Pensions & Investments back issues from October 2001:
RESEARCH REDUX: Credibility Crunch; Wall Street research hit in retail arena but may still find institutional favor.
Oct 01, 2001; ... That which has weakened Wall Street research might make it stronger. That's the conclusion of some money managers contacted by Pensions & Investments following the tech wreck, and the disclosure of the investment banking activities of some leading analysts. Wall ...
Scrutiny amid tragic losses.
Oct 01, 2001; ... I wouldn't want to be a consultant or a pension fund executive right now. Imagine having to evaluate money managers that lost key staff in the kamikaze terrorist attacks on the World Trade Center. Indeed, in the almost 20 years I have worked at Pensions & ...
LACK OF GRACE: Large U.K. plans get failing grade on social responsibility concerns; Group says survey shows funds poor at mplementing policies.
Oct 01, 2001; ... LONDON - Could do better. Leading U.K. pension plans have been rapped over the knuckles by Friends of the Earth, London, for poor disclosure and implementation of socially responsible investment policies. Since July 2000, U.K. pension plans have been obliged to ...
World Briefs.(financial services companies)(Brief Article)
Oct 01, 2001 ... U.K. Treasury proposes easing MFR LONDON - The U.K. Treasury has issued proposals for replacing the Minimum Funding Requirement with a more flexible funding method. The proposals would: * extend the amount of time plan sponsors would have to make up ...
Hirings.(investment industry)(Brief Article)
Oct 01, 2001 ... ABC-NABET NEW YORK - The $600 million ABC-NABET Retirement Trust hired Bridgewater to manage $25 million in its first active global bond mandate, said Dennis Allen, trustee. Funding came from reducing a PIMCO core bond portfolio, which now will total $175 million. ...
Up, up and away?; Tedford's interest rate prediction dour.
Oct 01, 2001; ... LITTLE ROCK, Ark. - The Fed's Sept. 17 decision to shave another half of a percentage points off interest rates likely will exacerbate inflation in the third quarter of 2002 and cause interest rates to rise, said William L. Tedford Jr. Mr. Tedford is senior vice president of ...
2 careers were not enough; Long-time CFO tackles non-profit.
Oct 01, 2001; ... John McLaughlin had the idea in college that he ought to have three careers. ``It's the only thing that's worked out to plan,'' he joked. After 15 years as the chief financial officer at (then) entrepreneurial startups, North Face Inc. and Smith & Hawken and 14 ...
Asset adviser deals often conflict with client interest.(Brief Article)
Oct 01, 2001; ... Parker Brothers created the game Monopoly in 1935. Through generations this board game has captivated would-be capitalists as players march around the board, building their balance sheets and acquiring properties in the quest to vanquish their competitors. The game bears remarkable ...
Market-driven approach; PanAgora adding 4th strategy this year; pace is one per quarter.(Brief Article)
Oct 01, 2001; ... BOSTON - The new brass at PanAgora Asset Management Inc. is on a portfolio rollout roll. The Boston-based quantitative shop, which had $13.2 billion under management Aug. 31, has launched three new strategies this year and plans to introduce a fourth by year end. The addition of ...
NOT BUSINESS AS USUAL: Money managers, bankers put M&As and other growth plans on the back burner.
Oct 01, 2001; ... Falling global markets combined with the after-shock of terrorist activities have dramatically slowed the pace of money manager mergers and put other growth and expansion plans on hold. Investment bankers and executive recruiters report that beyond resumption of normal ...
How you can help.(financial services, set up relief funds for NYC)(Brief Article)
Oct 01, 2001; ... Several financial services firms have created funds to assist the relief efforts in New York: FT Fiduciary Trust Memorial Fund: benefits families of Fiduciary Trust International employees who died or were injured in the attack. Checks made payable to the fund should be sent c/o ...
Gee, ma, I wanna go home; Stranded conference-goers employ desperate measures.(Council of Institutional Investors )(Brief Article)
Oct 01, 2001; ... Whether chartering a jet or getting a one-way car rental, attendees found inventive ways to get home from Beverly Hills, Calif., after the final day of the Council of Institutional Investors conference was abruptly canceled because of the Sept. 11 terrorist attacks. Some ...
