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BlackRock Cutting Jobs for the First Time

November 19, 2008 – BlackRock will be eliminating a number of positions among its 5,500 ranks, Bloomberg reports, quoting an internal memo it obtained. It will be the first time in its 20 years of existence that it has eliminated jobs. BlackRock spokeswoman Bobbie Collins said the firm would not disclose the cuts until early 2009. …

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Features

Firms Pick Up Structured Finance Pros

November 24, 2008 – The fallout in the asset- and mortgage-backed securities markets (ABS/MBS) has not only resulted in a trickle down effect on the whole economy, but also in the development of a new trend: structured financed professionals lending their expertise to asset management shops. Notable is the announcement made by institutional asset manager RiverSource Investments, a subsidiary of Ameriprise Financial, regarding the recent hire of new structured assets team leader, Todd White, formerly managing director and global head of mortgage-backed securities and asset backed securities business for HSBC.

Montana Board Eyes Fund-Of-Funds Manager

November 24, 2008 – The Montana Capital Investment Board (MCIB) is searching for a private equity fund-of-funds manager. According to an RFP issued by the Montana Department of Administration on the board's behalf, the selected firm would oversee the Montana Equity Fund and the Montana Evergreen Fund, which is expected to eventually total $60 million.

Massachusetts Plan Seeks Core Plus Manager

November 24, 2008 – A bond manager is being sought out by the Weymouth Retirement System to oversee a roughly $20 to $25 million mandate, said Marsha Silva, administrator with the plan. The approximately $145 million fund is specifically looking to place the assets with a core plus manager.

Financial Woes Hits Asset Managers

November 17, 2008 – This year's collapse in the financial markets, and the more recent flight to liquidity are not just taking a toll on the U.S. economy, which seems headed into a long and deep recession by most accounts. The whole financial industry, battered by declining earnings, is retrenching, with some 130,000 jobs eliminated over the past year according to a November report by the outsourcing firm Challenger, Gray & Christmas. The institutional fund management industry is no exception, with a growing list of firms announcing layoffs of everyone from back-office support staff to research analysts and even portfolio managers.

Pa. State Plan to Issue Real Estate RFI

November 17, 2008 – The Pennsylvania State Employees' Retirement System (PA SERS) will roll out an RFI for a real estate investment advisor later this month, confirmed Pamela Hile, spokeswoman for the fund. The Townsend Group currently assists PA SERS with its investments in the asset class. The firm's contract will expire on June 30, 2009, which prompted the system to launch the search.

Money Manager Starts Alternatives Biz

November 17, 2008 – Nuveen Investments is taking advantage the surge in interest for alternative strategies among institutional investors and has formed a new unit to serve the market. The firm announced last Thursday the creation of Nuveen Alternative Investments. Mark Anson , who is president of Nuveen, and Jamshaud Zovein , who will be managing director, will head the group. Anson is most known for his prior stint as CIO of the California Public Employees' Retirement System. Zovein currently runs the institutional product development and management team at the firm.

Illinois Muni. Adjusts Asset Allocation

November 10, 2008 – The Illinois Municipal Retirement Fund (IMRF) approved changes to its investment scheme last month, according to the highlights from a recent board meeting posted on its Web site. The fund has increased its target allocation to equities from 63% to 70%, while trimming its target fixed-income allocation down to 30% from 37%.

Workers' Comp Fund Seeks Managers

November 10, 2008 – The Injured Workers Insurance Fund (IWIF) is searching for emerging investment managers. The IWIF covers workers compensation for the state of Maryland.

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