May 13, 1997 |
A Maxxam Inc. shareholder proposal to have the company swap its Headwaters land in exchange for government claims from a failed savings and loan was endorsed by a large pension-fund stockholder. The endorsement came from the California State Teachers' Retirement System, which is the Houston-based timber company's 10th-largest institutional shareholder with 71,400 shares. Its recommendation was reported by the Rose Foundation, an Oakland-based environmental group.
May 10, 1997 |
The veteran chief investment officer of the $68-billion California State Teachers' Retirement System fund was replaced on Friday, a victim at least in part of his conservative investment philosophy in a roaring bull market. Thomas Flanigan, 56, who has overseen assets of the teachers' fund for 11 years, lost the position in competition with five other candidates, the CalSTRS board said. His successor will be Patrick Mitchell, 48, the fund's director of bond and stock investments.
May 9, 1997 |
The $68.5-billion California State Teachers Retirement System plans to boost its stake in global stocks and may start investing in foreign bonds. The third-largest U.S. public pension fund raised its investment target to 38% of assets in U.S. stocks and 25% in foreign shares. It currently has 34% in U.S. shares and 20% overseas. Many large public pension funds are increasing their stakes in equities in a move to boost returns by taking advantage of strong global equity markets.
March 8, 1997 |
The California State Teachers Retirement System said Friday that it has selected an Irvine firm to manage a $2.5-billion portfolio that is one of the system's riskier investments. CalSTRS said it will negotiate a final contract with Pathway Capital Management L.P. for services over the next three years, with options for two one-year extensions.
February 12, 1997 |
The investment officers of California's two big public employee pension funds are taking two very different approaches toward investing their huge asset pools--and the results may cost one of those individuals his job. The $68-billion California State Teachers' Retirement System fund, under Chief Investment Officer Tom Flanigan, has become increasingly wary of the U.S. stock market's heights, and has reduced its stake in U.S. shares to 32.9% of total assets from 41.3% three years ago.
November 8, 1996 |
The California State Teachers' Retirement System, the third-largest public pension fund in the country, wants to pay someone as much as $230,000 a year, plus a 10% bonus, to be its chief investment officer. That may sound like a pretty enticing opportunity, but only one person answered the ad. That's Thomas Flanigan, who has been in the job at the $65-billion fund since June 1985. Calsters said it will choose an executive search firm shortly to try to attract more candidates.
CALIFORNIA | LOCAL
September 10, 1996 |
When the bells ring in a new school year today in Inglewood, Morningside High School will start out the day minus a longtime English teacher known for expelling kids from his class and teaching literature straight from the book. To school administrators, he was Robert Eugene Sullivan, an experienced instructor who had been with the school for more than a decade.
April 25, 1996 |
Legislation to force California's massive government employee pension funds to divest $1.1 billion in tobacco stocks died Wednesday, as lobbyists for the pension funds and the tobacco industry insisted the stocks remain a solid investment. The bill by Assemblyman Wally Knox (D-Los Angeles) was defeated a day after the American Medical Assn. urged investors to stop investing in companies that market tobacco because of the disease it causes.
November 10, 1995 |
The governing board of the $59-billion State Teachers Retirement System voted Thursday to give its chief financial officer a 10% raise, increasing his salary and expense allowance to $286,000. But state Controller Kathleen Connell, the only member of the board to vote against the raise, said that it was illegally excessive and that she will refuse to authorize payment. Thomas E.
September 4, 1994 |
Recent problems involving a $1-billion California investment pool for teachers shed light on how teachers fund their retirement savings. A civil lawsuit filed last month alleges that Newport Beach-based Teachers Management & Investment Corp. lost $100 million of clients' retirement money through fraud. But TMI's owners blame hard economic times for depressing the value of the fund's holdings. Either way, many teachers--including many who never dealt with TMI--are nervous.