSI; Mellon Capital; First Quadrant; Chicago Equity; Putnam; Delaware Investment; Brinson; Ariel; Delphi; TCW; NCM; Sasco; Brown Capital.
International equities: Capital Guardian; Lazard Freres; Morgan Stanley; Oechsle; Schroder; BGI; Bank of Ireland; Batterymarch; Fiduciary Trust; Delaware International; Nicholas-Applegate; Brinson; Marvin & Palmer; Newport Pacific; BlackRock; Fidelity; Goldman Sachs; SSgA; Zurich Kemper.
Real estate: Lend Lease; CB Richard Ellis; SSR; MIG; Clarion; Heitman; Lowe; Sentinel; Thomas.
Other: Pathway Capital.
DEFINED CONTRIBUTION MANAGERS:
Domestic equities: California Investment Trust.
International equities: Deutsche Asset.
Domestic fixed income: Provident National.
Other: State Street Brokerage.
Pension Consulting Alliance is the investment consultant for the defined benefit plan.
Key personnel overseeing the investment management of both plans are Mr. Ehnes and Christopher J. Ailman, chief investment officer.
University of California
($ millions)
Total assets 41,974
Defined benefit 35,819
Defined contribution 6,155
* DEFINED BENEFIT PLAN:
Employer contributions 0
Benefit payments 881
Asset mix:
Domestic stocks 50.7%
Domestic fixed income 36.4%
Foreign stocks 5.9%
Foreign fixed income 2.7%
Cash equivalents 2.1%
Private equity 2.2%
Internally managed assets 28,914
* DEFINED CONTRIBUTION PLAN:
Assets in 403(b) 6,155
Internally managed assets 5,219
Total contributions 615
Asset mix:
Stock 42%
Fixed income 51%
Stable value 5%
Cash equivalents 2%
OAKLAND, Calif. - As of Sept. 30, the University of California's total employee benefit assets decreased 15% from a year earlier. Defined benefit assets decreased 15% during the same period; defined contribution assets decreased 12%.
Employer contributions to the defined benefit plan remained at zero; benefits paid increased 8%.
During the past year, the fund hired David H. Russ as treasurer, vice president-investments, replacing Patricia A. Small, who resigned in 2000 amid criticism that her investment strategy was too heavily concentrated in too few stocks. He was a managing director at the University of Texas Investment Management Co., Austin, where he was responsible for publicly traded investments.
MANAGERS:
Domestic equities: SSgA, Warburg Pincus.
International equities: SSgA, CGI, Genesis, Templeton.
The investment consultant for both plans is Wilshire Associates.
Key personnel overseeing the investment management of both plans are Mr. Russ; Melvin Stanton, assistant treasurer; Jeffrey Heil, managing director for public equity investments; and Randolph Wedding, managing director for fixed income investments.
Caterpillar Inc.
($ millions)
Total assets 9,406
Defined benefit 6,988
Defined contribution 2,418
* DEFINED BENEFIT PLAN:
Employer contributions 0
Benefit payments 540
Asset mix:
Sponsoring company stock 1.9%
Other domestic stocks 37.9%
Domestic fixed income 25.7%
Foreign stocks 18.1%
Cash equivalents 0.1%
Real estate equity 1.2%
Tactical asset allocation 15.1%
Internally managed assets 325
* DEFINED CONTRIBUTION PLAN:
Assets in corporate 401(k) 2,418
Internally managed assets 29
Asset mix:
Sponsoring company stock 51%
Other stock 30%
Fixed income 10%
Stable value 6%
Tactical asset allocation 3%
PEORIA, Ill. - As of Sept. 30, Caterpillar Inc.'s total employee benefit assets decreased 14% from a year earlier. Defined benefit assets decreased 19% during the same period; defined contribution assets increased 5%.
Employer contributions to the defined benefit plan remained at zero; benefits paid increased 5%.
DEFINED BENEFIT MANAGERS:
Domestic equities: Ashland; Jennison; LSV; Oppenheimer; Numeric; Primecap; Westpeak; Turner; Charlotte Capital.
