Investing September 15, 2003

CSFB/Tremont: Hedge Funds 0.76% Better in August

September 15, 2003 (PLANSPONSOR.com) - Emerging Markets led the way to the CSFB/Tremont Hedge Fund Index's 0.76% August gain.
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The Emerging Markets Index’s 2.98% gain was enough to prop up the composite, now up 8.85% year-to-date.  In July, the aggregate was up a scant 0.08%, according to data released by CSFB/Tremont Index.

Overall, results among the Index components were heavily tilted toward the gainers. After Emerging Markets, now up 17.07% YTD, was the Global Macro Index with a 1.3% gain (11.71% YTD).  Among the other monthly winners:

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  • Event Driven Risk Arbitrage – 1.16%
  • Managed Futures – 1.06%
  • Long/Short Equity – 1.04%
  • Event Driven Distressed – 1.02%

Conversely, once again Dedicated Short Bias and Convertible Arbitrage led the way down, off by 1.44% and 0.91%, respectively for the month.   For the year, the results are mixed, with Convertible Arbitrage managing a 6.79% gain, compared to a 22.27% loss in the Dedicated Short Bias Index.

Performance for the CSFB/Tremont Hedge Fund Index and the ten style-based sector indices is calculated monthly.   August, July and year-to-date returns for all categories are listed at  www.hedgeindex.com.

Administration September 12, 2003

DoL Sues Ill. Exec Over Plan Debts

December 9, 2003 (PLANSPONSOR.com) - The US Department of Labor (DoL) has filed a lawsuit against the executive of Omni Circuits, Inc., in Glenview, Ill., to block any potential efforts to skip out on repaying debts to the company's welfare plans through his personal bankruptcy.
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The suit filed in US Bankruptcy Court in Chicago alleges that James Schwarz violated ERISA by not remitting $23,996 in premiums and payments, contributed by employees between December 1, 2001 and February 21, 2002, to insurers and using the money to pay corporate operating expenses.   Schwarz was president and chief executive officer of the family-owned company

The plans provided health, dental and supplemental life insurance benefits to 70 employees of the company.   Omni Circuits, which was the plans’ administrator, ceased operations in February 2002.

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In a related action, the department filed a civil lawsuit against Schwarz and his daughter, Corinne Moderhock, over the delinquent premium and payments of employees.   The suit seeks to require that the defendants restore all losses plus interest to the plan and be permanently barred from serving as a fiduciary to any ERISA-covered plan.

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