New-model ECN; BRUT addresses broker conflict.(Brut ECN LLC)(Brief Article)
Oct 01, 2001; ... As more institutional trading shifts to electronic communications networks or ECNs, traditional brokerage firms have given up some trading commissions to the alternative trading systems. Now officials at BRUT ECN LLC, New York, believe they have found a way to provide ...
Changes Ahead.(investment industry)(Brief Article)
Oct 01, 2001 ... Illinois State Teachers' Retirement System, Springfield, is searching for a general investment consultant for the $23 billion fund, said Jon Bauman, executive director. Proposals are due Oct. 12. Mr. Bauman hopes to have finalists chosen in mid-November, with a selection shortly afterward ....
`A VERY PERSONAL THING': Fiduciary rights itself after devastating blow; Employees are eager to get back to work and put Trade Center attack behind them.(Fiduciary Trust Co. International)(Brief Article)
Oct 01, 2001; ... NEW YORK - Getting business back to as normal as possible, while providing support for emotionally shattered employees, was the primary task faced by Bill Yun, president of Fiduciary Trust Co. International, after the company's offices in the World Trade Center were destroyed in the ...
INVESTMENT, LOGISTICAL PROBLEMS: Pension fund executives' plates full following Sept. 11 tragedy; Many rebalance into stocks as 401(k) participants choose bonds.
Oct 01, 2001; ... Executives at defined benefit and defined contribution plans are grappling with investment, logistical and benefits problems in the aftermath of the Sept. 11 terrorist attacks. Among the post-tragedy issues: * Officials at some funds - including the New Hampshire ...
Remorseless mergers?(Zurich Scudder Investments Inc. and Deutsche Bank AG)(Brief Article)
Oct 01, 2001 ... With the acquisition of Zurich Scudder Investments Inc. by Deutsche Bank AG, what were seven major money management organizations not long ago will become one. This combination of firms has been driven by a desire for asset accumulation and economies of scale, supposedly the key ...
Corrections & Clarifications.(Brief Article)
Oct 01, 2001 ... * Bank of America had more than 400 employees on several floors in One World Trade Center. The Sept. 17 issue of Pensions & Investments incorrectly identified the bank as Bank One; Bank One did not have employees in the World Trade Center. * Carr Futures was located on the 92nd ...
Step right up; Market drop creates tasty array of buying opportunities.
Oct 01, 2001; ... All of a sudden, it's a buyer's market. From large-cap value managers to small-cap growth funds, the Dow Jones industrial average's precipitous 14.26% decline the week after terrorist attacks on New York and Washington created huge buying opportunities. ``The opportunity is more ...
TWO COURT CASES: Onan cash balance settlement near; IRS approval still needed, but company agrees to pay workers, retirees additional benefits and alter plan to end 4-year battle.(Brief Article)
Oct 01, 2001; ... INDIANAPOLIS - Onan Corp. reached a preliminary settlement with its workers and retirees and ended a four-year legal battle that jeopardized the tax-favored status of its cash balance pension plan. The settlement also brings to an end the first lawsuit charging an employer with ...
Nerve center intact: Technology, planning came through after the attack; Replacing infrastructure lost in World Trade Center strike to cost industry up to $5 billion.(Statistical Data Included)
Oct 01, 2001; ... NEW YORK - The deadly attack on New York's World Trade Center struck a blow at the heart of the financial services industry, but technology and meticulous preparation paid off and allowed most firms to resume operating within hours of the tragedy. Preliminary estimates indicate ...
CONTRIBUTION HOLIDAYS ENDING: Pension plans face tougher times as funding levels dip; Stock market's steep decline means defined benefit plan assets drop as liabilities rise.
Oct 01, 2001; ... The market's rapid decline following the Sept. 11 terrorist attacks has left pension funds with rapidly deteriorating funding levels. That, in turn, signals an end by next year to many plan sponsors' lengthy contribution holidays. ``Companies have had a nice free ...
