News: 2010 1st Quarter

New Clients

  • Radio, Television and Recording Arts Pension and Annuity Funds - Hires IFS

    The Board of Trustees of the Radio, Television and Recording Arts Pension and Annuity Funds (New York, NY) selected IFS to provide on-going investment advisory services such as asset allocation advice, manager selection recommendations, and performance measurement services.

  • IFS Engaged to Manage Ford Motor Company Securities

    Independent Fiduciary Services, Inc (IFS) has been engaged by the UAW Retiree Medical Benefits Trust to manage Ford Motor Company securities which Ford recently contributed (and in the future may contribute) to the Trust.  Under a settlement agreement among Ford, the United Auto Workers union and a class of current or former UAW-represented employees these Ford securities, along with other assets of the Trust, are expected to fund health insurance and related benefits for eligible retirees from Ford. 

    The Ford securities consist of:

     

    ·         Two promissory notes, one in the principal amount of over $6.7 billion and the other, in the principal amount of over $6.5 billion.  Payments on the  first note must be made in cash, but on the second note, may be made in cash, shares of Ford common stock or a combination.

     

    ·         Warrants to acquire over 362 million shares of Ford common stock at a strike price of $9.20, expiring on January 1, 2013.

     

    IFS has engaged Sutter Securities Incorporated as its valuation firm and financial adviser and Proskauer Rose LLP as its legal counsel.

     

     

IFS in the News

  • Fiduciary Pitfalls and Opportunities, Interview with Independent Fiduciary, Mr. Samuel (Skip) Halpern

    In this March 8, 2010 interview with Mr. Samuel (Skip) Halpern, President of IFS, readers learn the difference between fiduciary audits and operational reviews.  Also discussed are five new challenges with respect to a fiduciary’s responsibilities.  These include assets in plans, litigation settlements and investment vehicles (and asset managers) that are deemed to fall outside the scope of ERISA.

    http://www.fiduciaryx.com/interview_with_skip_halpern

     

  • IFS in Pensions & Investments – Work with the UAW Retiree Medical Benefits Trust

    IFS involvement with the UAW Retiree Medical Benefits Trust was cited in the March 8, 2010 edition of Pensions & Investments publication.  A link is provided below:

    http://www.pionline.com/apps/pbcs.dll/article?AID=/20100308/PRINTSUB/303089966/1031/TOC