养老金距离转基因

与通用汽车公司的其他活动部件不同，该子公司负责管理陷入困境的汽车制造商巨大的养老金资产的子公司已经浏览了金融危机。GM’s U.S. defined benefit plan, with $84 billion in assets, was down 11 percent in 2008 — a loss, to be sure, but better than the average 21 percent decline that America’s 100 largest corporate plans suffered last year, according to New York research company Milliman, which tracks pensions. GM’s future is tenuous. The carmaker is flirting with bankruptcy after posting a loss of $30.9 billion for 2008; it has borrowed $13.4 billion from the U.S. Treasury since December. Clearly, the GM brand, which conjures thoughts of business failure, and a successful asset management business, which must be based on confidence, do not mix. So the pension fund manager launched a bold rebranding plan to distance itself from its parent and carve out its own identity, hoping to secure a future in the event its biggest client goes out of business. "The association and the questions that currently overhang GM are not useful to us in an asset management business," says Nancy Everett, CEO of General Motors Asset Management, which on March 16 adopted the name Promark Global Advisors. "There’s this constant question about what happens if GM has further deterioration."

GM has not sold Promark — at least not yet — in part because the company’s pension plan represents a huge risk and the automaker wants to retain control over the group that manages it, says Everett. The plan is substantially larger than GM’s market capitalization. Currently, the $84 billion in defined benefit assets are 55 times bigger than the company’s market cap of $1.54 billion. By comparison, Boeing Co. had $40.2 billion in pension assets and a market cap of $28.07 billion in late March.

Even as GM’s future hangs in the balance, its asset manager’s facelift is well under way. First, Everett renamed it, borrowing the Promark brand name from GMAM’s group of commingled funds. Then she physically distanced Promark from GM by moving her team of 51 money management professionals and 90 support staff out of the GM Building in midtown Manhattan and into the Citigroup Center, with its cheaper rent, several blocks away. Next, she wants to boost Promark’s non-GM client base, both in the U.S. and in overseas markets, starting in the U.K., where she says the firm is negotiating with a pension fund that has requested anonymity.

PROMARK，聘请其他公司来管理客户的资金，而不是这样做，拥有13.2亿美元的资产。In addition to the money it manages for GM, Promark oversees about $20 billion for the defined benefit plans of such clients as Xerox Corp. and auto-parts supplier Delphi Corp., as well as $28 billion for GM affiliates in the U.S. and overseas, such as New United Motor Manufacturing, a joint venture between GM and Toyota Motor Corp. Everett, who was CIO of the Virginia Retirement System for more than five years before taking over GMAM in June 2005, spends most of her time these days with marketing officials working on plans to grow the third-party business beyond the current client list.

她说，Promark的主要销售点是其轨道记录。根据Milliman的说法，去年转基金养恤金计划的投资回报率高于大型美国养老金计划的平均值10个百分点。Promark Cio Tony Kao表示，他将在2006年底重新分配20％的股权债券。因此，52％的美国投资组合投资于固定收入。这有助于该计划避免去年的一些股票市场狂欢节。According to GM’s 2008 annual report, 61 percent of the assets in its pension plan were invested in fixed income as of December 31, 2008. Kao says the current allocation for the $112 billion that Promark manages for GM and its affiliates is 28 percent equity, 45 percent fixed income, 9 percent real estate and 18 percent alternatives.

埃弗雷特和kao表示，他们将努力保持专注于通用汽车养老金计划的表现。自动制造商定义的福利计划终止了本公司对本公司负债的130亿美元害羞，以其今后的退休人员，使其提供87％的资助。埃弗雷特和朱莉·吉布森是通用汽车发言人，两人都拒绝发表评论汽车制造商如何弥补差异。筹资缺口发生了，因为通用汽车制造商的全球养老金集团有关养老金计划管理的政策，从该计划中扣除了大约90亿美元，以弥补去年的工人的遣散费，以及其他与劳动有关的费用。因此，截至2008年底，该计划自2002年底以来，该计划处于最糟糕的资金职位，当时其赤字为191亿美元的赤字，使其24％的资金。2003年7月，通用汽车发布了135亿美元的高级无担保债券，以帮助填补养老金差距。

One pension fund expert says that given the current market turmoil and the carmaker’s fragility, Promark faces substantial challenges. "GM’s pension plan has never been in such a critical state of underfunding over the past six years," says Robert Kemp, a senior research professor at the University of Virginia’s McIntire School of Commerce and an expert in pension accounting. He wouldn’t speculate as to whether Promark would survive if GM goes under, but based on the recent performance of its pension fund, he says, "there appears to be a lot of talent in GM’s asset management organization."

通用汽车的养老金及其关联公司占普罗旺斯资产的85％ - 这是一个巨大的企业，如果自动制剂档案破产，则失去。如果发生这种情况，通用汽车将向外部投资者销售普罗旺斯，以筹集现金，或者养老基金经理将被养老金福利担保公司接管，该公司负责保险公司养老金计划的养老金计划。任何结果都将由破产法官确定。埃弗雷特说，她相信罚款普罗旺斯可能会生存这种命运，但补充道，“我讨厌思考它。”

THE FACTS

名称：Nancy Everett

POSITION:CEO, Promark Global Advisors

约定：2005年6月

WHAT WE KNOW:Everett launched a bold rebranding plan to help Promark distance itself from General Motors.