New Castle News

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November 6, 2013

City pension fund shows increase

NEW CASTLE — New Castle’s employee pension fund showed significant growth during the third quarter of the year.

That’s according to the fund’s investment managers, who said the increase of $1,564,020, or 5.93 percent, resulted primarily from a strong showing in the stock market.

This was in sharp contrast to the previous quarter when the portfolio gained only $27,777.

The total of the portfolio was $28,066,114 as of Sept. 30.

The managers for Huntington Private Financial Group and Ameriprise Financial presented their report Monday night at the quarterly meeting of the pension fund board of trustees.

The board is made up of the mayor, five council members and three employees representing police, firefighters and non-uniformed personnel.

Only three members were present, Mayor Anthony Mastrangelo, Fred Droeder representing non-uniformed employees, and Richard Conti, representing the police.

Huntington reported a gain of $747,709, or 5.07 percent, for the quarter. Ameriprise showed a gain of $816,311, or 7.01 percent.

Ameriprise’s value as of Sept. 30 was $12,549,138 while Huntington’s was $15,516,976.

The gain is net of fees paid to the investment managers and distributions to beneficiaries.

The benchmark index for the quarter was up by 4.14 percent. The benchmark index is a composite of Standard and Poors, Morgan Stanley, Barclays aggregate bond and U.S. Treasury bills.

For the first nine months of 2013, the portfolio showed an increase of $3,159,377, or 12.46 percent, outperforming the benchmark index of 11.53 percent.

Both Joseph Sniezek of Huntington and Eugene Gaabriel of Ameriprise said that in addition to the strong showing for stocks, the bond market also did well during the quarter.

(Email: jmanna@ncnewsonline.com)

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