International equities: Mercator; Bank of Ireland; Capital International; Clay Finlay; Schroder.
Domestic fixed-income: J.P. Morgan Fleming; Standish Mellon; Huff; Oaktree.
Real estate: Bank One; Equitable.
Tactical asset allocation: PanAgora; Mellon.
DEFINED CONTRIBUTION MANAGERS:
Domestic equities: Jennison; Oppenheimer; Turner; Northern Trust.
International equities: Marvin & Palmer; Mercator.
Domestic fixed-income: J.P. Morgan Fleming; Alpha Tech.
Tactical asset allocation: PanAgora; Mellon.
The investment consultant for both plans is Frank Russell.
Overseeing the investment management of both plans is Roger P. Allen, investment administrator.
Chase Manhattan Corp.
($ millions)
Total assets 6,988
Defined benefit 2,276
Defined contribution 4,712
NEW YORK - As of Sept. 30, Chase Manhattan Corp.'s total employee benefit assets decreased 16% from a year earlier. Defined benefit assets decreased 21.5% during the same period; defined contribution assets decreased 13%.
The key person overseeing the investment management of the fund is Leon Desbrow, vice president.
Chevron Corp.
($ millions)
Total assets 8,500
Defined benefit 3,100
Defined contribution 5,400
* DEFINED BENEFIT PLAN:
Employer contributions 0
Benefit payments 480
Asset mix:
Domestic stocks 28%
Domestic fixed income 33%
Foreign stocks 16%
Cash equivalents 5%
Private equity 2%
Real estate equity 16%
* DEFINED CONTRIBUTION PLAN:
Assets in corporate 401(k) 5,400
Asset mix:
Sponsoring company stock 70%
Other stock 22%
Fixed income 5%
Cash equivalents 3%
SAN RAMON, Calif. - Chevron Corp. merged with Texaco Inc. Oct. 9, 2001. Starting April 2002, the combined 401(k) plans will employ a three-tiered structure, using Vanguard as record keeper and primary investment manager. Vanguard will manage all nine funds for the first tier; between 20 to 40 other mutual funds will be offered in the second tier; and a mutual fund window will be offered in the third tier. J.P. Morgan Chase, Texaco's custodian, was hired as master trustee custodian for the combined 401(k) plan. The two defined benefit plans won't be consolidated in terms of benefits until at least sometime this year.
DEFINED BENEFIT MANAGERS:
Domestic equities: Jennison; Dresdner RCM; Suffolk; Alliance Bernstein; Dodge & Cox; Independence; J.P. Morgan Fleming; DSI.
International equities: DSI; SSgA; J.P. Morgan Fleming.
Domestic fixed income: PIMCO; STW.
Real estate: Prudential.
Tactical asset allocation: Mellon; BGI.
DEFINED CONTRIBUTION MANAGERS:
Domestic equities: SSgA; Alliance Bernstein; Jennison.
International equities: SSgA.
Domestic fixed income: SSgA.
International fixed income: SSgA.
Municipal Employees' Annuity & Benefit Fund of Chicago
($ millions)
Total assets 5,451
Defined benefit 5,451
* DEFINED BENEFIT PLAN:
Employer contributions 140
Benefit payments 378
Asset mix:
Domestic stocks 53%
Domestic fixed income 35%
Foreign stocks 4%
Cash equivalents 4%
Private equity 2%
Real estate equity 2%
CHICAGO - As of Sept. 30, Municipal Employees' Annuity & Benefit Fund of Chicago's total employee benefit assets, all defined benefit, decreased 12% from a year earlier.
Employer contributions to the plan increased 18%; benefits paid increased 5%.
During the past year, the fund retained two securities litigation law firms - Barrack Rodos & Bacine and Bernstein Litowitz Berger & Grossmann LLP - to examine companies in the fund's investment portfolio.
