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October 16, 2006 01:00 AM

At Deadline

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    Mellon, Wachovia vie for MFS

    Mellon Financial made the strongest offer for MFS Investment Management, but executives at MFS parent Sun Life Financial are talking to officials from Wachovia as well, according to investment bankers who requested anonymity. The bankers speculate that a deal with Wachovia would leave Sun Life with a larger stake in an entity that would be formed by combining MFS and Wachovia subsidiary Evergreen Investment Management than it could get by injecting MFS into Mellon Financial.

    Spokesmen at the three firms declined to comment.

    Largest stock index to launch

    Dow Jones Indexes and Wilshire Associates are expected to introduce the Dow Jones Wilshire Global Total Market Index, the biggest stock index in the world.

    It consists of more than 12,000 stocks in 56 countries with a float-adjusted market capitalization (that is, based on shares available for public trading) of nearly $34 trillion, according to a joint statement the companies plan to release Oct. 16.

    Dow Jones marketing officials are meeting with money managers and other potential users for possible licensing agreements to create index funds, exchange-traded funds, futures and options contracts and other financial products based on the new index, said John A. Prestbo, editor and executive director with Dow Jones Indexes.

    CalPERS hires Hamilton Lane

    CalPERS picked Hamilton Lane to manage a $500 million private equity fund that will invest in underserved urban and rural markets primarily in California. The commitment marks the second phase of the $217.5 billion fund's California Initiative Program, which started with a $475 million allocation in 2001.

    Half of the $500 million will be earmarked for California-based private equity funds, the other half for direct co-investments in California-based companies.

    Black Diamond founder sells

    Black Diamond Capital Management's senior management purchased co-founder and managing partner James J. Zenni Jr.'s interest in the firm. Terms were not disclosed. Mr. Zenni and six Black Diamond associates are establishing Z Capital Partners, an alternative investment management firm that will establish a hedge fund to be seeded with capital provided by Mr. Zenni.

    Stephen Deckoff, the other co-owner, will remain with Black Diamond, which has about $9 billion in assets under management.

    MIT returns 23%

    The $8.4 billion Massachusetts Institute of Technology endowment fund returned 23% for the year ended June 30, according to the National Association of College and University Business Officers' preliminary listing. MIT officials attributed the returns to a 30% combined allocation to private real estate and private equity.

    Delphi commits $61 million

    Delphi Corp. contributed $61 million to its U.S. pension plans this month, according to an SEC filing. A minimum funding payment of $300 million was due Oct. 13, but because Delphi filed for Chapter 11 bankruptcy protection last year, it was only required to pay "the portion of the contribution attributable to post-bankruptcy-petition service," according to the filing. Delphi has an estimated $8.7 billion in pension assets.

    Laitram to terminate plan

    The Laitram Corp. will likely terminate its $19 million cash balance plan, confirmed Lawrence Oertling, CFO. The plan, with 700 participants, was frozen to all employees in 2003. Treasurer Robert Munch said terminating the plan would help the company simplify its retirement options. The company continues to offer a $45 million 401(k) plan that was enhanced when the cash balance plan was frozen, Mr. Oertling said.

    DeKalb drops Holland

    The $1.1 billion DeKalb Employee Retirement System terminated Holland Capital, which managed $55 million in active domestic large-cap growth equities, for performance, said Paul Wright, pension administrator.

    The money will be distributed among existing managers. Louis Holland, managing partner, and Jacqueline O'Brien, Holland spokeswoman, did not return phone calls by press time.

    Columbia bond chief leaves

    Brenda Furlong, managing director and head of fixed income at Columbia Management, left the firm, confirmed spokesman Tom Gariepy. He declined to give details, but said her responsibilities will be handled by Steven Peacher and Randy Royther. Mr. Peacher, CIO and head of taxable fixed income, will also be responsible for tax-exempt fixed income, while Mr. Royther, CIO and head of cash investments, will take sole responsibility for that business. Ms. Furlong said she has not accepted a position with any other firm.

    Indictment charges shakedown

    Businessman Antoin Rezko was indicted Oct. 11 by a federal grand jury in Chicago on 24 counts of fraud in connection with "a scheme to obtain millions of dollars by shaking down" investment management firms doing business with the $36.5 billion Illinois Teachers' Retirement System, according to U.S. Attorney Patrick J. Fitzgerald. Mr. Rezko did not appear at his arraignment Oct. 13; the date has been rescheduled for Oct. 19 at his lawyers' request, confirmed a spokesman for Mr. Fitzgerald.

    The indictment also charges former Illinois Teachers system trustee Stuart Levine with the same 24 counts of fraud. Mr. Levine, who was indicted last year on fraud charges and has been cooperating with federal authorities, will plead guilty to the superseding charges at a hearing Oct. 27, according to a statement from Mr. Fitzgerald.

    Court documents allege Messrs. Rezko and Levine started an "extensive fraud scheme" in 2003 that continued through at least July 2004, in which they sought to receive all or part of "finders fees" paid by money managers interested in doing business with the Illinois Teachers' plan.

    "No TRS assets were used to pay these fees. … In most cases, the schemes were unsuccessful because TRS staff intervened or because the … proposals were not worthy of consideration by the TRS board," Jon Bauman, executive director, said in a statement.

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