Deals & People January 4, 2007

Combs to Head Vanguard Strategy Operation

Ann Combs, who helped shape national pension and employee benefit policy during five years as head of the Employee Benefits Security Administration (EBSA), will be taking a new strategy development post at The Vanguard Group in February.
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She will lead a newly created Institutional Strategic Consulting group with oversight responsibilities for Vanguard’s retirement policy, research, and plan consulting activities, Vanguard announced in a news release.

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Combs stepped down from the EBSA in October 2006 after 5 세 years. During that time, she played a pivotal role in formulating the recently-enacted Pension Protection Act. Before that, Combs was vice president and chief counsel for pensions and retirement at the American Council of Life Insurers and a principal of William Mercer, Inc.

Combs received a BA degree from the University of Notre Dame and a JD degree from George Washington University.

Vanguard, headquartered in Valley Forge, Pennsylvania, oversees more than $400 billion in assets for defined contribution plans, defined benefit plans, and other institutional clients. It provides full-service defined contribution recordkeeping services for 1,800 plan sponsors and 2.8 million participants, the company said.

The Markets January 4, 2007

Mellon Releases Target Maturity Funds

Mellon Capital Management Corporation has launched the Mellon Capital Target Maturity Funds, a group of portfolios designed to systematically adjust investors' asset allocation as they approach their projected retirement date.
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According to a Mellon press release, the funds also aim to increase returns by using a strategy that tactically takes long and short positions in global stock, bond and currency markets.

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Ralph Goldsticker, managing director of investment research at Mellon Capital, said in the release the new funds use strategies created for pension funds and other institutional clients.

“[T]hey employ a global tactical asset allocation strategy to opportunistically adjust the exposure to global stock, bond and currency markets. Utilizing this portfolio of diverse strategies including the global tactical asset allocation component, we expect to generate higher rates of return, resulting in higher income at retirement,” said Goldsticker, in the release.

More information about Mellon Capital can be obtained at www.mcm.com.

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