New York State Teachers' Retirement System, Albany, placed State Street Global Advisors on its investment manager watch list because the firm has underperformed three of the last four quarters, said Candace Ronesi, a spokeswoman for the $68 billion fund. SSgA manages a $609 million international equity portfolio for the retirement system in which it makes active country decisions but invests passively in the stock market.
SSgA Principal John Grady corroborated the past underperformance, but said SSgA's performance so far this quarter had improved.
Richmont Investment Management will begin marketing its high-yield investment strategy to institutions and high-net-worth investors. Richmont's strategy focuses on companies in turnaround situations.
To assist with marketing, Richmont retained, on a consulting basis, Paul Ruse, who was Vermont's treasurer from 1988 to 1994. The high-yield group is overseen by Dan Johnedis, director of fixed income for Richmont Corp.
Richmont originally was formed to invest the assets of Richmont Corp., Dallas, parent to Mary Kay Cosmetics Corp., as well as the assets of Richmont's officers and owners.
Iowa Public Employees' Retirement System, Des Moines, is finishing a search for a high-yield bond manager. Three finalists have been picked for the new $300 million portfolio; a final decision is expected by the beginning of the year. Mike Finnegan, senior investment officer for the $12 billion fund, wouldn't name the finalists. Wilshire is assisting.
Merrill Lynch became the first firm to trade more than 1 billion shares of U.S. listed securities on behalf of institutional clients during one month, trading more than 1.1 billion shares in October, according to BlockDATA.
BlockDATA trading statistics show Merrill Lynch accounted for 8.8% of all U.S. listed shares traded last month. Smith Barney ranked second with 6.16% or about 770.2 million shares. BlockDATA lists more than 250 brokerage firms that advertise trades over the AutEx network and ranks them in order of highest trading volume in specific securities.
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