At Deadline.(financial industry news briefs)
Oct 01, 2001 ... Arnott on diverted plane First Quadrant managing partner Rob Arnott's flight to visit family in Toronto last Thursday took a little longer than expected. Flying from Los Angeles on Air Canada Flight 792, Mr. Arnott and the other passengers were escorted back to L.A. by two Air ...
TRANSITION CONDITION: Moving assets between managers saddles funds with $21 billion bill; Russell study says funds paid 99 basis points more than estimated for service.(pension funds)(Brief Article)(Statistical Data Included)
Oct 01, 2001; ... TACOMA, Wash. - Portfolio transition management services apparently have cost pension funds at least $21 billion more than expected since 1998, according to a new study from Frank Russell Co. The study, which looks at the difference between cost estimates given to pension funds ...
Contractual obligations: Sheryl Pressler gets $8 million after leaving Lend Lease unit; Payments detailed in realty firm's latest annual report.(Brief Article)
Oct 01, 2001; ... Sheryl K. Pressler will be comfortably waltzing Matilda for a while with about $8 million in departure payments from Lend Lease Corp., even though she was removed from her job after only one year at the U.S. unit of the Australian real estate money manager. The money is nearly ...
MasSprim hires timber, high-yield managers.(Massachusetts Pension Reserves Investment Management Board)(Brief Article)
Oct 01, 2001 ... BOSTON - The Massachusetts Pension Reserves Investment Management Board hired timber managers Forest Investment Associates to run $350 million and The Campbell Group to handle $250 million. Timber is a new asset class for the $29 billion pension fund; the move resulted from an asset ...
TOP 10 carries load: Providers' record-keeping assets take hit; Market decline, consolidation trend combine to cause industry downturn.(defined contribution plan service providers)(Statistical Data Included)
Oct 01, 2001; ... Defined contribution plan service providers had a 4% decline in record-keeping assets as of June 30, down to $2.3 billion because of the downturn in the market and corporate consolidation, according to the 2001 Pensions & Investments Defined Contribution Service Providers survey. ...
[A] Directory of the largest defined contribution providers.(Directory)
Oct 01, 2001 ... Alliance Benefit Group Inc. 201 E. Clark St., Albert Lea, MN 56007; phone: (507) 377-2919; fax: (507) 377-2051; www.allbenefits.com * RECORD-KEEPING Total DC assets record kept ($ millions) 3,279 Percentage of assets under record keeping in: ...
[B] Directory of the largest defined contribution providers.(Directory)
Oct 01, 2001 ... Bank of America NA 231 S. LaSalle St., Chicago, IL 60697; phone: (800) 221-4461; fax: (312) 974-2064; www.bankofamerica.com * RECORD-KEEPING Total DC assets record kept ($ millions) 10,375 For plans with: Fewer than 100 employees ...
[C] Directory of the largest defined contribution providers.(Directory)
Oct 01, 2001 ... The Chicago Trust Co. 171 N. Clark St., 10th Floor, Chicago, IL 60601; phone: (312) 223-2300; fax: (312) 223-5731; www.chicago-trust.com * RECORD-KEEPING Total DC assets record kept ($ millions) 5,000 For plans with: Fewer than 100 ...
[D] Directory of the largest defined contribution providers.(Directory)
Oct 01, 2001 ... Delaware Investments 1818 Market St., 16th Floor, Philadelphia, PA 19103; phone: (215) 255-1200; fax: (215) 255-1681; www.delawareinvestments.com * RECORD-KEEPING Total DC assets record kept ($ millions) 4,287 For plans with: ...
[E] Directory of the largest defined contribution providers.(Directory)
Oct 01, 2001 ... Eaton Vance Distributors Inc. 255 State St., Boston, MA 02109; phone: (800) 225-6265; fax: (617) 338-0441; www.eatonvance.com * RECORD-KEEPING Total DC assets record kept ($ millions) 30 For plans with: Fewer than 100 employees 10 ...
[F] Directory of the largest defined contribution providers.(Directory)(Statistical Data Included)
Oct 01, 2001 ... Federated Retirement Solutions 5800 Corporate Drive, Building 2, Pittsburgh, PA 15237-7000; phone: (888) 367-3777; fax: (412) 288-2925; www.federatedinvestors.com * RECORD-KEEPING Total DC assets record kept ($ millions) 1,824 For ...
