Home » Latest News

Latest News

CalPERS Loses Corporate Governance Head

July 3, 2008 – Dennis Johnson is leaving his role as director of corporate governance at the $235.6 billion California Public Employees' Retirement System (CalPERS) after three years in the position. He was responsible for the plan's $7 billion corporate governance investment program and led a 17 person corporate governance team. He is joining Shamrock Holdings' Activist Value Fund as a managing director. …

Big Apple Funds In the Red

June 27, 2008 – New York City's five pension funds lost a total of $5 billion in the nine months leading up to March 31, according to a report released by the New York City Comptroller's office. It is predicted that if the plans do not recoup the losses by the end of the fiscal year, New York City will be faced with providing a bailout worth several billions of dollars. The New York City funds include the Teachers' Retirement System,…

CalSTRS Loses Global Equities Head

June 24, 2008 – Eileen Okada will retire from her post as director of global equities at the $170 billion California State Teachers' Retirement System (CalSTRS) on Nov. 1. According to the fund's Web site, Okada had been on leave since March 28. She joined CalSTRS 36 years ago as an accountant. In the meantime, the plan's CIO Christopher Ailman will oversee the roughly $100 billion portfolio, which encompasses both U.S. and global equity. EFL Associates has been retained by the Sacramento…

FBI Makes Subprime Arrests

June 19, 2008 – Former Bear Stearns hedge fund managers, Ralph Cioffi and Matthew Tannin were arrested and taken to a Brooklyn Federal court today. The charges are the first to come out of federal investigations of possible fraud on the part of banks and mortgage companies whose investments in subprime loans led to nearly $400 billion in losses for Wall Street. Allegedly, Cioffi and Tannin discussed the state of the hedge funds and acknowledged that they were in…

City of Knoxville Creates New Allocations

June 18, 2008 – The $540 million City of Knoxville Pension Board will meet with consultant Dan Holmes of Summit Strategies next month to discuss ways to implement recently approved allocations, said Mike Cherry, executive director at the fund. Following the results of an asset/liability study, the plan decided to carve out allocations of 11% to portable alpha, 5.5% each to emerging markets equity and international small-cap equity and 5% each to private energy and private equity, Cherry said. Within…

Alaska Plan Eyes New CIO

June 17, 2008 – The Alaska Permanent Fund Corporation (APFC) is conducting an internal search for a new CIO to replace Richard Shafer, said Laura Achee, spokeswoman for the plan. She said that Shafer has decided to leave the fund. His last day will be July 30. The APFC board desires candidates with experience as either a CIO or senior member of a portfolio management team. Achee said that the board hopes to have the position filled by the fall.…

Iowa Regents Examines Assets

June 10, 2008 – The $1.8 billion Board of Regents for the State of Iowa is currently undergoing a review of its asset allocation, said Chief Business Officer Patrice Sayre. 'This is a formal review with our financial investment advisor, Wilshire Associates,' she said, adding that plan changes will be brought to the August Board of Regents meeting for discussion and anticipated approval. According to the minutes for the Regents April meeting, the board will consider increasing its investments in real…

Do-Over for Taunton's International Equity Search

June 9, 2008 – It's the second time around for the Taunton Retirement System as the plan has reissued an RFP for an international core equity mandate with emerging markets exposure, confirmed Paul Slivinski, executive director with the $190 million plan. The plan first launched the $13 million search in March (See IMW, 3/17/08). Slivinski explained that there was an issue with the minimum criteria, which caused the board to start from scratch and reissue the RFP. He explained…

Pa. County Plan Doubles Up on Hedge Funds

June 4, 2008 – The Susquehanna County Retirement Fund has increased its allocation to hedge fund investments to 10%, up from the previous 5% the plan had allotted to the asset class, said Cathy Benedict, county treasurer and retirement board member. Benedict said that the board agreed to the doubling of the hedge fund allocation after it was recommended by the plan's consultant, The Seneca Group. Seneca will present hedge fund recommendations to the board during its next quarterly report.…

Texas Plan to Add CIO Role

May 28, 2008 – The $1.7 billion City of Austin Employees' Retirement System (COAERS) will soon hire its first-ever CIO at the plan, said Stephen Edmonds, executive director at the plan. Edmonds explained that the board plans to conduct a search for the new position, however the details and timing of the search have yet to be completely finalized. According to the most recent financial summary on the plan's Web site, COAERS' asset allocation consists of 15.53% non-large-cap domestic stocks,…

Illinois TRS Expands Emerging Manager Program

May 23, 2008 – The Teachers' Retirement System of the State of Illinois (TRS) will be expanding its $500 million emerging manager program, said Eva Goltermann, spokeswoman for the $38.7 billion plan. The program, which had earlier encompassed only the public market asset classes, will now also include investments in private equity, real estate and absolute return. Goltermann noted that up to 10% of the program could go into private equity investments. 'TRS staff will take the lead in identifying…

New Mexico Treasurer Seeks Investment Advisor

May 19, 2008 – The State of New Mexico State Treasurer's Office (STO) has issued an RFP for an investment management advisor to assist with a roughly $5 billion portfolio.

New York TRS Adds More PE, RE

May 7, 2008 – The $105 billion New York State Teachers' Retirement System (NYSTRS) has beefed up its holdings in private equity and real estate. At its meeting last month, the board voted to commit up to $50 million in Caltius Partners IV, up to $175 in CS Strategic Partners IV, up to E50 million in Hutton Collins Capital Partners III and up to $75 million in ABRY Partners VI. The board also approved investments of up to $100 million…

Equity Searches Abound in Cincinnati

April 23, 2008 – The $2.6 billion City of Cincinnati Retirement System (CRS) is moving ahead with its search for small-cap value and mid-cap growth equity managers.

CalPERS' Read to Leave CIO Post

April 23, 2008 – Russell Read is stepping down from his position as investment head at the $244.1 billion California Public Employees' Retirement System (CalPERS) after nearly two years in the position, confirmed Clark McKinley, a spokesman for the fund.