Anchor ads are not supported on this page.

4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs

Illinois teachers fund axes two SD money managers

The severely ailing Teachers' Retirement System of the State of Illinois has dropped two San Diego money managers. According to an announcement last Friday, the fund dropped Brandes Investment Partners, which was managing $655 million in international stocks, and Denali Advisors, which managed $140 million in domestic stocks.

Assets under management at Brandes have plunged from more than $100 billion in 2005 to $29.8 billion, as the Reader has steadily reported. I have heard of a recent top management shakeup, but haven't been able to confirm it; Brandes Investment has never responded to my queries since I began reporting on the stark decline. There were layoffs late last year. Charles Brandes, founder of the firm, and his young (third) wife Tanya are hot on the social circuit. He built a 54,000 square foot home on 30 Rancho Santa Fe acres, said to be worth as much as $60 million, a figure he disputes. He has gone through an ugly divorce from his second wife.

Denali Advisors says it is the largest Native American-owned asset management firm in the country. Co-founder Robert Snigaroff is an Alaskan Native of the Aleut Tribe. According to the publication Pensions & Investments, the Illinois teachers fund terminated Denali because the $140 million represented 20% of Denali's assets, and that made the Illinois fund uncomfortable. Michael Munson, co-founder of Denali, says the reports are true. Denali once managed as much as $250 million of the Illinois funds. He says when Denali lost other accounts, Illinois got to 20% of its assets. Denali now has $560 million under management.

The Illinois teachers' fund is only 42.1% funded. A recent report co-chaired by former Federal Reserve Chairman Paul Volcker concluded that Illinois's pensions are "destined for insolvency" unless the state changes politicized budget processes. Pension-wise, Illinois is in the worst shape of any state, the report's authors concluded.

Here's something you might be interested in.
Submit a free classified
or view all

Previous article

Del Mar Beer Fest, Shark Summer at Birch Aquarium

Events July 21-July 24, 2024
Next Article

Outstanding yellowtail and halibut action along the Baja coast

Bluefin edging northward toward San Clemente Island

The severely ailing Teachers' Retirement System of the State of Illinois has dropped two San Diego money managers. According to an announcement last Friday, the fund dropped Brandes Investment Partners, which was managing $655 million in international stocks, and Denali Advisors, which managed $140 million in domestic stocks.

Assets under management at Brandes have plunged from more than $100 billion in 2005 to $29.8 billion, as the Reader has steadily reported. I have heard of a recent top management shakeup, but haven't been able to confirm it; Brandes Investment has never responded to my queries since I began reporting on the stark decline. There were layoffs late last year. Charles Brandes, founder of the firm, and his young (third) wife Tanya are hot on the social circuit. He built a 54,000 square foot home on 30 Rancho Santa Fe acres, said to be worth as much as $60 million, a figure he disputes. He has gone through an ugly divorce from his second wife.

Denali Advisors says it is the largest Native American-owned asset management firm in the country. Co-founder Robert Snigaroff is an Alaskan Native of the Aleut Tribe. According to the publication Pensions & Investments, the Illinois teachers fund terminated Denali because the $140 million represented 20% of Denali's assets, and that made the Illinois fund uncomfortable. Michael Munson, co-founder of Denali, says the reports are true. Denali once managed as much as $250 million of the Illinois funds. He says when Denali lost other accounts, Illinois got to 20% of its assets. Denali now has $560 million under management.

The Illinois teachers' fund is only 42.1% funded. A recent report co-chaired by former Federal Reserve Chairman Paul Volcker concluded that Illinois's pensions are "destined for insolvency" unless the state changes politicized budget processes. Pension-wise, Illinois is in the worst shape of any state, the report's authors concluded.

Sponsored
Here's something you might be interested in.
Submit a free classified
or view all
Previous article

Ex-Madoff Trader, Now Running Cardiff Firm, Was Asked by Hedge Firms about Those Steady Returns

Next Article

Divorce of a billionaire (cont'd)

Charles Brandes goes back to court, contests $450K per month for ex-wife
Ask a Hipster — Advice you didn't know you needed Big Screen — Movie commentary Blurt — Music's inside track Booze News — San Diego spirits Classical Music — Immortal beauty Classifieds — Free and easy Cover Stories — Front-page features Drinks All Around — Bartenders' drink recipes Excerpts — Literary and spiritual excerpts Feast! — Food & drink reviews Feature Stories — Local news & stories Fishing Report — What’s getting hooked from ship and shore From the Archives — Spotlight on the past Golden Dreams — Talk of the town The Gonzo Report — Making the musical scene, or at least reporting from it Letters — Our inbox Movies@Home — Local movie buffs share favorites Movie Reviews — Our critics' picks and pans Musician Interviews — Up close with local artists Neighborhood News from Stringers — Hyperlocal news News Ticker — News & politics Obermeyer — San Diego politics illustrated Outdoors — Weekly changes in flora and fauna Overheard in San Diego — Eavesdropping illustrated Poetry — The old and the new Reader Travel — Travel section built by travelers Reading — The hunt for intellectuals Roam-O-Rama — SoCal's best hiking/biking trails San Diego Beer — Inside San Diego suds SD on the QT — Almost factual news Sheep and Goats — Places of worship Special Issues — The best of Street Style — San Diego streets have style Surf Diego — Real stories from those braving the waves Theater — On stage in San Diego this week Tin Fork — Silver spoon alternative Under the Radar — Matt Potter's undercover work Unforgettable — Long-ago San Diego Unreal Estate — San Diego's priciest pads Your Week — Daily event picks
4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
Close

Anchor ads are not supported on this page.