CalPERS Makes Equity Investment in Smith Graham & Co.; Progress-Putnam Lovell Advisors LLC Concludes Investment Under CalPERs Emerging Managers Program.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--Oct. 1, 2002 Progress-Putnam Lovell Advisors LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control today announced an investment under the California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Public Employees' Retirement System Manager Development Program (CalPERS MDP MDP Mot de Passe (French: Password) MDP Markov Decision Process (artificial intelligence) MDP Management Development Program MDP methylene diphosphonate MDP Millennium Democratic Party ). The CalPERS MDP is making an equity investment in Smith Graham & Co. Investment Advisors Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and , L.P. (Smith Graham), one of the nation's largest African American-owned money management firms, specializing in domestic and global fixed-income assets. CalPERS MDP has also agreed to allocate To reserve a resource such as memory or disk. See memory allocation. to Smith Graham $100 million in assets to manage in Smith Graham's first Large-Cap Equity mandate. Progress-Putnam Lovell Advisors LLC is a joint venture between Progress Investment Management Company, one of the country's leading multi-manager investment Multi-manager investment is an investment product that consists of multiple specialized funds. Each specialized fund may invest across different sectors and markets, or having managers investing in the same asset class but have different investment styles. management specialists, and Putnam Lovell NBF NBF National Bank Financial NBF National Business Furniture NBF Norsk Bibliotekforening NBF Norges Blindeforbund NBF National Biosafety Framework NBF National Book Festival NBF Neutral Buffered Formalin NBF New Best Friend Private Equity, a preferred provider of private capital and strategic advice to the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry. Smith Graham is a Houston-based investment management firm with approximately $2 billion in assets for institutional clients. The firm has 25 employees including 13 investment professionals that have over 160 years of combined investment experience. Smith Graham strongly believes that the addition of the Equity team is an important element to their long-term strategy and will enhance Smith Graham's competitive position in the institutional marketplace. The members of the Equity team have worked together for over 5 years and have developed a disciplined process and built a strong performance history. They bring to the table a proven investment track record of out performance in difficult markets. "We are extremely pleased to have Smith Graham in our Manager Development Program," said Derek Hayamizu, Portfolio Manager for CalPERS. "They have excellent opportunities for growth and are well positioned to enhance their strong presence in the institutional marketplace." Gerald B. Smith, Chairman & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Smith Graham & Co. stated, "Adding large-cap equity capabilities is an important element in our continuing evolution as a firm, and enhances our ability to better serve our clients." Smith continued, "We are increasing the depth of our organization's ability to anticipate and respond to changes in the opportunities and risks in the world's financial markets, and we are leveraging our research and investment platform to offer a broader array of products for clients. Smith concluded, "Our alliance with CalPERS and Progress-Putnam Lovell creates additional momentum for our firm's long-term success." "We're excited about working with Smith Graham," noted Thurman White, President of Progress. "Progress has worked with Smith Graham in the past, and we have full confidence in the firm's management whom we've known for over ten years." White added, "Smith Graham's new large cap equity product has great promise." "Smith Graham's combination of investment capability, marketing and client service resources and business management skills make the firm an attractive addition to the portfolio of companies in the Manager Development Program," added Jeffrey D. Lovell, Chairman of Putnam Lovell NBF Private Equity. "We look forward to working with this team as they expand their asset management business." In 2000, the CalPERS Board of Administration approved the establishment of the Manager Development Program and committed up to $4 billion in funding. The goal of the program is to achieve superior investment returns while providing opportunities to emerging money managers that typically do not have the marketing clout to compete against larger, more established firms. As an element of its partnership with CalPERS MDP, Progress-Putnam Lovell Advisors will invest up to $40 million of venture capital in new and emerging investment management firms. Firms in which the joint venture makes investments are eligible to receive asset allocations Asset Allocation The process of dividing a portfolio among major asset categories such as bonds, stocks or cash. The purpose of asset allocation is to reduce risk by diversifying the portfolio. for management in one or more of their investment products. Progress-Putnam Lovell Advisors will allocate up to $1 billion in assets to MDP firms. Candidates for the program include U.S.-based firms with less than $2 billion under management and which primarily manage portfolios of public equity and fixed income securities. Smith Graham & Co. Investment Advisors, L.P. (www.smithgraham.com) Established in 1990, Smith Graham is a global investment management firm that specializes in managing domestic and global fixed-income investment portfolio strategies for institutional clients. Based in Houston, Smith Graham is one of the nation's largest minority-owned fixed-income investment managers. Smith Graham manages approximately $2 billion in assets for 36 separate account clients, primarily public fund, corporate, Taft Hartley and foundation accounts. CalPERS CalPERS is the nation's largest public pension fund with assets totaling more than $135 billion. The System provides retirement and health benefits to more than 1.3 million state and local public employees and their families. For further information on CalPERS, please visit the System's Web site at www.calpers.ca.gov. Progress-Putnam Lovell Advisors LLC Progress-Putnam Lovell Advisors LLC is a joint venture between Progress Investment Management Company, and Putnam Lovell NBF Private Equity. The joint venture was formed to participate in the Manager Development Program (MDP) of the California Public Employees' Retirement System (CalPERS). As part of their partnership, CalPERS and Progress-Putnam Lovell Advisors seek to achieve superior investment returns while providing opportunities to emerging money management firms. Progress-Putnam Lovell Advisors will assist MDP firms in managing the strategic and organizational issues many younger or smaller firms face as they develop and expand their businesses. Progress Investment Management Company Founded in 1990 and headquartered in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Progress creates diversified diversified (di·verˑ·s , risk-controlled multi-manager investment funds in a variety of asset classes for institutional clients. Progress specializes in working with smaller, entrepreneurial en·tre·pre·neur n. A person who organizes, operates, and assumes the risk for a business venture. [French, from Old French, from entreprendre, to undertake; see enterprise. money management firms with innovative investment strategies. Progress manages $3.5 billion in assets for many of the nation's largest and most sophisticated pension plan sponsors, and is the industry leader in funding emerging investment management firms. Progress is a subsidiary of the Fleet Boston Financial Corporation's Columbia Management Group Columbia Management Group is Bank of America Corporation's primary investment management division. It administers the Columbia Funds family of mutual funds, some of which were previously known by the NationsFunds brand. . Putnam Lovell NBF Private Equity Putnam Lovell NBF Private Equity provides growth capital to developing companies in the financial services industry. With offices in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , and San Francisco, Putnam Lovell NBF Private Equity sponsors and manages the Putnam Lovell NBF partnerships of qualified private and institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. totaling more than $150 million. Putnam Lovell NBF Private Equity is a trade name of Putnam Lovell Capital Partners Inc., which is an affiliate of National Bank Financial Inc. |
|
|||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion