FUND NEWS Dec 13, 2007
Board reviews Fund`s managers, securities lending program
DECEMBER 13 - The Alaska Permanent Fund Corporation Board of Trustees reviewed information on the Fund`s managers and the Alaska CD and Securities lending programs during a regular meeting on December 11 and 12.
The Alaska Permanent Fund Corporation Board of Trustees reviewed information on the Fund`s managers, and the Alaska CD and Securities lending programs during a regular meeting on December 11 and 12.
Each year APFC`s asset managers are required to fill out detailed questionnaires that include questions on the firms` organization, personnel, and investment policies and procedures. Along with regular on-site due diligence visits, these questionnaires are part of APFC`s oversight of the corporation`s managers, and help identify areas that may be of concern. APFC`s investment staff prepared summaries of the questionnaires, and Chief Investment Officer Rick Shafer provided the Board with an overview of staffs` findings.
The Board also reviewed the current status of APFC`s Securities Lending and Alaska CD Programs with Finance Director Julie Hamilton and Anna Pencoglu of Bank of New York/Mellon. The CD program provides funds for investment within Alaska by allowing the Permanent Fund to buy up to $300 million of collateralized CDs from Alaska banks.
Other items on the meeting agenda included:
- an overview of the Fund’s in-house fixed income portfolio provided by Jim Parise and Chris Cummins, including the Fund’s limited exposure to subprime mortgage securities.
- a discussion of current market conditions and subprime mortgage securities with Doug Bratton of Crestline Investors, Inc. and Von Hughes, Edgar Smith and Benjamin Iiams of Pacific Alternatives Asset Management Company.
- An update from Rick Shafer on the ongoing project to hire new managers for the Fund’s small cap manager pool.
The next regular board meeting is scheduled for February 27 and 28 in Juneau.
