Kevin Charleston was named CEO at Loomis Sayles, effective May 1.
He will replace Robert J. Blanding, who will retain his role as chairman. He has been chairman and CEO since 1995.
Mr. Charleston is president of Loomis Sayles and will retain that title.
Lebenthal buys stake
Lebenthal Asset Management acquired a 48% stake in AH Lisanti Capital Growth.
Terms were not disclosed.
In addition to this transaction, Alexandra Lebenthal, CEO of Lebenthal Asset Management's parent company, Lebenthal Holdings, also acquired a minority (2%) interest in the firm, which will operate as Lebenthal Lisanti Capital Growth following completion of the transaction.
AH Lisanti founder Mary Lisanti will remain president. Ms. Lisanti and Ms. Lebenthal will be managing members of LLCG. Ms. Lisanti remains the firm's largest shareholder.
Chevron trims 401(k) menu
Chevron removed the Artisan Mid Cap Fund and Neuberger Berman Genesis Fund, a small-cap fund, from the lineup of the $19.5 billion Chevron Employee Savings Investment Plan.
Participants invested in both funds were mapped to an existing fund option, the Vanguard Extended Market Index Fund, a notice to employees on the company's benefits website said. The company did not say why it removed the two funds from the 401(k) plan. The plan now has 13 core investment options, four supplemental investment options, a Vanguard target-date fund lineup and a brokerage option.
Chevron has two other, smaller defined contribution plans that weren't affected by the changes.
Minnesota adds to alts
Minnesota State Board of Investment approved a total of $650 million in commitments to seven alternatives funds, subject to contract negotiations, said Mansco Perry III, executive director.
The board, which oversees $80.3 billion in assets, on March 4 approved committing $150 million to Blackstone Real Estate Partners Fund VIII; $100 million each to Avenue Energy Opportunity Fund, which targets North American energy and utility companies, and EnCap Energy Capital Fund X, an oil and gas fund; and $75 million each to MHR Institutional Partners IV, a distressed debt fund that targets middle-market companies in the U.S, and KKR Lending Partners IV.
Also, the board made commitments to two Oaktree Capital Management distressed debt funds — $100 million to Oaktree Opportunities Fund X and $50 million to Oaktree Opportunities Fund Xb.
The Avenue Capital and MHR commitments are the first made by the board to either firm, Mr. Perry said. The board has committed to prior funds from the other four firms.
Louisiana fund commits
The $16.7 billion Louisiana Teachers' Retirement System made three new commitments totaling up to $225 million, said Dana Brown, director of public markets.
The pension fund committed up to $125 million to Blackstone Tactical Opportunities Fund II, a private equity fund, and up to $50 million to Blackstone Real Estate Partners VIII, a global real estate fund. Most recently, the pension fund committed $100 million to Blackstone Energy Partners II in September 2014.
Separately, the pension fund committed up to $50 million to New Enterprise Associates 15, a venture capital fund. The pension fund previously committed up to $50 million to New Enterprise Associates 14 in May 2012.
Indiana allocates
The $29.9 billion Indiana Public Retirement System committed or invested $125 million total to two managers. The pension fund committed $75 million to Harrison Street Real Estate Partners V, managed by Harrison Street Real Estate Capital, and invested $50 million with hedge fund manager AQR Capital Management in its Style Premia Alternative Fund, a long/ short absolute-return strategy.
The pension fund had 12.9% in private equity, 7.9% in absolute-return strategies and 5.9% in real estate as of Jan. 31.
INPRS returned 0.6% on its investments in January and -1.2% for the seven months since its fiscal year began July 1. Both returns were above their 0.3% and -1.6% custom benchmarks, respectively. Its 22.3% global equity and 6.8% commodities allocations dragged down overall performance for both time periods; global equity returned -1.4% in January and -2.6% for the seven months, while commodities returned -4.5% and -33.4%, respectively.
David Cooper, CIO, told the system's board of trustees March 6 that declines in oil and gas prices in recent months were the main reason behind the losses. However, the fund's asset class diversification helped overall performance to beat the benchmarks, he added.
Orange County invests
The $12.3 billion Orange County Employees Retirement System invested $90 million in the Galena Metals Fund, subject to completion of on-site due diligence, contract reviews and negotiation of terms, said minutes from a board meeting of the pension fund. This is OCERS' first investment with the manager.
“Galena has successfully taken advantage of the price spreads between metals through the different parts of the market cycle and has both participated on the upside and protected on the downside,” the Jan. 27 minutes stated, quoting a presentation on the fund by Girard Miller, CIO. He stated the fund had a limited capacity.
Aksia, OCERS' hedge fund consultant, assisted.
Alaska slates $80 million
The $52.8 billion Alaska Permanent Fund committed $80 million to two private equity funds, documents prepared for the late February board meeting show.
The sovereign wealth fund committed $45 million to Catalyst Fund IV, a distressed debt fund, and $35 million to Insight Venture Partners IX, a venture capital fund. As of Dec. 31, the permanent fund had a 5.6% allocation to private equity.
Separately, the fund rehired KPMG as auditor, spokeswoman Laura Achee said in an e-mail.
Schroders, Ares AUM up
Schroders reported assets under management of £300 billion ($456.9 billion) as of Dec. 31, a 14% increase for the year, with institutional business representing 57% of the total.
Institutional net inflows were £17.6 billion for the year. That compared with institutional net inflows in 2013 of £4.6 billion, and was bolstered by a £12 billion allocation in multiasset and equities strategies from Friends Life, announced in March 2014. Institutional investment returns also added £9.2 billion over the year.
Schroders total net new business was £24.8 billion, up from £9.4 billion for the year ended Dec. 31, 2013. Net inflows included £13.3 billion of net inflows from investors in the U.K., £6 billion in continental Europe, and £5.3 billion in the Asia-Pacific region.
Ares Management's assets under management totaled $81.8 billion as of Dec. 31, up 2.7% from Sept. 30 and up 10.5% year-over-year, said the alternative investment firm's quarterly report.
Ares attributed the increase in AUM for the year primarily to $15.8 billion in new fund commitments.
