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Fund to choose a new money manager for $18.5M assets
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Posted on Mar 15 2006
The NMI Retirement Fund will choose a new money manager this weekend to manage its remaining assets, totaling $18.5 million.
Fund administrator Karl T. Reyes said the Fund board would interview at least five money managers on Friday for that purpose. They are Aberdeen Asset Management, Richmond Capital, Templeton Investments, Delaware Investments, and IR&M.
“The board will choose one to manage the new investment,” said Reyes.
He said this money is kept by the Fund’s custodian bank, Bank of Hawaii.
Reyes said he is not aware of a previous selection of a money manager to manage the same funds. He merely said that the previous manager of the funds is no longer available because “the company wanted to get out from that particular investment.”
He declined to name the particular manager.
During an investment conference last year, Retirement Fund board chair Joseph Reyes said that JP Morgan was selected to handle some $20 million of its funds. He said these were the remaining assets that were held by Bank of Hawaii.
The NMI Retirement has over $420 million in the money market that are being managed by 11 money managers.
They include Atalanta, Sabre, S&P 500 Idex Fund, Stratem, Renaissance, Nicholas-Applegate, Gabelli, EAFE ETF, Templeton, Provident, and IRM. They report to the Fund’s investment consultant, Merrill Lynch.
The Fund’s large capital equities represent 50 percent of its investment while small capital equities represent 13 percent. International equities and fixed income represent 13 percent each.
