Word: pension
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Dates: during 1980-1989
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...emphasis on performance has made the pension business intensely competitive. Says Dave Williams, chairman of Alliance: "We're hired, fired and retained on the basis of our investment results." He admits that his company once 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...
...pension-fund managers are an eclectic group, displaying a spectrum of styles and strategies. Some rely chiefly on computers and charts, while others are more likely to trust their seat-of-the-pants judgment. Their personal pleasures range from collecting art to racing cars. A look at some of the leaders...
Dave Williams, 51. Since replacing Peter Vermilye in 1977 as chairman of Alliance, the largest independent pension-fund advisory firm, Williams has more than tripled the assets it manages, from $5 billion to $18 billion. His company has grown so big that every morning it holds a long-distance staff meeting: a teleconference with portfolio managers and analysts in seven offices from San Francisco to London. While many competitors try to make quick profits by moving funds in and out of the stock market, Williams relies less on timing. He concentrates on picking promising stocks and tends to stick with...
...weekends, the free-spirited LeBaron gets away from the intense pressure of his work by speeding through the countryside around Boston on a Honda motorcycle or one of his two Yamahas. He may be the only pension-fund manager to have read Zen and the Art of Motorcycle Maintenance...
...managing Capital Guardian's pension-fund pool of $8 billion, Kirby has been more cautious, sticking mostly to stocks in the biggest companies. Capital Guardian's portfolio has never run far ahead of the S & P 500 stock index, but has also rarely dipped below...