[G] Directory of the largest defined contribution providers.(Directory)
Oct 01, 2001 ... Gabelli Asset Management Inc. 1 Corporate Center, Rye, NY 10580; phone: (914) 921-5000; fax: (914) 921-5060; www.gabelli.com * RECORD-KEEPING Total DC assets record kept ($ millions) 17 For plans with: Fewer than 100 employees 6 ...
[H] Directory of the largest defined contribution providers.(Directory)
Oct 01, 2001 ... Hartford Life Insurance Co. 200 Hopmeadow St., Simsbury, CT 06089; phone: (800) 874-2502; fax: (800) 310-4852; retire.hartfordlife.com * RECORD-KEEPING Total DC assets record kept ($ millions) 8,010 For plans with: Fewer than 100 ...
[I] Directory of the largest defined contribution providers.(Directory)
Oct 01, 2001 ... ICMA Retirement Corp. 777 N. Capitol St. N.E., Washington, DC 20002; phone: (202) 962-4600; fax: (202) 962-4601; www.icmarc.org * RECORD-KEEPING Total DC assets record kept ($ millions) 15,823 For plans with: Fewer than 100 employees ...
[L] Directory of the largest defined contribution providers.(Directory)
Oct 01, 2001 ... Lawrence Johnson & Associates 1901 Harrison St., Suite 1400, Oakland, CA 94612; phone: (510) 893-8022; fax: (510) 893-0204; www.lj-a.com * RECORD-KEEPING DC clients: Corporate 401(k) 139 Other DC 216 * SERVICES PROVIDED: ...
[M] Directory of the largest defined contribution providers.(Directory)
Oct 01, 2001 ... Marshall & Ilsley Trust Co. 1000 N. Water St., Milwaukee, WI 53202; phone: (414) 287-8600; fax: (414) 287-7125; www.mitrust.com * RECORD-KEEPING Total DC assets record kept ($ millions) 8,300 For plans with: Fewer than 100 employees ...
[N] Directory of the largest defined contribution providers.(Statistical Data Included)(Directory)
Oct 01, 2001 ... National City Corp. Retirement Plan Services 1900 E. Ninth St., Cleveland, OH 44114; phone: (877) 622-5479; fax: (216) 222-7185; www.nationalcity.com * RECORD-KEEPING Total DC assets record kept ($ millions) 5,266 For plans with: ...
[P] Directory of the largest defined contribution providers.(Directory)(Statistical Data Included)
Oct 01, 2001 ... Pan-American Life Insurance Co. 601 Poydras St., New Orleans, LA 70130; phone: (877) 939-4550; www.wewill4u.com * RECORD-KEEPING Total DC assets record kept ($ millions) 719 For plans with: Fewer than 100 employees 314 ...
[R] Directory of the largest defined contribution providers.(Brief Article)(Directory)(Statistical Data Included)
Oct 01, 2001 ... Reed-Ramsey Inc. 1315 W. 22nd St., Suite 205, Oak Brook, IL 60523; phone: (630) 571-4585; fax: (630) 571-4630; www.reed-ramsey.com * RECORD-KEEPING DC clients: Corporate 401(k) 78 457 4 403(b) 2 Other DC 40 ...
[S] Directory of the largest defined contribution providers.
Oct 01, 2001 ... SAFECO Life & Investments 5069 154th Place N.E., Redmond, WA 98052; phone: (425) 376-5485; fax: (425) 376-5272; www.safeco.com * RECORD-KEEPING Total DC assets record kept ($ millions) 2,250 For plans with: Fewer than 100 employees ...
[T] Directory of the largest defined contribution providers.(Directory)
Oct 01, 2001 ... TeamVest RPS LLC 11215 Rushmore Drive, Charlotte, NC 28277; phone: (704) 944-7400; fax: (704) 944-7470; www.teamvest.com * RECORD-KEEPING Total DC assets record kept ($ millions) 1,100 For plans with: Fewer than 100 employees 382 ...
