Pensions & Investments

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Articles in March, 2003 issue of Pensions & Investments

• Sweat equity: Portraits in diversification.(Frontlines)(Brief Article)
  by Feinberg, Phyllis
• The hedge fund hall of shame.(Special Report: Hedge Funds)(famous failures in hedge fund market)
• Lower valuations: Market heats up for secondaries; Pension plans snap up offerings to tune of $4.5 billion last year as other investors sell off holdings.(News)(secondary private equity market booms)
  by Fulman, Ricki
• Alternatives; CalPERS panel considers offering more to public on private equity performance.(Other news items are discussed)
• Turnaround hopes: Credit Suisse looks to Kenneally to help right its listing business; Global CEO charged with plugging holes that caused clients to jump ship and assets to fall more than 50%.(News)(Credit Suisse Asset Management)
• The way out of the pension funding crisis.(Other Views)
• Against the tide: Move to quality helps managers; Spinoffs, international shops and big-name talent drawing clients during lackluster year in which median firm loses 8% of assets.(News)(Money managers)
• Yearlong saga: Hawaiian fund finally ready to move ahead; Board ready to seek RFPs after stalls in hiring administrator.(Special Report: Public DC Plans)(Hawaii's deferred compensation board )
• Trillions and trillions: Rollover money to eclipse DB and DC plans' assets; IRAs will be beneficiaries of huge pool created by decades of participation.(News; defined benefit, defined contribution, individual retirement accounts)
  by Jacobius, Arleen
• A disciplined process.(Face to Face)(Delaware Investments head Jude Driscoll is interviewed)(Interview)
  by Kovaleski, Dave
• Profiles of the top public defined contribution plans.(Special Report: Public DC Plans)
• Come bear or come bull: Back to the markets with Arcataur.(Frontlines)
  by Williamson, Christine
• The old H-P way was better.(Editorial)(class action suit against Hewlet-Packard Inc. and Agilent Technologies Inc. for changes to profit-sharing plan)(Editorial)
• LETTERS TO THE EDITOR; Money managers have lost vibrancy.(Other Views)(Letter to the Editor)
• City claims amicable split: Mac Intyre leaves NYC post after 1 month; Sources say CIO quit over politics, lack of control.(News)(Desmond Mac Intyre quit as chief investment officer of New York City Retirement Systems )
• Math-obsessed? not so! Actuaries are just like everybody else.(Frontlines)(Humor of Society of Actuaries)
• Looking for money: Small hedge fund firms strike deals on fees to attract investors.(News)
• Changes Ahead.(Briefs)(Pension fund RFPs are discussed)
• World Briefs.(World News; various items from around the world)
• Fed study; Prices of some S&P 500 companies bloated by seesaw pension earnings.(News)
  by Anand, Vineeta
• New index player; Vanguard launches strategies targeting defined benefit plans.(News)(Vanguard Group)
  by Kovaleski, Dave
• When you need advice: A different kind of cultural revolution for U.K. funds.(Frontlines)(independent investment advisory service)
  by Payne, Beatrix
• No quick fix: EU acts against 6 members over tax bias in pension laws; Despite action, experts say Continent still a long way from dream of single market.(World News)
  by Seeder, Benjamin
• Earnings plunge: Europeans selling off `damaged' managers.(News)(European investment management companies post poor 2002 results; units being sold)
  by Seeder, Benjamin
• They don't get it: 401(k) education fails as participants time market; Employees buy equities after the market rises, then sell when the market goes down.(News)
• Bucking a trend: State eyes DC plan that is mandatory for new workers; Massachusetts governor also suggests using state-owned land as part of DB contribution.(News)(Massachusetts Gov. Milt Romney proposes mandatory defined contribution plan for new state
• World Briefs; Germany to drop taxation proposal.(World News)(Other news is also discussed)
• Response to volatility: Worldwide index strategies total $2.4 trillion; Assets holding steady on an absolute basis but up by 7% when adjusted for the market.(News)
• PROXY VOTING: Japan pension fund group puts muscle into guidelines; New rules effective in April will penalize corporate management if shareholder value falls over 3 years.(World News)(Brief Article)
  by Feinberg, Phyllis
• EC contradiction: U.K. tax agency appears ready to reject pan-Europe pensions; Multinational companies hold little hope for test case after the Inland Revenue says 'no' to a similar request.(News)
• IRISH PLANS: Hope for deficit-ridden schemes; Pensions regulator gets power to relax minimum funding standards, but only on individual basis.(World News)
  by Payne, Beatrix
• RISK OR REWARD: WAR STORIES; Some investors see opportunity while others in a holding pattern.(News)(Some pension funds and money management firms see investment opportunities in Operation Iraqi Freedom)
• Survey: 1 in 3 plans to change asset allocations.(News Briefs)(Brief Article)
• FRESH LOOK: Avaya 401(k)s veer from inherited option menu; One-time Lucent affiliate switches plans from unitized strategy to mutual funds.(News)
  by Jacobius, Arleen
• Opposing views: Massachusetts municipal funds head for a hedge fund showdown.(News)(small pension funds in this state seek hedge fund investments despite regulations)
  by Clair, Chris
• 287 leave in 2002: Morgan Fleming scrambles to fix problems after 17% of clients flee; Structured equity and core-plus bonds cause the most `pain'.(News)(J.P. Morgan Fleming Asset Management seeks to stanch client losses)
  by Williamson, Christine
