Yamaichi International Capital Management is remaining in business, despite news that former parent Yamaichi Securities is closing its doors. Meanwhile, the management of the money manager has submitted a proposal to Japan's Ministry of Finance to buy the firm, said George Dole, marketing director of Yamaichi Capital Management, the U.S. unit of Yamaichi International Capital.
Today, the MOF formally terminated the relationship between Yamaichi Securities and Yamaichi International - one of three Yamaichi Securities units that survived the parent company's closure. MOF now holds in trust the shares of Yamaichi International Capital that had been held by other Yamaichi entities.
``Right now, MOF is supervising the liquidation of Yamaichi Securities and all its related entities except for the three survivors,'' Mr. Dole said.
Yamaichi International has $24 billion under management. Yamaichi Capital Management manages slightly more than $1 billion.
California Public Employees' Retirement System, Sacramento, probably will allow its money managers to invest in Poland some time next year. The $124 billion fund's staff probably will add Poland to its Category B list, suitable for limited investment. CalPERS' active international portfolio managers can place no more than 20% of their portfolio assets in total in category B countries. Poland now is in CalPERS' Category C, not recommended for investment.
Pell Rudman & Co. agreed to buy Sovereign Financial Services, an alternative investments manager. Terms were not disclosed.
The two firms already have created and funded with $50 million a limited partnership, the Sovereign New Millennium Fund, to invest in private equity partnerships, venture capital, buyouts and special situations.
CORRECTION: Indiana Public Employees' Retirement Fund uses Prime Capital for its bond index portfolios. The wrong firm was named in the Nov. 20 P&I Daily.
