SEI quits Houston police
SEI resigned as consultant to the $970 million Houston Police Officers Pension System. Daniel Tretinik, SEI senior consultant, said SEI quit because fund officials were "questioning every aspect of its management."
Dennis leaving Callan
Callan consultant Barry Dennis resigned to "investigate new opportunities" after 11 years.
Paul Ernlendson will assume most of his duties, and was promoted to senior vice president from vice president. Mike O'Leary will replace Mr. Dennis as chairman of the manager search committee.
Robert "Buck" Bowen, former president and CEO of Dreman Value Management, was named a senior vice president and manager of the manager services division at Callan. He will continue to work part time at Dreman.
Insurers seek exemption
The American Council of Life Insurance this month will ask the Labor Department to exempt from ERISA's self-dealing violations certain group annuity contracts held in insurance companies' general accounts.
The request follows a Supreme Court ruling that federal law takes precedence over state law in determing how certain pension fund assets held in general accounts should be managed.
California taps WM
The $82 billion California Public Employees' Retirement System hired The WM Co. to provide performance measurement services for foreign exchange transactions in its 16 international portfolios.
Meanwhile, the fund's $5 billion real estate portfolio declined in value 1.2%, or $50.9 million, in 1993. Officials expect the portfolio to increase in value this year.
New IRA bill planned
Individual retirement accounts would become fully tax deductible again under a bill to be introduced by Sens. William V. Roth Jr., R-Del., and John Breaux, D-La. The bill would allow penalty-free early withdrawals from IRAs for certain expenses.
Hospital hires Putnam
The $20 million combined defined benefit and defined contribution plan of Miriam Hospital hired Putnam Investments to manage $6 million in a balanced account. HT Investors was terminated, and the allocation to Essex Investment Management was reduced.
Foreclosures possible
Approximately 30 pension funds that are equity investors in Toronto-based Cadillac Fairview could face foreclosures.
The reason: Cadillac Fairview, which had pooled revenue from its properties allowing it to use cash flow from one to meet payments on another, now will repay lenders based on the cash flow generated by individual properties. The change opens the door for foreclosures on the poorer performing properties.
New Australian derivative
The Sydney Futures Exchange expects to start trading futures contracts on individual stocks, a highly unusual derivative, by the end of April, pending regulatory approval.
Belden & Associates sold
Belden & Associates Investment Counsel is being sold for an undisclosed price. Belden, which manages about $200 million, will become part of Mellon Private Asset Management.
Texas hospital fund hires 2
The $90 million Texas Hospital Association Retirement Plan for Member Hospitals, Austin, hired Target Investors for a $9 million small-cap growth portfolio and Scudder, Stevens & Clark for a $4.5 million international portfolio. The assets had been run in-house. Hewitt assisted.
Granville assumes portfolio
Granville Private Equity Managers has taken over a 60 million ($90 million) venture capital portfolio from Guardian (formerly Guardian Royal Exchange). The move reflects increasing consolidation in British venture capital.
26 join realty clearinghouse
Some 26 real estate money managers agreed to join the new Institutional Real Estate Clearinghouse, which will establish a central trading market for privately placed real estate interests owned by pension funds.
Executive committee members are: T. Robert Burke of AMB Institutional Realty; Rod Dimock of Aetna Realty Investors; Thomas Eastman of Aldrich, Eastman & Waltch; Charles Lightner of Prudential Real Estate Investors; Jeremiah W. O'Connor Jr. of the O'Connor Group; and Blake Eagle of Frank Russell.
Woodward leaving Brinson
Maryanne Woodward, senior venture capital adviser, is leaving Brinson Partners to join a movie production company. Brinson staffer Sarah Jacobs will move to the partnership team where Ms. Woodward worked.
Met Life promotes 2
Gail F. Praslick has been promoted to head of MetLife Resources, where she will be reponsible for sales and marketing of pension products to the not-for-profit market for Metropolitan Life Insurance. She replaces James Hughes, who died. Gary E. Lineberry has been promoted to replace Ms. Praslick as head of Met Life's pensions, savings and retirement plan services division.
