The New York City Employees Retirement System should consider investments in new media, technology/biomedical, real estate, health care/managed care and financial and business services as it seeks to expand its targeted investment program, according to Pacific Corporate Group, alternative investment consultant to the $45 billion fund.
NYCERS' targeted investment program has been limited so far to financing residential construction in New York City. The report advised the trustees to ``maintain targeted investment focus as key driver of (the) program expansion,'' and ``maintain flexibility and creativity - avoid prematurely limiting options.''
Trustees hired Pacific Corporate last year to develop a plan to increase the system's investment in alternatives.
U.S. tax-exempt institutions had $475 billion in international and global stocks and bonds as of Dec. 31, 25% higher than the $380 billion of foreign holdings one year earlier, according to InterSec Research.
Last year's growth was just slightly below the annualized 30% rise of international investments for the five years ended Dec. 31. InterSec's data revealed a 32% jump, or $34.1 billion, in funding for newly established portfolios. Additions to existing portfolios totaled $61.8 billion, a 12.6% rise from the previous year, while terminations totaled $27.1 billion vs. $25.1 billion the year before. Investment withdrawals fell to $17.7 billion, compared with $21.2 billion in 1995.
Oregon state Rep. Barbara Ross yesterday introduced a non-binding resolution calling for the treasurer and the Oregon Investment Council to stop new investments in tobacco companies and asked the state investment council to sell one-fourth of its tobacco holdings each year until all are liquidated. The resolution has not yet been assigned to a committee.
Rep. Bill Archer, R-Texas, chairman of the House Ways and Means Committee, will hold hearings starting April 15 on proposals to replace the current income tax structure and the impact of any changes. The committee also will examine the impact of any proposals on employee benefits and retirement and personal savings incentives, Mr. Archer announced today.
The AFL-CIO will unveil a World Wide Web site Thursday targeting the compensation of CEOs of S&P 500 companies, said William Patterson, director of its office of investment. The site - at www.paywatch.org - will list the total pay packages of each CEO. It will provide pay comparisons to CEOs of overseas companies and average American workers. It also will allow comparison of shareholder stock performance to CEO pay; allow users to create letters to send to the companies, Congress or other interested parties; and provide access to the full proxy statements.
Initially, the site will have more than 100 companies.