News: 2008 2nd Quarter

New Clients

  • IFS Assists Bear Stearns ESOP

    In May, 2008, the Bear Stearns Board of Directors engaged IFS to act as named fiduciary and investment manager of The Bear Stearns Companies Inc. Employee Stock Ownership Plan to direct the Plan’s trustee with respect to the voting of the ESOP’s shares with respect to the proposed merger with JPMorgan Chase. IFS was also given responsibility to manage the ESOP’s holdings of Bear Stearns stock through the earlier of the consummation of the merger or August 31, 2008. 

IFS in the News

  • Los Angeles Department of Water and Power Employees' Retirement Plan

    The City of Los Angeles hired IFS to conduct a management audit of the Los Angeles Department of Water and Power Employees' Retirement Plans with $7 billion in assets under management. The audit will focus on governance, organizational structure, staffing and resources, benefits administration, and other additional areas.

  • Harding Named Managing Director for Operational Reviews

    Independent Fiduciary Services ("IFS") has promoted Steven M. Harding, a Senior Vice President, to the position of Managing Director of the firm's Operational Review practice. He replaces Jeanna M. Cullins, who left the firm in March of 2008. He will report to the company's Management Committee.

    "Steve has over 27 years of risk management experience in the financial services industry, and is a nationally recognized expert on risk controls for large, institutional investment funds," said Samuel (Skip) Halpern, President. "Steve's been working with IFS for over nine years. He's in an excellent position to both manage the Operational Review team and - in close collaboration with the other senior members in this practice area - help us continue providing high quality, custom service to clients during this growth phase of the firm," said Halpern.

    Prior to joining IFS, Mr. Harding was Assistant Director of Internal Audit in the Office of the New York State Comptroller. From 1991 to 1994, Mr. Harding was founding President of APPFA (Association of Public Pension Fund Auditors, Inc). In addition, Mr. Harding worked for more than six years in public accounting with Coopers & Lybrand and with a regional firm. At both firms, he audited securities broker-dealers. Mr. Harding graduated cum laude from the New York State University at Albany and received his CPA license in 1984.

    In addition to providing Operational Reviews (i.e., fiduciary audits) for large institutional investors, IFS provides on-going investment consulting services to approximately $21 billion in retainer client assets including ERISA-governed pension, 401(k), welfare (including VEBA), non-profit, and other institutional investor funds. IFS also serves as an independent fiduciary decision-maker in special situations (often involving employer securities in 401k plans), replacing the regular fiduciaries when they encounter a conflict of interest.

Recently Completed Projects

  • IFS President Assists the Asian Development Bank

    In Beijing, in late 2007, Independent Fiduciary Services (IFS) President Samuel (Skip) Halpern assisted the Asian Development Bank (ADP) in presenting a seminar to the Office of Legislative Affairs of the People’s Republic of China, concerning investment of pension assets for governmental retirement systems.  IFS has now submitted to the ADB an extensive written report on that subject, surveying the legal frameworks of numerous countries around the world for investing and safeguarding such assets.  IFS both prepared major portions of the report and edited and supervised the project in coordination with other professionals in the U.S. and United Kingdom.  

Conferences

  • Andrew Irving Speaks at CLE Conferences

    Andrew Irving, Managing Director for the IFS Fiduciary Decision Making Practice had an opportunity to speak at two recent CLE conferences:

    • January 6th panel discussion regarding Employer Stock Litigation at the National CLE Conference Employee Benefits Program in Vail, Colorado
    • May 8th panel discussion regarding “ERISA:  “Stock Drop” and Other Claims; Potential Liability for Fiduciaries with Investments in SubprimeAssets; Minimizing Risk” as part of the Subprime Lending Litigation Program sponsored by CLE International in Los Angeles, California

     Program materials are attached.  Please contact IFS for further details. 

  • IFS Director Addresses New York City Conflicts of Interest Board Annual Ethics Seminar

    On May 21, Andrew Irving (Managing Director for the IFS Fiduciary Decision Making Practice and General Counsel), acting in his capacity as a member of the New York City Conflicts of Interest Board, presided at the Board’s 14th “Citywide Seminar on Ethics in New York City Government”.

    Mr. Irving delivered the annual “State of the Board” address, introduced Mayor Michael Bloomberg who delivered the keynote address, and presented the Powell Pierpoint Award for Outstanding Service to the Conflicts of Interest Board to Robert Weinstein, an actor and writer who has, as an unpaid volunteer, played a leading role in developing videos, plays and other presentations in support of the Board’s Training and Education function which educates City employees on the ethics provisions of the New York City Charter (which the Board administers and enforces).