DEFINED BENEFIT MANAGERS:
Domestic equities: Alliance Capital, Ariel Capital, Bear Stearns, Deutsche Asset, Great Lakes Advisors, Keeley, Oppenheimer, Travelers Investment, TCW, Waddell & Reed, Weiss Peck & Greer, Wellington Capital.
International equities: Frank Russell Trust, MFS International, Nicholas-Applegate, Oechsle International.
Domestic fixed-income: Alliance Capital, Criterion Management, Deutsche Asset, Frank Russell Trust, Lincoln Income Group, Payden & Rygel.
International fixed income: Frank Russell Trust.
Real estate: Bear Stearns Realty, Capri Capital Advisors, John Buck, Prudential Realty.
Balanced: Brinson.
Venture capital: First Analysis, Frontenac, INVESCO, Mesirow Financial, Midwest Mezzanine, SB Partners.
Short-term: Northern Trust.
The investment consultant is Becker Burke Associates.
Key personnel overseeing the investment management of the defined benefit plan are Terrance Stefanski, executive director, and James Mohler, senior investment manager.
Public School Teachers' Pension & Retirement Fund of Chicago
($ millions)
Total assets 9.252
Defined benefit 9,252
* DEFINED BENEFIT PLAN:
Employer contributions 77
Benefit payments 508
Asset mix:
Domestic stocks 47%
Domestic fixed income 31%
Foreign stocks 10%
Foreign fixed income 2%
Cash equivalents 3%
Private equity 1%
Real estate equity 6%
Internally managed assets 6
CHICAGO - As of Sept. 30, the Public School Teachers' Pension & Retirement Fund of Chicago's total employee benefit assets, all defined benefit, decreased 13% from a year earlier.
Employer contributions decreased 4%; benefits paid increased 20%.
During the past year, the fund rehired consulting firm William Mercer despite the misgivings of trustee Jack Silver, who released a letter accusing the firm of not providing the fund with complete information to make sound decisions and conflicts of interests involving brokerage fees.
DEFINED BENEFIT MANAGERS:
Domestic equities: Ariel Capital; Brinson Partners; DFA; Fidelity; Harris Investment; Holland Capital; Iridian; J&W Seligman; New Amsterdam Partners; Northern Trust Global; Oppenheimer; Waddell & Reed; William Blair; Woodford Capital; Zevenbergen.
International equities: Morgan Stanley; Schroder; Scudder.
Domestic fixed-income: Bank of America; Lincoln Capital; MDL Capital; Miller Anderson; Northern Trust; Smith Graham; Wellington.
Real estate: Blackstone; Capital Associates; J.P. Morgan; Lend Lease; Olympus; Prudential Financial; RREEF; TimesSquare; UBS Brinson; Walton.
Public REITs: LaSalle Investment; Morgan Stanley.
Venture capital: Brinson; HarbourVest; Mesirow Financial; Pantheon.
Short term: Northern Trust.
Mercer is the investment consultant.
Key personnel overseeing the investment management of the plan are Michael Nehf, executive director; Kevin Huber, chief financial officer; and Willy Romero, investment accountant supervisor.
CIGNA Corp.
($ millions)
Total assets 4,497
Defined benefit 2,360
Defined contribution 2,137
* DEFINED BENEFIT PLAN:
Employer contributions 0
Benefit payments 173
Asset mix:
Sponsoring company stock 1.0%
Other domestic stocks 46.5%
Domestic fixed income 23.0%
Foreign stocks 15.4%
Private equity 0.1%
Real estate equity 13.4%
Mortgages 0.6%
Internally managed assets 2,320
* DEFINED CONTRIBUTION PLAN:
Assets in:
Corporate 401(k) 2,026
401(a) 111
Internally managed assets 1,744
Total contributions 150
Asset mix:
Sponsoring company stock 14.5%
Other stock 30.0%
Fixed income 0.6%
Stable value 54.9%
PHILADELPHIA - As of Sept. 30, CIGNA Corp.'s total employee benefit assets decreased 17.1% from a year earlier. Defined benefit assets decreased 22.5% during the same period; defined contribution assets decreased 10.1%.
