The investment management fee of a small-cap growth institutional separate account managed by Roger Engemann & Associates Inc. was misreported in an April 14 story. The fee is: 0.85% for assets up to the first $10 million; 0.8% for the next $15 million of assets; 0.75% for the next $25 million of assets; 0.65% for the next $50 million of assets; 0.6% for the next $150 million of assets; and 0.5% for more than $250 million.
The tracking error for Enhanced Investment Technologies LLC's large-cap growth equity strategy is 5% annually. The figure was incorrect in an April 28 item in Frontlines. Also, the firm restated performance of the strategy as of Dec. 31 as follows: 7.94% for the quarter; -14.9% for the year, -8.26% for three years and 9.12% for five years. Multiyear returns are annualized.
Ares Management, a distressed-debt fund manager for the California Public Employees' Retirement System, Sacramento, is not an affiliate of Apollo Management and never was called Lion Advisors. The firm maintains a strategic relationship with Apollo. Incorrect information from a CalPERS staff memo was reported in the May 12 issue.
