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JP Morgan to invest $20M for Fund
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Posted on Nov 14 2005
The NMI Retirement Fund has chosen JP Morgan to handle $20 million of its funds for investment.
Fund board chair Joseph Reyes has said that, following a money manager’s meeting last week, the board met and decided to award the extra $20 million to JP Morgan, a leading global financial services firm with assets of $1.2 trillion.
“In consultation with our consultant [Merrill Lynch], we chose JP Morgan to manage our funds. It’s a hedge fund manager,” he said.
Reyes said there were other applicants but the collective decision favored JP Morgan.
JP Morgan has been managing money for the Fund.
Other managers include Atalanta, Sabre, S&P 500 Idex Fund, Stratem, Renaissance, Nicholas-Applegate, Gabelli, EAFE ETF, Templeton, Provident, and IRM. These companies handle some $421 million in investment assets of the Fund.
The Fund’s large capital equities represent 50 percent of its investment while small caps represent 13 percent. International equities and fixed income represent 13 percent each. TIPS or Treasury Inflation-Protected Securities reflects 5 percent of the total investment while cash asset is at 4 percent.
Reyes earlier said that the Fund board is satisfied with the performance of the money managers.
He said that return of investment as of Sept. 30 this year was up at 8.4 percent.
Meantime, the chairman said that the $20 million for JP Morgan is the Fund’s remaining money with its custodian bank, Bank of Hawaii.