During the past year, the fund - one of several under pressure because of the hit in retirement benefits that many midcareer employees took when their employers converted traditional defined benefit plans to cash balance plans - decided to allow some employees to stick with the original defined benefit formula, or simply give them the better deal of the two plans. Such practices gained the attention of the Internal Revenue Service, which has reinterpreted rules that have been on the books for more than 20 years and has started coming down hard on companies that automatically give some of their older, longer-tenured employees whichever deal means more money.
DEFINED BENEFIT MANAGERS:
Other: Peninsula Capital; TCW; Windjammer; Brinson.
DEFINED CONTRIBUTION MANAGERS:
Domestic equities: BGI.
Key personnel overseeing the investment management of the plans are James Stewart, executive vice president and chief financial officer; Donald Levinson, executive vice president, human resources and services; and Mordecai Schwartz, vice president, corporate actuary.
Citigroup Inc.
($ millions)
Total assets 17,408
Defined benefit 7,657
Defined contribution 9,751
* DEFINED BENEFIT PLAN:
Assets in all hybrid plans 7,657
Assets in cash balance plans 7,657
Employer contributions 0
Benefit payments 245
Asset mix:
Domestic stocks 40.7%
Domestic fixed income 30%
Foreign stocks 8.1%
Foreign fixed income 2.6%
Cash equivalents 3.6%
Private equity 2.2%
Real estate equity 5.6%
Other 7.2%
* DEFINED CONTRIBUTION PLAN:
Assets in corporate 401(k) 9,751
Total contributions 48
Asset mix:
Sponsoring company stock 46%
Other stock 29.7%
Fixed income 3%
Stable value 14%
Cash equivalents 5%
Other 2.3%
NEW YORK - As of Sept. 30, Citigroup Inc.'s total employee benefit assets decreased 12.6% from a year earlier. Defined benefit assets decreased 7% during the same period; defined contribution assets decreased 16.5%.
Employer contributions to the defined benefit plan remained at zero; benefits paid decreased 18.4%.
DEFINED BENEFIT MANAGERS:
Domestic equities: INVESCO, Citigroup Asset, Cramer Rosenthal, Dresdner RCM.
International equities: Capital Guardian, Hansberger.
Domestic fixed income: INVESCO, Hoisington.
International fixed income: Travelers, SSB.
Real estate: RREEF.
Other: Behrman, Clayton Dubilier, M.D. Sass, Warburg Pincus.
DEFINED CONTRIBUTION MANAGERS:
Domestic equities: SSB, SSgA, INVESCO.
International equities: DFA, Franklin Templeton.
Domestic fixed-income: SSB, INVESCO.
International fixed income: SSB.
The investment consultant for the defined contribution plan is BARRA RogersCasey.
Key personnel overseeing the investment management of the plans are Louis Ferrante, vice president, and Ronald Walter, executive vice president, both of Citigroup Investments Inc.
Public Employees' Retirement Association of Colorado
($ millions)
Total assets 26,928
Defined benefit 26,350
Defined contribution 578
* DEFINED BENEFIT PLAN:
Employer contributions 455
Benefit payments 1,094
Asset mix:
Domestic stocks 49.8%
Domestic fixed income 8.9%
Foreign stocks 13.8%
Foreign fixed income 2.5%
Cash equivalents 2.4%
Private equity 12.9%
Real estate equity 7.8%
Mortgages 0.9%
Other 1.0%
Internally managed assets 15,138
* DEFINED CONTRIBUTION PLAN:
Assets in 401(k) 578
Internally managed assets 201
Total contributions 103
Asset mix:
Other stock 73.4%
Fixed income 16.4%
Cash equivalents 6.7%
Other 3.5%
DENVER - As of Sept. 30, the Public Employees' Retirement Association of Colorado's total employee benefit assets decreased 18% from a year earlier. Defined benefit assets decreased 18% during the same period; defined contribution assets increased 1%.
