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NMIRF solicits money managers for its $18M assets
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Posted on Sep 13 2005
The NMI Retirement Fund is looking for money managers to handle $18 million of its assets.
Fund administrator Karl T. Reyes said this money is currently in the bank, which needs to be placed in higher yielding investments.
He said the agency has put out solicitation for money managers about two months ago. As of now, the Fund has received 75 applicants from the United States and Europe but the Fund would only choose five managers.
“We put out the RFP in an investment money manager magazine that circulates globally, so a lot of them applied,” said Reyes.
The Fund, which posted a record high value of investments at $425 million as of end of July, currently employs 11 money managers. These include Atalanta, Sabre, S&P 500 Idex Fund, Stratem, Renaissance, Nicholas-Applegate, Gabelli, EAFE ETF, Templeton, Provident, and IRM.
These managers report to the Fund’s overall investment consultant, Merrill Lynch.
The Fund earlier said that July’s investment assets reflected a $51.8 million growth in less than a year. The Fund recorded a $373 million investment portfolio in September 2004.
The Fund originally invested $167 million in total cash in 1986.
The Fund’s large capital equities represent 50 percent of its investment while small cap represents 13 percent. International equities and fixed income represent 13 percent each.
TIPS or Treasury Inflation-Protected Securities reflect 5 percent of the total investment while the cash asset is at 4 percent.
