Word: pension
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...only $6 billion. Much more active in the market are the fire and casualty insurance companies (assets: $40 billion), the private foundations ($14 billion) and college endowment funds ($8 billion, of which $1 billion belongs to Harvard). By far the most important, however, are the fast-growing private pension funds (assets: $77 billion) and the nation's 500 mutual funds ($34 billion...
...private pension funds usually keep a high and rising 40% of their funds in the stock market. Some of the employees' funds have assets as big as huge companies: the A.T. & T. fund amounts to $4.7 billion, and U.S. Steel, General Motors and Sears, Roebuck each approach $2 billion. The pension funds, into which the employer usually pays all the money, are run by a mixed board of management and labor, which heeds the advice of a bank or a Wall Street investment house...
...Growing. The mutual funds are only half as big as the pension funds, but weigh almost as heavily in the market because they commonly put $4 out of every $5 into stocks. In the 100 most important funds, tremendous buy-or-sell power is wielded by small committees of managers, who think of potential loss before they think of potential gain and place one factor above all others: the quality of a company's management. The biggest funds-such as Investors' Mutual, Massachusetts Investors' Trust and the Wellington Fund-have a small turnover and aim to find...
...meant it. He seemed hardly to care that Bobby Kennedy, with whom his relationship has been cool, would now try to step in as undisputed leader of the party in New York. Wagner's financial future was assured, if only because he is eligible for a sizable pension as a result of his many years as a public servant. While other Democrats fight it out, first against each other and then against Lindsay, Wagner will be able to sit back, presumably in the company of his sons and his new wife, and enjoy the spectacle...
European bankers, who consider Martin the most prescient economic seer in the U.S., opened the week with a burst of sell orders. Small investors at first did little selling, but nobody did much buying, either. The pension funds, mutual funds and insurance companies -which account for about one-third of all trading-conspicuously sat on their millions and waited for stocks to fall still lower in hopes of scooping up bargains. At midweek individual investors began to unload; larger numbers of 100-share and 200-share transactions danced across the illuminated ticker tape in the stock exchange...