Employer contributions to the defined benefit plan decreased 49%; benefits paid increased 11%.
During the past year, the Colorado Legislature passed a bill calling for a study examining the role of defined contribution plans in the total benefits package for state employees. Buck Consultants reported to the state's Legislative Audit Committee that the current system compares favorably to plans in the private sector and provides good benefits at low cost. Under a system with only a defined contribution plan, employees would lose safety net features found in both PERA and Social Security, the report noted. State lawmakers are expected to discuss the results during the 2002 legislative session.
DEFINED BENEFIT MANAGERS:
Domestic equities: Alliance Bernstein; Janus; MFS; TCW; Turner.
International equities: Alliance Bernstein; Bank of Ireland; Baring; Brinson Partners; Delaware Asset; Deutsche Asset; Schroder.
Domestic fixed income: LM Capital; TCW.
International fixed income: Julius Baer.
Real estate: Lend Lease; Heitman Financial; INVESCO Realty; LaSalle Partners; Prudential; RREEF; Apollo; Blackstone; Henderson Investors; Doughty Hanson; Goldman Sachs; Koll/Bren; Lazard France; MGA Real Estate Associates; Morgan Stanley; Orion European; Schroder; Rocky Mountain Extended Stay; TCW/Hines; CB Richard Ellis; LJ Melody; Sage/Hardin; DRA Realty Advisors; Essex Property Trust; Transwestern; Capital Trust; GMAC.
Venture capital: Accel; Brantley Partners; Centennial; Focus Venture Partners; Colorado Venture Management; Columbia Capital; Columbine Venture; Franklin Capital Associates; Gateway Ventures; Geocapital; Grotech Partners; HarbourVest; JK&B Capital; Mohr Davidow; Morgan Holland; Phillips-Smith; Sequel; Softbank Technology; Spectrum Equity; Technology Crossover; Venture Strategy; Warburg Pincus; Sprout; Enterprise Highland Capital Partners.
LBO: Apollo Investment; Beacon Group Energy Investments; Blackstone Capital Partners; Brentwood Associates; Cypress Merchant Banking Partners; DLJ Merchant Banking; Equitable; Forstmann Little; Gryphon Partners; Hicks Muse Tate & Furst; Joseph Littlejohn & Levy; Lehman Brothers Merchant Banking Partners; Francisco Partners; Pegasus Partners; Rocky Mountain Mezzanine.
International private equity: AIG Global Emerging Markets; Asia Pacific Growth; CVC European Equity Partners; Doughty Hanson; Euroknights; Goldman Sachs; HSBC International; Phoenix Equity; South American PVT Equity Growth; Excel; Atlas; Pacific Venture Walden.
DEFINED CONTRIBUTION MANAGERS:
Domestic equities: Fidelity; Janus; Morgan Stanley; Vanguard.
International equities: American Funds; Guardian Capital.
Domestic fixed income: PIMCO; Northern Trust.
Balanced: Dodge & Cox.
The investment consultant for both plans is William M. Mercer.
Key personnel overseeing the investment management of the defined benefit plan are Norman Benedict, deputy executive director; Roger Young, director of equities; and Jennifer Paquette, director of fixed income. Messrs. Benedict and Young also oversee the defined contribution plan.
Compaq Computer Corp.
($ millions)
Total assets* 5,332
Defined benefit 3,675
Defined contribution 1,657
* P&I estimate
HOUSTON - As of Sept. 30, Pensions & Investments estimates the employee benefit assets of Compaq Computer Corp. totaled $5.3 billion. The estimate is based on the $4.8 billion the company reported as of Dec. 31, 1999.
Dave Majeski, manager, pension investments, is the key person overseeing the investment management of both plans.
