Deals and People October 7, 2002

Commonfund Appoints Hutton CIO

October 7, 2002 (PLANSPONSOR.com) - An endowment and nonprofit institutional money manager has tapped Lyn Hutton as chief investment officer (CIO).
Reported by

Commonfund, which has $29 billion under management, announced the appointment of Hutton Monday. Hutton was formerly vice president and chief financial officer of the John D. and Catherine T. MacArthur Foundation, Reuters reported. The appointment is effective January 1.

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Hutton succeeds Todd Petzel, who is leaving to join a small group starting Azimuth Alternative Investments, a hedge fund.

According to Reuters, Hutton was responsible at the MacArthur Foundation for administration and management of a $4-billion investment portfolio. Previously she was vice president and treasurer at Dartmouth College.

At Commonfund, she will oversee investment strategy, portfolio management, due diligence, and manager selection.

Commonfund’s clients include more than 1,600 educational institutions, foundations, health care agencies ,and other nonprofit organizations.

Compliance October 6, 2002

Advice Bill Attracts Sponsors, Opposition

June 22, 2001 (PLANSPONSOR.com) -The Retirement Security Advice Act, introduced by Rep. John Boehner (R-OH) yesterday, has gained a bill number, a growing list of co-sponsors, and the first sign of opposition.
Reported by

The bill, which has been designated H.R. 2269, clarifies that plan sponsors are shielded from liability from individual advice given by professional advisers to individual participants, but will remain responsible as an ERISA fiduciary for the prudent selection and review of advice providers.

Taking Sides

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With little changed from last year’s bill, it seems likely that last year’s opponents will resurface as well.

Today Pittsburgh-based retirement services provider Invesmart took a stand in opposition to the bill, stating that it “will allow money managers to recommend their own investment products to retirement plan participants, creating a conflict of interest.” Invesmart offers participant investment advice through an agreement with Morningstar.

The bill gained several new co-sponsors yesterday, including two additional Democrats — Rep. Ellen Tauscher (D-CA), and Rep. Rush Holt (D-NJ).

The bill’s co-sponsors now include:

  • House Majority Leader Dick Armey (R-TX)
  • House Financial Services Committee Chairman Michael Oxley (R-OH)
  • House Employer-Employee Relations Subcommittee Chairman Sam Johnson (R-TX)
  • House Capital Markets Subcommittee Chairman Richard Baker (R-LA)
  • Rep. Norm Dicks (D-WA)
  • Rep. Scott McInnis (R-CO)
  • Rep. Dave Camp (R-MI)
  • Rep. Brian Baird (D-WA)
  • Rep. Phil English (R-PA)
  • Rep. Rush Holt (D-NJ)
  • Rep. Marge Roukema (R-NJ)
  • Rep. Ellen Tauscher (D-CA)
  • Rep. Gil Gutknecht (R-MN)
  • Rep. Adam Smith (D-WA)
  • Rep. Tom Tancredo (R-CO)
  • Rep. Ken Lucas (D-KY)
  • Rep. Mark Foley (R-FL)

– Nevin Adams editors@plansponsor.com

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