ANB Investment Management was sold for about $50 million in cash to Northern Trust, in an agreement that is expected to close by the end of the year. Northern will run ANB as a separate unit, tentatively named Northern Trust Global Investments.
First Chicago NBD decided to sell ANB, which has $31 billion under management, including $29 billion in index funds, six weeks ago, said J. Stephen Baine, president of First Chicago Investment Management, which continues to manage $50 billion.
Northern already has some $11 billion in index investments and $160 billion in total. Northern invited all 75 ANB staffers to continue in their current jobs, but Susan O. Jones, ANB's COO, will stay with First Chicago NBD after leading ANB's transition team.
New York City Teachers' Retirement System trustees will consider Oct. 9 distributing $273 million long-term government bond assets managed by WR Lazard to other existing managers, said Soneni Smith, assistant press secretary for the New York City comptroller's office. The teachers' fund has $30 billion in assets.
The New York City Employees' Retirement System, with $45 billion in assets, will consider dropping WR Lazard and redistributing $223 million in long-term government bond assets later in October. The comptroller's office has recommended the New York retirement systems drop WR Lazard.
New York State Teamsters Conference Pension and Retirement Fund, Utica, allocated an additional $50 million to existing money manager Mitchell Hutchins, to be invested in a yield-enhanced equity strategy, confirmed Peter Carre, fund counsel. Mitchell Hutchins now manages more than $97 million on behalf of the $1.6 billion pension fund. The allocation was funded with money from a terminated money manager. Mr. Carre declined to identify the firm.