News: 2007 2nd Quarter

New Clients

  • Federal Home Loan Mortgage Corporation 401(k) Plan (Freddie Mac)

    IFS has been selected to serve as independent fiduciary for the company stock fund in the Federal Home Loan Mortgage Corporation (Freddie Mac) Thrift 401(k) Savings Plan. The Freddie Mac Plan joins the 401k plans sponsored by Dominion Resources, Inc., ADC Telecommunications and Tower Automotive, as those where IFS is acting as independent fiduciary regarding sponsor/employer stock.

  • Arizona State Treasurer’s Office

    The Arizona State Treasurer’s Office hired IFS to conduct an Operational Review including the $2.36 billion Arizona State Endowment Fund’s investment strategy.

  • Millwrights Local 1102 Pension Fund

    The Board of Trustees of the Millwrights Local 1102 Pension Fund in Warren, MI (a suburb of Detroit) hired IFS as its ongoing investment consultant, to advise on a wide range of investment subjects including asset allocation, investment structure, investment manager search, investment performance reporting and risk controls.

  • Amalgamated Transport Unions (ATU) Local 1181 Pension Fund

    The board of trustees of the ATU Local 1181 (in New York City) Pension Fund hired IFS to conduct an Operational Review of its investment program and practices; the review will include examining the funds asset allocation, the regular investment consultant, custody, manager search process, costs, and related matters.

Recently Completed Projects

  • National Building Trades Pension Fund

    IFS completed an evaluation of numerous aspects of the investment program of this multi-billion dollar pension fund. The subjects included the role and performance of the fund’s “manager of managers,” brokerage and trading practices, asset allocation methodologies, selection and monitoring of hedge fund and private equity accounts and investment performance analysis. This was an update of a prior evaluation we completed approximately 5 years ago.

  • Utah Carpenters Plans

    An Operational Review was recently completed for three Building Trades Unions' Pension, Health, and 401(k) Plans located in Utah. The Review covered the Plans' investments programs, administrative operations and an evaluation of the professional service providers. This was a particularly interesting assignment due to substantial recent changes in the number of signatory employers and active participants. The final report provided 94 pages of comments and conclusions resulting in 109 recommendations which were adopted by the Board of Trustees.

  • Major International Consulting Firm

    IFS evaluated a multi billion 401(k) Plan, of a pre-eminent global management consulting firm. The program includes numerous alternative assets, including strategies employing leverage, derivatives and private market assets. IFS prepared an extensive series of questions to provide the Board a) a framework for fulfilling its fiduciary responsibilities to prudently oversee and possibly modify this sophisticated investment program; b) appropriate benchmarks for return and risk; c) and lines of analysis for evaluating the fund manager’s success.

  • Assisting Taft-Hartley Pension Plans (re: Securities Class Action Litigation)

    IFS recently completed two engagements assisting Taft-Hartley pension plans in developing securities class action litigation policies and implementation protocols. These set forth specific roles for the plans’ trustees, staff, custodian, regular fund counsel and securities litigation outside counsel to protect the plans’ rights and potential claims arising out of portfolio losses attributable to possible securities law violations. The documents also articulate criteria that the plans’ trustees will use in deciding whether to take an active role in securities litigation by, for example, pursuing lead plaintiff status, pursuing separate litigation or challenging a settlement negotiated by others.

IFS in the News

  • Arizona State Treasurer’s Office hires IFS to Conduct a Review of its Investments and Operations

    The June 2007 edition of the www.foundationendowment.com website reported that IFS was hired to conduct an operational and investment review. The news item states “IFS in Washington, D.C. gave the most detailed and informed response to the RFP, Martin said, and provides best value. IFS’ contract is being finalized and should last until Oct 31.”

  • IFS Named As New Consultant for The Service Employees International Union Pension Fund

    The April 2, 2007 edition of Pensions & Investments mentions that IFS was chosen as the new consultant for The Service Employees International Union Fund.

  • Phyllis Taylor Appointed to the NAPPA Executive Board

    During the annual National Association of Public Pension Attorneys (NAPPA) Conference, Phyllis Taylor was appointed to the nine member Executive Board. NAPPA is a professional and educational organization. Created in 1987, its membership consists exclusively of attorneys who represent public pension funds. NAPPA’s purpose is to provide attorneys for public pension plans educational opportunities and informational resources. It is a medium to exchange information, advance knowledge and education, and foster sound principles, procedures and practices in the field of public pension plans.

  • Jeanna Cullins Received Distinguished Partner Award by NASP

    On June 11, 2007, Jeanna Cullins was one of two recipients of the Distinguished Partner Award given by the Baltimore/Washington Chapter of the National Association of Securities Professionals (NASP). The award acknowledged Jeanna as a leader in the industry as well as someone who has made meaningful contributions to the larger community. The other award recipient was the Maryland Comptroller.

Conferences

  • Capital Matters Conference

    Samuel (Skip) Halpern also spoke at the Capital Matters conference at Harvard University. In remarks entitled, “From Theory to Practice: Governing Your Investment Program”, he discussed specific subjects and functions that a prudent board of trustees – whether at a public fund or ERISA covered fund – should regularly evaluate and monitor.

  • West LegalWorks Seventh Annual ERISA Fiduciary Program

    Samuel (Skip) Halpern, IFS President, was a featured panelist at the West LegalWorks Seventh Annual ERISA Fiduciary Program in New York City on June 15, 2007. Mr. Halpern presented the perspective of a practicing investment consultant on fiduciary best practices for addressing fees associated with 401k plans. A subject of scrutiny in the wake of numerous lawsuits against major corporate plan sponsors (re: the negotiation and disclosure of fee arrangements with financial industry service providers).

New Employees

  • Trevor Neale

    Trevor Neale joined IFS at the start of second quarter as an Analyst in our Washington, D.C. office. Trevor was previously a Trade Specialist with Cargill Investor Services.

  • Alan Stiles

    Alan Stiles joined IFS at the start of the second quarter as Senior Vice President and Chief Operating Officer. Alan was previously the Chief of Staff for Freedom Information Systems and prior to that the Director of Administration for McKinsey & Company's Washington D.C. office. He also previously held a variety of executive management positions across the country with the Howard Hughes Medical Institute.