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Fund gives $55M to Richmond Capital
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Posted on Mar 17 2006
The NMI Retirement Fund has chosen Richmond Capital to invest and manage $55 million worth of its assets.
Fund administrator Karl T. Reyes said yesterday that the Fund’s board of trustees selected Richmond Capital from a total of five applicants.
Representatives of five money managers—Aberdeen Asset Management, Richmond Capital, Templeton Investments, Delaware Investments, and IR&M—came to Saipan this week for their presentations to the board yesterday.
Reyes earlier cited $18.5 million in available funds for additional investments. Yesterday, he said that Richmond would actually manage $55 million. He said this “excess” is a result of the departure of one money manager.
The NMI Retirement has over $420 million in the money market that is managed by Atalanta, Sabre, S&P 500 Idex Fund, Stratem, Renaissance, Nicholas-Applegate, Gabelli, EAFE ETF, Templeton, Provident, and IRM.
The Fund pays its overall investment consultant, Merrill Lynch, to supervise the money managers and report regularly to the Fund on investment performance.
Fifty percent of the Fund’s investments are in large capital equities, 13 percent in small cap equities, and 13 percent in international equities and fixed income.