• Simple solution? Official proposes reserve fund to dampen an endowment's volatility.(News)(Wake Forest University)
• Guru advises 'heresy'; Radical thought: Bernstein suggests policy portfolios no longer make good sense.(News)(Advice to institutional investors)
• Arbitraging doublespeak.(Editorial)(New governor of Illinois, Rod R. Blagojevich, may want to issue pension obligation funds)
• Building a community: Downtown Los Angeles on road toward revival; CalPERS, CalSTRS help via investments.(News)
• Problem not just cyclical: Pension liabilities threaten system; Many U.S. firms could face bankruptcy as their funds become too big to ride out market fluctuations, Greenwich Associates study says.(News)
• Fiduciary's burden; I say conservative, you say imprudent...(Frontlines)
  by Anand, Vineeta
• On the lookout: Endowments hiring more investment pros; Treasurers stretched by pressure to boost returns, complexity of new asset classes.(News)
  by Williams, Fred
• The war risk premium.(Other Views)
  by Brightman, Christopher J.
• A pension dividend tax.(Editorial)(Editorial)
• Hirings.
• World Briefs.(World News)
• People.(California Public Employees' Retirement System names deputy executive officers; notes other organizations' personnel moves)
• Looking to retail: 90% of record keepers likely out of business within 3 years.(News)(Defined contribution record keepers )
• Restrictions reviewed: Norway petrol fund may move into alternatives; Ministry considers allowing investments in private equity, emerging market debt.(World News)
• Options get no respect from institutional investors.(Portfolio Management)
• Progress of a bad idea.(Editorial)(Editorial)
• Shedding holdings: Private equity firms set to feast on manager buyouts; Financial giants reverse course on earlier acquisitions, making 2003 an MBO delight.(News)
  by Kovaleski, Dave
• In trustee's hands; Chilean pension fund AFP Magister on block as corruption scandal dogs parent.(World News)
  by Ciampi, Thomas V.
• City claims amicable split: Mac Intyre leaves NYC post after 1 month; Sources say CIO quit over politics, lack of control.(New York City Retirement Systems)
• STRATEGIC DIRECTION: Control issue leads to divorce in defined contribution venture; J.P. Morgan buying out American Century's 50% share.(News)(joint venture J.P. Morgan/American Century Retirement Plan Services to be bought by J.P. Morgan Chase and Co. f
  by Jacobius, Arleen
• No specifics: France seems ready to make some move on funded system.(World News)
  by Seeder, Benjamin
• Consultant vs. consultant; Hawaii Employees: Critical auditor's report sparks controversy.(News)
  by Burr, Barry B.
• A challenge: Fund execs throw funding gauntlet toward managers; Group seeks fresh ideas in liability matching to achieve 20-year goal.(News)
  by Feinberg, Phyllis
• Who's who in hedge funds; The pension funds, foundations and endowments that are in hedge funds (or planning to be).(Special Report: Hedge Funds)
• At Deadline; UTIMCO seeks ruling.(Late News)(University of Texas Investment Management executives want ruling regarding release of private equity investment information; other news is discussed)
• Detail oriented: There's compliance and there's compliance.(Frontlines)(Job descriptions for open positions at Ohio Public Employees' Retirement System strive for new standards of detail)(Brief Article)
• Hirings; Ascension Health.(Hires firms to handle pension plan funds)
• Value screening; Managers now putting pension liabilities in stock valuations.(News)
• Pension liabilities overstated; SEC warns companies might have to restate financial data.(News)
  by Anand, Vineeta
• New technology; Quants charging up sleepy old disciplines of bond investing.(News)
  by Chernoff, Joel
• Hirings.(Pension managment contract briefs)
• Supermarket of outlooks.(Editorial)(Editorial)
  by Webman, Nancy K.
• Hidden meaning? An alternate theory.(Frontlines)(Brief Article)
  by Chernoff, Joel
• It's better in Bermuda? Not for shareholders.(Other Views)(shareholders push for reincorporation of Bermuda-based Tyco International Ltd. in US after scandal)
  by Ehnes, Jack
• New commitments; International growth looks more attractive as managers see turnaround on horizon.(World News)
• Wilshire survey: Public fund liabilities outpacing investments; Study of state plans shows underfunding continues to increase for 3rd straight year.(News)
• Separate efforts: Groups taking hard look at fees sponsors pay to managers.(News)(Suggestion to set up database of fees actually paid to money managers by pension plan sponsors )
• Annual ranking: Disclosure robust at S&P 500 firms; About 1,000 foreign companies also rated.(News)(Corporate governance rankinggs)
• LETTERS TO THE EDITOR; Distorting Sharpe's view on allocation.(Other Views)
• The academic of trading.(Editorial)("Trading and Exchanges: Market Microstructure for Practioners" is reviewed)(Book Review) (book review)
  by Burr, Barry B.
• Slow change: 457 plans win top spot in popularity with government; Decades-old plans hold majority of assets, but 401(a) now becoming wave of future.(Special Report: Public DC Plans)
  by Jacobius, Arleen
• Alternatives; CalPERS panel considers offering more to public on private equity performance.
• Pension funds take a stand against French.(News)(Montana Board of Investments and Kansas PERS are the funds)
  by Feinberg, Phyllis
• `It's not like private equity': Institutions seek better returns with less long-term risk; Dealing with hedge funds requires more sophistication, effort.(Special Report: Hedge Funds)(hedge funds as pension fund investments)
  by Chernoff, Joel

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