Manager hirings for domestic defined benefit and defined contribution plans decreased slightly in 1999, but the assets allocated increased, according to the Tracker database 2000 annual report.
In 1999, 1,107 defined benefit plan managers were hired, representing a total of $98.9 billion, compared with 1,320 manager placements covering $93.6 billion in 1998, according to Tracker. Public funds accounted for the largest number of reported hirings and total assets allocated 64% and 86%, respectively, according to the report.
The same period saw 200 defined contribution plan placements, representing $26 billion in assets, compared with 266 hirings representing $13.3 billion in 1998. Mutual funds and private investment management firms were the preferred investment types, comprising 52%. However, banks, bank investment managers, insurance companies and insurance company investment subsidiaries experienced significant gains in defined contribution placements 48%, up from 30% in 1998. Bundled providers represented 59% of all defined contribution placements in 1999.
Tracker, designed by Eager Manager Advisory Services, provides information on institutional investment manager hiring activity.