The NMI Retirement Fund has chosen Richmond Capital to invest and manage $55 million worth of its assets.<\/p>\n
Fund administrator Karl T. Reyes said yesterday that the Fund’s board of trustees selected Richmond Capital from a total of five applicants.<\/p>\n
Representatives of five money managers—Aberdeen Asset Management, Richmond Capital, Templeton Investments, Delaware Investments, and IR&M—came to Saipan this week for their presentations to the board yesterday.<\/p>\n
Reyes earlier cited $18.5 million in available funds for additional investments. Yesterday, he said that Richmond would actually manage $55 million. He said this “excess” is a result of the departure of one money manager.<\/p>\n
The NMI Retirement has over $420 million in the money market that is managed by Atalanta, Sabre, S&P 500 Idex Fund, Stratem, Renaissance, Nicholas-Applegate, Gabelli, EAFE ETF, Templeton, Provident, and IRM. <\/p>\n
The Fund pays its overall investment consultant, Merrill Lynch, to supervise the money managers and report regularly to the Fund on investment performance.<\/p>\n
Fifty percent of the Fund’s investments are in large capital equities, 13 percent in small cap equities, and 13 percent in international equities and fixed income.<\/p>\n","protected":false},"excerpt":{"rendered":"
The NMI Retirement Fund has chosen Richmond Capital to invest and manage $55 million worth of its assets.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-98957","post","type-post","status-publish","format-standard","hentry","category-local-news"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/98957","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=98957"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/98957\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=98957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=98957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=98957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}