Word: pensioneer
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About 98% of all pension money goes into the securities of the 1 ,000 or so U.S. corporations that have market values of $1 billion or more. But a trickle of retirement money is flowing into shares of young, fast-growing companies. A group of small pension-management firms, known in the trade as boutiques, specializes in the high-risk, high-reward strategy of investing in growth stocks...
Among the most successful of the boutique managers is David Booth, 37, who operates out of a small, 19th century brownstone in Brooklyn Heights, N.Y. Since launching a company called Dimensional Fund Advisers in 1981, Booth has recruited 45 clients with pension funds containing $750 million. He invests mostly in the stocks of the 300 smallest companies listed on the New York Stock Exchange and the bottom 400 of the American Stock Exchange. Over the first ten months of 1983, the return on Booth's investments was a phenomenal...
Gregg, McKay, Knight & McKay, a pension boutique based in Avon, Conn., earned about 38% last year on $244 mil lion invested in fledgling firms, many of them high-technology ventures. Says Roy McKay, 40, one of the partners: "We are trying to be investors rather than trad ers. That's how the great families made money in the past. There's an electronic revolution going on, and it's generating vast opportunities for the creation of wealth...
Spurred by increased competition and helped by the bull market, pension-fund managers are achieving their best results in years. As recently as the late 1970s, concern was rising that hundreds of company pension plans might eventually run out of money as more and more employ ees retired. Now those fears are fading...
...Pension experts estimate that U.S. corporations currently have $100 billion more in their retirement funds than is necessary to meet expected obligations. By creating new rivalries in a once complacent indus try, the independent pension-fund man agers have made it easier for companies to ensure the financial futures of their workers...