IFS in the News

Samuel W. Halpern and Andrew Irving authored a chapter on investment best practices which appears as the concluding chapter in the McGraw Hill book called Core-Satellite Portfolio Management - A Modern Approach for Professionally Managed funds. Copies are available from IFS, on request.

…Independence and transparency was important to the Montana Board of Investments, which earlier this year launched a search for its first-ever outside consultant. The $9.6 billion system in September hired Independent Fiduciary Services to perform a one-time review of the system's operations. Montana expects its relationship with IFS to end after its review is finished; the system manages most of its assets in-house and has never had an ongoing investment consultant. But the chairman says the board still had some demands.

Independent Fiduciary Services received 3 Best in Class Awards from this recent independent survey. All around strength was singled out specifically by several of IFS's clients.

The New Jersey Division of Investment last week took its first step toward outside management of nearly $9 billion of the state's $66.4 billion pension fund. On Nov. 8, the state's investment council, chaired by Orin Kramer, approved a recommendation to begin an alternative investment program, targeting up to 13% of the fund's assets, or a total of about $8.6 billion, in three classes: real estate, private equity and absolute-return strategies or hedge funds…..

ARINC Incorporated Retirement Income Plan was granted an individual exemption. The DOL issued a final exemption from certain prohibited transaction restrictions of ERISA permitting the in-kind contribution of property to the Plan by ARINC the plan sponsor. Independent Fiduciary Services was the Independent Fiduciary retained to represent the Plan in connection with the exemption request.

Independent Fiduciary Services, independent fiduciary for United Airlines, today filed a motion with U.S. Bankruptcy Court in Chicago seeking to collect at least $260 million in contributions and as much as $994 million from the airline on behalf of its pension plans, which total $6.9 billion. IFS asked the court to categorize the contributions UAL has refused to pay since July as "administrative expenses" so they have a high priority in the airline's Chapter 11 bankruptcy proceeding.

"An independent fiduciary appointed to the United Airlines bankruptcy case is set to ask a US Bankruptcy Judge for permission to allow it to collect up to $1 billion in pending pension contributions".

Independent Fiduciary Services (IFS), which was appointed earlier this year as part of an agreement between United parent UAL and the US Department of Labor (DOL)…, will ask that the company's minimum pension funding requirements be designated as "administrative priority expenses" and released, Dow Jones reported.

"UAL Corp. - Independent Firm Is Chosen As Trustee for Pension Plans".

UAL Corp. chose an independent fiduciary firm based in Washington to represent the interests of employees invested in the airline's retirement plans. Following an agreement UAL reached with the Labor Department last month......IFS will review funding of the UAL pensions and assert claims or bring litigation on their behalf...

United Airlines Inc., Elk Grove Village, Ill., appointed Independent Fiduciary Services as independent fiduciary for its pension plans. Judge Eugene R. Wedoff, overseeing the bankruptcy case of United parent UAL Corp., Chicago, today concurred with the appointment in U.S. Bankruptcy Court in Chicago, saying the company has the discretion to make such an appointment without court approval.

Montana Board of Investments, Helena, hired Independent Fiduciary Services as the $6 billion system's first external investment consultant [solely for an Operational Review], said Carroll South, executive director. IFS officials will talk with board members at the end of October and are expected to present tentative investment recommendations in late December, Mr. South said. R.V. Kuhns, Ennis Knupp and Mercer Investment Consulting were the other finalists in the search.