[U] Directory of the largest defined contribution providers.(Directory)
Oct 01, 2001 ... Unifi Network, a division of PricewaterhouseCoopers 2100 N. Central Road, Fort Lee, NJ 07024; phone: (201) 592-1300; fax: (201) 592-9075; www.unifi.com * RECORD-KEEPING Total DC assets record kept ($ millions) 34,582 For plans with: ...
[V] Directory of the largest defined contribution providers.
Oct 01, 2001 ... The Vanguard Group Inc. 100 Vanguard Blvd., Malvern, PA 19355; phone: (800) 523-1036; fax: (610) 669-4035; www.vanguard.com * RECORD-KEEPING Total DC assets record kept ($ millions) 120,255 For plans with: Fewer than 100 employees ...
[W] Directory of the largest defined contribution providers.
Oct 01, 2001 ... Wells Fargo & Co. 420 Montgomery St., San Francisco, CA 94163; phone: (888) 666-5995; www.wellsfargo.com * RECORD-KEEPING Total DC assets record kept ($ millions) 29,100 For plans with: Fewer than 100 employees 5,763 ...
Hirings.
Oct 01, 2001 ... ABC-NABET NEW YORK - The $600 million ABC-NABET Retirement Trust hired Bridgewater to manage $25 million in its first active global bond mandate, said Dennis Allen, trustee. Funding came from reducing a PIMCO core bond portfolio, which now will total $175 million. ...
TOP 10 carries load: Providers' record-keeping assets take hit; Market decline, consolidation trend combine to cause industry downturn.(Industry Overview)
Oct 01, 2001; ... Defined contribution plan service providers had a 4% decline in record-keeping assets as of June 30, down to $2.3 billion because of the downturn in the market and corporate consolidation, according to the 2001 Pensions & Investments Defined Contribution Service Providers survey. ...
SENDING A CHILL: Unilever negligence suit starts; Money managers fear victory by U.K. pension fund could lead to more claims over investment decisions.
Oct 15, 2001; ... LONDON - A battle of the titans is opening this week. Barring any last-minute settlement, the battle pits the L130 million ($189 million) Unilever Superannuation Fund against Merrill Lynch Investment Managers Ltd. Unilever's negligence suit against Merrill Lynch ...
Hirings.
Oct 15, 2001 ... ABC-NABET NEW YORK - ABC-NABET Retirement Trust hired Seix Investment Advisors to manage $25 million in high-yield fixed income, a new allocation for the $510 million trust, said Dennis Allen, investment committee chairman. Funding will come from reducing a core bond portfolio ...
[S] Profiles of the largest real estate investment firms.
Oct 15, 2001 ... Security Capital Research & Management Inc. 11 S. LaSalle St., 2nd Floor, Chicago, IL 60603; phone: (312) 345-5826; fax: (312) 658-5599; www.securitycapital.com * Tax-exempt real estate assets: ($ millions) REITs 1,941 ...
News Briefs.(Brief Article)
Oct 15, 2001 ... N.C. Legislature OKs system's move to alternatives RALEIGH, N.C. - The North Carolina House of Representatives approved legislation that gives state Treasurer Richard H. Moore the authority to invest up to 5% of the assets of the $59 billion North Carolina Employees' Retirement ...
REBUILDING: New York funds ponder how to help.(Brief Article)
Oct 15, 2001; ... They're looking at how to make resources available. New York state public pension funds together may invest some of their combined $280 billion in assets to help rebuild New York City following the Sept. 11 terrorist attacks, state Comptroller H. Carl McCall said. Mr. McCall, ...
MORE ATTENTION: Retirement fund survey shows surprising result; Defined contribution plans fare better when employer also offers a defined benefit plan.(Brief Article)
Oct 15, 2001; ... NEW YORK - Plan sponsors that offer both defined benefit and defined contribution plans pay more attention to the investment options in both plans than companies with only a defined contribution plan, according to Mercer's 2001 Survey on Employee Savings Plans. ``The results ...