Connecticut Retirement Plans and Trust Funds
($ millions)
Total assets 19,142
Defined benefit 19,142
* DEFINED BENEFIT PLAN:
Employer contributions n/a
Benefit payments n/a
Asset mix:
Domestic stocks 35.1%
Domestic fixed income 34.6%
Foreign stocks 10.7%
Cash equivalents 2.8%
Private equity 13.9%
Real estate equity 2.4%
Mortgages 0.5%
HARTFORD, Conn. - As of Sept. 30, the Connecticut Retirement Plans and Trust Funds' total employee benefit assets, all defined benefit, decreased 13% from a year earlier.
During the past year, the fund hired Pension Consulting Alliance as its real estate consultant. It also hired Merrill Lynch and Fidelity to run about $215 million each in active risk-controlled international equities. The system also committed $100 million to the Kohlberg Kravis Roberts Millennium buyout fund.
The system also reached settlements with two firms for dealings with the administration of former state Treasurer Paul Silvester, who pleaded guilty to racketeering, bribery and money laundering charges. Under a negotiated settlement with Triumph Capital, the firm returned $125.2 million of the $200 million it managed in private equity assets for the fund. Triumph retained indirect control over the remaining assets, with Harch Capital managing the bulk of the money and Sovereign Financial Services monitoring the account. In settling an ethics complaint with Westport Advisers, Wesport paid Connecticut $437,500 as well as a $2,000 fine to the State Ethics Commission. Westport hadn't registered as a lobbyist or filed disclosure reports when it awarded Andrew Moses, a Silvester associate, a $1 million consulting contract to help the firm obtain a $100 million contract from the system. Westport did not admit to any wrongdoing.
Also, the system modified its securities lending program, run by State Street Bank and Trust, to a 90-day net duration from a 45-day net duration, which will allow the funds to earn an additional $2 million annually. Currently the program generates $9.5 million annually. The system reached a $457 million settlement in a securities fraud case against Waste Management, the third largest class-action settlement in U.S. history. The system was lead plaintiff in the suit. As of Oct. 12, the system owned 455,862 shares of the stock with a value of $12.4 million.
DEFINED BENEFIT MANAGERS:
Domestic equities: SSgA; J.P. Morgan Fleming; BGI; Travelers Investment; AXA Rosenberg; Brown Capital; ValueQuest; Cowen Asset; Dresdner RCM; Alliance Capital.
International equities: SSgA; Morgan Stanley; Grantham, Mayo, Van Otterloo; Smith Barney; DSI; Pictet International.
Domestic fixed-income: SSgA; BlackRock; Western Asset; Wellington; J.P. Morgan Fleming; Phoenix.
Convertibles: Oaktree.
High yield: Loomis Sayles; W.R. Huff; Triumph.
Commercial mortgage: AEW.
Real estate: AEW; Apollo; Walton; Tishman; CIGNA; Wachovia Bank of Georgia; Westport.
Cash reserve: SSgA.
Corporate buyout: Hicks, Muse Tate; SCP Private Equity; DLJ Merchant Banking; Conning Insurance; Veritas Capital; Thomas H. Lee; KKR; Greenwich Street Capital; Welsh Carson Anderson; Wellspring Capital; Blackstone Capital; Thayer Equity; Kelso Investment Associates; Green Equity Investors; Forstmann Little.
Venture capital: Crescendo; Pioneer Ventures; Connecticut Futures; CT Financial Development Fund; Keystone Ventures; Shawmut Equity; Grotech Partners; Connecticut Greene Ventures; RFE Investment Partners; Triumph.
Mezzanine: Welsh Carson; Triumph; GarMark Partners; SW Pelham; Forstmann Little.
International private equity: Compass; Carlyle; Gilbert; AIG.
Funds of funds: Crossroads; Goldman Sachs; Landmark; Lexington.
The investment consultant is BARRA RogersCasey.
Key personnel overseeing the investment management of the plan are Denise L. Nappier, treasurer, and Gregory D. Franklin, assistant treasurer-investments.
Consolidated Edison Inc.
