US - New York City's Office of Labor Relations (OLR) has appointed Galliard Capital Management and Aegon Institutional Management to run mandates for the $4.5bn NYC Deferred Compensation Plan (DCP).
Georgette Gestely, program director at the fund, said that it had appointed Galliard as its first discretionary investment manager. Galliard will run the NYC DCP's $1.3bn stable income fund. The stable income fund is made up of insurance company and bank bonds.
Aegon was hired as the stable income fund's wrap administrator, Gestely said.
Additionally, Gestely said that the fund will appoint a manager to run a $193m mid/ large cap socially responsible investment (SRI) mandate later this month. The mandate encompasses both the DCP and the city's new 401(K) plan. The winning manager will be benchmarked to the Domini 400 Social Index.
The SRI mandate is one of seven investment options currently available to participants in the NYC DCP and the new 401(K). The 401(K)will be open to participants in January 2002.
By Geoffrey Ho
Jonathan Stapleton asks whether newly-accredited professional trustees should be a statutory fixture on pension scheme boards.
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.