BACKING OFF: CalSTRS cuts international target by 20% ; Fund shifting the $5 billion to alternatives; also setting 2% state emerging market goal.(California State Teachers' Retirement System )
Oct 15, 2001; ... SACRAMENTO, Calif. - The California State Teachers' Retirement System has slashed its policy allocation to international equities to 20% from 25% in the first known pullback from the asset class by a major pension fund after two decades of steady increases. Instead, the $100.5 ...
2 new editorial staffers join P&I Chicago team.(Pensions & Investments )(Brief Article)
Oct 15, 2001 ... CHICAGO - Two new staff members have joined the Pensions & Investments editorial staff in Chicago. Tara Alexander is a new reporter for P&I Daily. Adin Bookbinder has been hired as editorial assistant. Ms. Alexander is a graduate of the University of Kansas, where she majored ...
ChevronTexaco hires J.P. Morgan as trustee.(Brief Article)
Oct 15, 2001 ... SAN RAMON, Calif. - ChevronTexaco Corp. hired J.P. Morgan Chase as master trustee custodian for the soon-to-be-combined assets of the $3.5 billion Chevron fund and the $1.2 billion Texaco fund, said David P. Smay, general manager-benefit plan investments. J.P. Morgan Chase had been ...
Datebook.(Brief Article)
Oct 15, 2001 ... Oct. 23-24, Tokyo: The Information Management Network is sponsoring the ``Japanese Pension Funds Summit.'' For information call (212) 768-2800, or go to www.imn.org. Oct. 24-25, New York: The Bond Market Association, ``Legal and Compliance Conference.'' For information call ...
CHARITY CHALLENGE: Short-term managers vital to relief effort; Onslaught of donations put charities, investment staffs to test.(Brief Article)(Statistical Data Included)
Oct 15, 2001; ... Short-term investment managers are in the spotlight for the more than $850 million flowing into 140 charities following the Sept. 11 terrorist attacks. For investment staff of The American Red Cross, based in Falls Church, Va., the first challenge has been handling the enormous ...
CASH BALANCE CLASS ACTION; Interest rate decision may cost BOC Group millions of dollars.(Brief Article)
Oct 15, 2001; ... MURRAY HILL, N.J. - A candid talk about BOC Group Inc.'s cash balance pension plan by Gerard J. Murray, director of employee benefits plans, could cost the chemicals and gas producer tens of millions of dollars. A tape recording of Mr. Murray's discussion at an actuaries' ...
SEPTEMBER RESULTS: Hedge fund returns are down, but still top benchmarks.(Statistical Data Included)
Oct 15, 2001; ... NEW YORK - First, the bad news. Only about one-third of the 195 hedge fund managers who submitted September performance numbers to Managed Account Reports LLC showed positive returns. Likewise, only 10 of 33 hedge fund strategies in the Hedge Fund Research Inc. monthly performance indexes ...
Annual Plan Sponsor Survey Under way.(Brief Article)
Oct 15, 2001 ... P&I's survey of the top pension/employee benefit funds is in progress. Pension executives at more than 1,000 of the nation's largest retirement plan sponsors have been mailed a copy of the survey form; the survey also can be downloaded from www.pisurvey.com. Survey responses ...
POST-BANKRUPTCY: Swissair mulls ties with UBS, Credit Suisse; Firm to review relationships after banks delayed financing.(Brief Article)
Oct 15, 2001; ... ZURICH - In an apparent retaliatory move, executives of the Swissair Group pension plans say they will review their relationships with the money management arms of UBS AG and Credit Suisse AG. The two banks were criticized sharply by Swissair Chairman and Chief Executive Mario ...
European funds adding external managers.(Brief Article)
Oct 15, 2001 ... GREENWICH, Conn. - Institutional investors in continental Europe are using more external managers to run their assets, according to a new Greenwich Associates study. Overall, the average number of managers used for segregated accounts per institutional investor across the ...
Many use treasury management systems.(Brief Article)
Oct 15, 2001 ... GREENWICH, Conn. - More than one-third of large companies and institutions worldwide use treasury management systems for a portion of their financial transactions, according to a new study by Greenwich Associates. The study also found 25% of pension funds interviewed worldwide used such ...