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NYLIM Being Considered for Tulare Mandate

August 19, 2008 – New York Life Investment Management (NYLIM) has rejoined the search for an enhanced index manager at the Tulare County Employees' Retirement Association (TCERA), said Dave Kehler, administrator at the $1 billion fund. 'We're in the midst of a manager search for enhanced index managers,' Kehler said. 'The board has added NYLIM back to the list of finalists after receiving a presentation from the manager.' …

• Arkansas Cops Unload Equity Manager
• TIAA-CREF Hops Across The Pond
• Fresno County Adopts New A/A
• Dallas Hospital System Seeks Equity Manager

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Features

Alameda Reviews TCW-Managed Portfolio

August 18, 2008 – The investment committee of the Alameda County Employees' Retirement Association (ACERA) was scheduled to review the Trust Company of the West (TCW) according to the agenda posted on the plan's site in anticipation of a meeting last Wednesday. ACERA met with Patrick Thomas, its consultant with Strategic Investment Solutions, and Craig Blum and Tracey Monroe of TCW to discuss the manager's $380 million domestic equity mandate, the document indicated. It was also noted that the board would consider authorizing a search for a large-cap growth domestic equity manager as part of the same discussion.

San Diego Discusses Equity Manager

August 18, 2008 – The investment committee of the San Diego City Employees' Retirement System (SDCERS) was due to discuss the fate of Putnam Investments and its small-cap value domestic equity portfolio, confirmed Liza Crisafi, deputy CIO with the plan prior to a meeting last week. Crisafi explained that the board is considering terminating Putnam primarily due to performance issues, but also because of numerous organizational changes that have occurred within the firm since it was hired. Putnam has managed the approximately $88 million account since the early 1990's. The firm was put on SDCERS' watch list earlier this year after a decline in the portfolio's relative ranking (See IMW, 1/7/08).

Report: State Debt, Deficits Growing

August 18, 2008 – The combination of bonded debt, budget deficits, and unfunded pension obligations increased in 35 of the 50 states as of the end of fiscal year 2007, and probably will be even higher this year as economic conditions have worsened and continue to deteriorate, Loop Capital Markets said in a report issued this week. The report, which the firm releases each year, focuses on states’ “economic debt,” an umbrella term that it uses to cover states’ net bond debt, unfunded pension obligations, and budget deficits, if applicable. This latest report shows that, of the 35 states with increases, 13 states’ economic debt rose more than 50% from the previous year.

Oregon To Conduct Investment Review

August 11, 2008 – The Oregon Office of the State Treasurer (OST) has issued an RFP on behalf of the Oregon Public Employees' Retirement Fund (OPERF) for a firm to conduct an operational review of the plan's investment portfolio. Curt Hartinger, risk and compliance officer with the OST, explained that the plan is required by law to conduct such a review every four years.

Common Fund Ends FY'08 with 2.56% Return

August 11, 2008 – The New York State Common Retirement Fund ended fiscal 2008 with a positive return of 2.56%, Comptroller Thomas DiNapoli said last week. 'There will always be up years and down years in the market, but the diversification of the Common Retirement Fund helped us weather the economic downturn,' DiNapoli said in a press release. 'Our investment strategy isn't day to day, it's decade to decade, so we're prepared to handle downturns.'

Purdue Loses Investment Pro To Arizona State

August 11, 2008 – Arizona State University (ASU) has hired Morgan Olsen to serve as its new executive VP and treasurer, it was announced last week. Olsen will join ASU from Purdue University where he held the same titles. During his time at Purdue, Olsen spearheaded the investment efforts for its $1.8 billion endowment fund and is credited with diversifying the university's portfolio. A source at Purdue said that a replacement has not been named for Olsen, but a search is expected to occur.

CalPERS Seeks Inflation-Linked Firms

August 4, 2008 – The California Public Employees' Retirement System (CalPERS) is aiming to establish a pool of managers to oversee three types of inflation-linked asset class strategies: infrastructure, forestland and commodities. Clark McKinley, spokesman for the plan, said: 'Three of the four parts of the inflation-linked asset class are in place, with approved policies by the board (commodities, forestland and inflation-linked bonds). The infrastructure policy, which is more complicated, could go to the board as early as Aug. 18, when its investment committee considers the policy recommended by the investment committee policy subcommittee.'

San Joaquin Considers New Asset Classes

August 4, 2008 – The $2.2 billion San Joaquin County Employees' Retirement Association (SJCERA) heard educational presentations on three asset classes last month, said Annette St. Urbain, CEO with the California plan. Consultant Strategic Investment Solutions presented information regarding currency hedging programs, inflation-linked asset classes and opportunity funds at the meeting.

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