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August 07, 2006 01:00 AM

Ex-Janus execs face SEC charges

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    WASHINGTON — The SEC charged former Janus Capital Group executives Warren Lammert, Lars Soderberg and Lance Newcomb with improper market timing and mutual fund trading.

    The three "violated certain provisions of the federal securities laws by allowing or facilitating improper undisclosed frequent trading arrangements at Janus," the SEC's enforcement division said in a statement.

    The SEC is seeking unspecified fines from the former Janus executives, according to the statement. Their cases will be scheduled for a hearing before an administrative law judge.

    Mr. Newcomb, who was assistant vice president and regional sales director for Janus between 1998 and 2003, "categorically" denied the charges. "I did not originate, approve or negotiate the market-timing arrangements at Janus," he said in an interview. "I look forward to setting the record straight."

    Mr. Lammert, who was portfolio manager for the Janus Mercury Fund from 1993 until he left the firm in March 2003, did not return a call placed to him at his current employer, Granite Point Capital Management. Efforts to reach Mr. Soderberg also were unsuccessful.

    Shelley Peterson, spokeswoman at Janus, declined to comment on the recent charges, noting the matter is between the SEC and the three men. Janus paid $225 million in penalties to the SEC to settle allegations related to market timing. "Janus settled its issues with regulators two years ago and is focused on continuing to move forward and deliver strong performance," Ms. Peterson said.

    Stock and bond funds see $2.7 billion in net outflows in June

    BOSTON — Stock and bond funds saw net outflows of $2.7 billion in June, following inflows of $5.3 billion in May, according to Financial Research Corp. U.S. large-cap blend-style strategies gained the most assets in June, with net inflows of $3.43 billion, followed by foreign large-cap blend with $2.1 billion and U.S. large-cap growth with $2.06 billion.

    Among money managers, State Street Global Advisors led the way with inflows of $5.9 billion, with the bulk going to the firm's ETF products. The only other firms to see inflows of more than $1 billion for June were American Funds, with $3.1 billion; Eaton Vance Distributors, with $1.5 billion; and BNY Hamilton, with $1.4 billion. Among the 25 largest fund groups, the FRC data showed Fidelity with the heaviest net outflows, at $4.6 billion.

    Providence mayor pushes new DC plan, DB freeze

    PROVIDENCE, R.I. — The City of Providence could start a defined contribution plan for city employees hired starting in July 2007 and freeze its defined benefit plan if a proposal by Mayor David N. Cicilline is enacted. Current city employees and retirees would be covered by the $300 million Providence Employees Retirement System defined benefit plan, said Rhodes Alderson, mayoral spokesman. The pension plan was underfunded by about $615 million as of July 2005, according to a recent pension study report on the city's website.

    The proposal is in an ordinance to be reviewed by the city's finance committee and then by the full City Council, which requires two votes of approval for passage.

    Alex Prignano, the city's finance director, said it could take three to six months for the council to vote on the proposal, which includes a call to issue pension obligation bonds to cover the DB plan shortfall.

    Deloitte study suggests cure for underfunded public plans

    NEW YORK — Public pension funds should adjust employee contributions and abolish large employee pay raises in the years immediately before retirement to help stem the increase in underfunded plans, a new Deloitte Consulting study recommends. The report, based on published studies and Deloitte consultants' own experiences, states that public plans are likely to face tougher times in part because of the number of employees nearing retirement, a lack of pre-funding requirements at many plans and employee contributions that aren't keeping pace with pension plan costs.

    The Deloitte report suggested public entities identify new revenue streams that can be directed to pension systems, eliminate huge pay hikes on the eve of an employee's retirement and link employee contributions to plan costs.

    "States need to do something and take some proactive steps," said Lance Weiss, senior manager at Deloitte, who has consulted for public pension funds in Colorado and Illinois and co-wrote the report. "They can't wait for the markets to recover."

    The National Conference on Public Employee Retirement Systems, which represents public pension funds, blasted the report, claiming it "relies on misleading information and commonly perpetuated myths to create the impression that public pensions are in bad condition," according to a NCPERS statement.

    CalPERS asks Wilshire how it will handle contract

    SACRAMENTO, Calif. — CalPERS asked its investment consultant, Wilshire Associates, to submit a proposal on how the firm will handle its contract with the $205.8 billion pension fund following the planned departure of Rosalind M. Hewsenian, Wilshire managing director, on Aug. 31, said Brad Pacheco, system spokesman.

    The board of the California Public Employees' Retirement System, Sacramento, will evaluate Wilshire's proposal and make a decision whether to retain the firm in the next month or two, Mr. Pacheco said.

    Ms. Hewsenian and Michael Schlachter are the key consultants working with CalPERS. It is unknown whether Wilshire will propose that Mr. Schlachter handle the relationship alone, work with another Wilshire consultant or propose an alternative arrangement.

    Wilshire spokeswoman Kim Shepherd did not respond by press time to a request for comment.

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