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
December 23, 2002 12:00 AM

At Deadline

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

    CalPERS reveals returns

    CalPERS disclosed performance data for individual funds in its private-equity program. Top performers were: Information Technology Ventures, 90.1%; Conseco Capital Partners II, 89.6%; Doughty Hanson Fund II, 46.7%; Candover 1994 Fund, 43.2%; Blackstone Capital Partners II, 39.9%; and Media Communications Partners II, 39.2%. At the bottom: LM Capital Fund II, -59%; Kid Kamm Equity Partners, -46%; and INROADS Capital Partners, -28%. The CalPERS board released the data as part of a settlement of a suit filed by the San Jose Mercury News.

    Report: Simplify U.K. rules

    The British government proposed to simplify pensions legislation and taxation, overhaul the national pensions regulator and establish a commission of inquiry into whether Britons should be forced to save for retirement, as part of the much-awaited green paper.

    The paper did not propose to raise Britain's state retirement age or make any fundamental changes to the country's first-pillar state pension system.

    LACERS cuts bonds

    The $6 billion Los Angeles City Employees' Retirement System cut its target fixed-income allocation to 27% of plan assets, from 31%, and increased private equity and real estate to 7% each, from 5%. The board trimmed the portfolios of active domestic fixed-income managers Loomis Sayles and Lincoln to $572 million each.

    Separately, the board put Loomis Sayles on probation, with a formal review in six months because portfolio manager Kent Newmark is retiring this month. The board also renewed its contract with INVESCO Realty Advisors.

    Nashville plans fee study

    The $1.3 billion Nashville & Davidson County Metropolitan Government Benefit Board hired Benchmark Financial Services to do an audit of fees the $1.3 billion pension fund pays to its money managers, said Karl F. Dean, director of law. Mr. Dean said the board wants to ensure it is paying fees as contracted and is not being overcharged. The study is an outgrowth of a 2000 KPMG audit that found inherent conflicts of interests, including soft-dollar and directed-brokerage arrangements, with PaineWebber, when it was the investment consultant to the fund for several years until it was dropped in 2000. That audit led to a $10 million settlement this year by UBS PaineWebber, the successor to PaineWebber, and its then-consultant William Keith Phillips.

    Teachers drops managers

    The $21 billion Illinois Teachers Retirement System terminated AllianceBernstein, which ran $636 million in active domestic large-cap value equities, because of concerns over pending Enron litigation, according to a statement from the system. Hired as partial replacements were Bear Stearns and Boston Partners, which will run $415 million each in the same asset class.

    "We're surprised by the development, given the excellent performance over the course of the relationship. Enron was not a stock ever owned in this portfolio," said Marc Mayer, AllianceBernstein executive vice president of marketing and sales.

    Trustees also reduced the system's fixed-income allocation to 26% from 35%. They terminated Chicago Capital, which ran $675 million in active domestic bonds, and Julius Baer, which managed $612 million in active international bonds.

    BlackRock, which manages $1.7 billion in active domestic fixed income, was placed on watch because of benchmark underperformance. The system also took two firms off watch for improved performance: Geewax Terker, which manages $291 million in active domestic large-cap growth equities, and UBS Global Advisors, which handles $630 million in active international fixed income.

    Separately, Oak Associates, which ran $102 million in active domestic large-cap growth equities, was terminated for performance. The assets were awarded to existing large-cap growth manager MFS. Sandra Knoll, a spokeswoman for Oak, declined to comment.

    Mazama Capital Management and J.&W. Seligman were awarded $152 million each in active domestic small-cap to midcap growth equities as part of earlier asset allocation restructuring. Funding came from fixed income.

    Callan was retained as consultant.

    Oregon hires 2 managers

    The $36 billion Oregon Public Employees Retirement Fund hired MFS and Aronson to run $300 million each in active domestic large-cap value equities. Frank Russell assisted.

    PBGC, company settle

    The PBGC reached an agreement over a pension plan formerly sponsored by Frontier Corp., a unit of Global Crossing that was sold last year to Citizens Communications. Under the deal, Citizens will assume responsibility for funding the plan, which has assets of $473 million and liabilities of $578 million, and the PBGC will withdraw its request to take over the plan. Global Crossing earlier had attempted to transfer the pension plan's assets to a liquidating trust.

    Texas fund shifts bonds

    The $1.2 billion San Antonio Fire & Police Pension Fund hired Banc One and EARNEST Partners to manage $100 million each in active domestic core fixed income, said Warren J. Schott, investment officer. Funding came from terminating two other bond firms. Mr. Schott declined to give further details, but a Nelson Information directory lists Bradford & Marzec, Loomis Sales and Mac Kay Shields as the fund's bond managers.

    Salomon Smith Barney advised.

    Minnesota drops MetWest

    The $35.1 billion Minnesota State Board of Investment terminated Metropolitan West Asset Management, which ran $300 million in core bonds.

    Montana keeps Pyrford

    The $5 billion Montana Board of Investments retained Pyrford as manager of $100 million in active MSCI European equity, said James Penner, CIO.

    Cornerstone to buy PMRealty

    Cornerstone Real Estate Advisors plans buy PMRealty; terms were not disclosed. PMRealty has been on the block since spring, and Aberdeen Property Investors had planned to acquire PMRealty by year's end. But the deal apparently fell through after several PMRealty senior executives defected in the fall for other firms.

    Fund taps new actuary

    Local 363 Pension Fund "E" hired First Actuarial Consulting as consulting actuary. The $27 million plan terminated Watson Wyatt after the firm asked it to sign a formal letter accepting liability limits, and asking for an indemnification from lawsuits over its work.

    Dewey Dennis, founder of First Actuarial, quit as a consulting actuary at Watson Wyatt over concerns about the firm's policy. "Our multiemployer book of business is essentially intact and we are moving forward in serving that market," said Bob McKee, a Watson Wyatt spokesman.

    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