Word: citibank
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Dates: during 1980-1989
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Harvard currently ranks as the fifth largest stockholder of the company behind Citibank Chase Manhattan, the First National Bank of Chicago and Brown University...
...insurance companies' 28%. Upstart independent firms Like Alliance Capital Management in New York City, Capital Guardian Trust in Los Angeles and LeBaron's Batterymarch Financial Management in Boston have become serious challengers to such pension-fund giants as Prudential Insurance, Equitable Life Assurance Society and Citibank. One example of the trend: General Motors plans to reduce the portion of its $17 billion of pension funds handled by banks. The company says it will hire more nonbank managers to improve its funds' performance...
...annually to manage a $20 million fund, in contrast with the $50,000 that a bank typically asks. Naturally, clients who pay the high fees are demanding. Says Peter Vermilye, an industry pioneer who built up Alliance as an independent pension-fund manager before joining Citibank as chief investment officer: "If you cost more, you have to show you can walk on water...
...lost Monsanto as a client after managing its pension fund for only six months. The industry's mortality rate is high. Though hundreds of new investment advisers set up shop every year, the total number of competitors dipped slightly, from 6,041 to 5,760 during 1982. Predicts Citibank's Vermilye: "Over half of these new firms will not be around in five years...
Effects of post-War sovereignty principles and the oil crisis have been cleared. The chairman of Citibank. Donald Platten, perhaps stated the underlying linkage of the U.S. economy to the rest of the world in the New Republic, when asked it he thought the banks had gone...