($ millions)
Total assets 7,954
Defined benefit 6,502
Defined contribution 1,452
* DEFINED BENEFIT PLAN:
Employer contributions n/a
Benefit payments n/a
Asset mix:
Domestic stocks 42%
Domestic fixed income 39%
Foreign stocks 13%
Foreign fixed income 2%
Real estate equity 4%
* DEFINED CONTRIBUTION PLAN:
Assets in corporate 401(k) 1,452
Asset mix:
Sponsoring company stock 3%
Other stock 41%
Fixed income 2%
Stable value 40%
Cash equivalents 1%
Other 13%
NEW YORK - As of Sept. 30, Consolidated Edison Inc.'s total employee benefit assets decreased 17% from a year earlier. Defined benefit assets decreased 18% during the same period; defined contribution assets decreased 13%.
DEFINED BENEFIT MANAGERS:
Domestic equities: Goldman Sachs, INVESCO, J.P. Morgan Fleming, PIMCO, Morgan Stanley, Peachtree, J.&W. Seligman, Valenzuela, SSgA, T. Rowe Price, BlackRock, DePrince Race & Zollo, Deutsche Asset, BGI, Mellon Capital.
International equities: Capital Guardian, J.P. Morgan Fleming, Oechsle, SSgA, TT International.
Global fixed income: Morgan Stanley, J.P. Morgan Fleming, PIMCO, Seix, State Street Research, Western Asset.
Real estate: Heitman, J.P. Morgan Fleming, Prudential.
DEFINED CONTRIBUTION MANAGERS: Fidelity, Vanguard.
The investment consultant for both plans is Evaluation Associates.
Key personnel overseeing the investment management of both plans are Joan S. Freilich, executive vice president and chief financial officer; Robert P. Stelben, vice president and treasurer; and Janet M. Krone, director, pension management.
Cook County Employees' Annuity & Benefit Fund
($ millions)
Total assets 5,200
Defined benefit 5,200
* DEFINED BENEFIT PLAN:
Employer contributions 162
Benefit payments 208
Asset mix:
Domestic stocks 43.5%
Domestic fixed income 45.0%
Foreign stocks 3.0%
Cash equivalents 4.0%
Private equity 2.7%
Real estate equity 1.8%
CHICAGO - As of Sept. 30, the Cook County Employees' Annuity & Benefit Fund's total employee benefit assets - all defined benefit - decreased 4% from a year earlier.
Employer contributions to the plan held relatively steady; benefits paid increased 9%.
DEFINED BENEFIT MANAGERS:
Domestic equities: Ariel Capital; Bear Stearns; Brinson; Chicago Asset; D.J. Mosier; Fiduciary Management; Freedom Capital; AmalgaTrust/Goldman Sachs; Optimum; Great Lakes; Harris Associates; Holland; ABN AMRO; Morgan Stanley; NCM; Northern Trust Quantitative; Wayne Hummer; Weiss Peck & Greer; Chicago Equity; Dearborn Partners; New Capital; Killian Asset; William Blair; Baird Investment; Schroder Capital; Madison Asset.
International equities: J.P. Morgan Fleming; Evergreen.
Domestic fixed income: Bear Stearns; Brinson; Chicago Asset; Freedom Capital; AmalgaTrust/Goldman Sachs; Great Lakes Associates; Killian Asset; ABN AMRO; Morgan Stanley; NCM; Northern Trust Quantitative; Schroder; Baird Investments; Weiss Peck & Greer; William Blair; Chicago Equity.
Real estate: Bear Stearns; CEO Fund; Premier Partners; Krupp; Heitman; Capital Associates; AmalgaTrust/John Buck.
Venture capital: Frontenac; Midwest Mezzannine; Trident Capital; SB Partners; Batterson Johnson & Wang; Discovery Ventures; Weiss Peck & Greer; Aberdeen; DLJ Private Equity; ARCH Ventures; Ark Capital; Pacific Ventures; William Blair Capital; Evergreen Capital; Mesirow Capital.
The investment consultant is Standard Valuations.
Key personnel overseeing the investment management of the defined benefit plan are John E. Fitzgerald, executive director, and Alan E. Szewczyk, deputy director.
