County pension fund put fund manager on notice; Pacific Advisers manages a $100 million account.County pension fund put fund manager on notice Pacific Advisers manages a $100 million account The $10 billion 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. County employee pension fund put "on notice" the money management firm Pacific Century Advisers Inc., a subsidiary of Los Angeles-based Security Pacific Corp., as manager of a $100 million "small-cap" account. The decision to put Security Pacific on notice followed the recent resignation of William "Beau" Duncan, Pacific Adviser's chief investment officer. Duncan had a reputation as a manager able to pick stocks of smaller, growth companies. Last month, Duncan left the Security Pacific subsidiary to form his own firm in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , Duncan Capital Management. Duncan took with him Pacific Century's former trader, Mark Freeman Mark Freeman (1908 – 2003) “a noted artist whose prints and paintings from the 1930’s chronicle a seminal period of New York City’s architectural growth in a style that has been described (by Will Barnet) as a beautiful blend of the poetic and historical. , and Rebecca LaFerney, operations supervisor. "The Los Angeles County Employee Retirement Association investment board has put Pacific Century on notice," said Dina Sandoval, pension fund spokeswoman, last week. "They have not been dropped. We are waiting to see who they hire as a chief investment officer before making a decision." A Security Pacific Corp. spokesman last week said the bank holding company would have no comment on county pension fund matters. The nine-member county pension board of investments, led by Chairman Norman Johnson Norman Johnson may refer to:
In the last three years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time board has been implementing a diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. program, which has moved billions of dollars into the stocks of smaller companies, into real estate and into the international stock market. For Pacific Century, the loss of the Los Angeles pension account would be a blow; it was the money manager's largest account among the $550 million worth of funds under management. Duncan had a very solid track record at Pacific. The money manager had a spectacularly successful year in 1989, posting a 43.1 percent return, compared to a 31.6 percent return of the S&P 500, a broad measure of the overall stock market. Duncan's departure appears part of larger exodus at Pacific Century. Others leaving the money manager since April include Joel Swanson, president and chief executive officer; Edward Mraz, managing director for fixed-income; John Wells John Wells may be: People:
David Lee "Boomer" Wells (born May 20, 1963 in Torrance, California) is a Major League Baseball player who is currently a starting pitcher for the Los , senior vice president. A bank spokesman last week said the personnel changes were not unusual in an industry in which there is a lot of job-hoping. |
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