CIEBA Move Months in the Making
CIEBA, which stands for Committee on Investment of Employee Benefit Assets, is far and away the most prominent group representing large corporate plans. It has been part of the FEI since its inception in 1985, but this past six months working relationships between CIEBA staffers and their FEI counterparts have become acrimonious, according to sources.
No surprise
The new relationship with the AFP should come as no surprise, considering the present head of the AFP, Jim Kaitz, used to be the FEI executive responsible for CIEBA. He was widely seen as an extremely effective lobbyist for corporate pension issues. Kaitz left the FEI in mid-1998 to head up the then-TMA, which he transformed in two short years into a more aggressive and stronger organization. Kaitz, who has made it his business to remain close with CIEBA leadership, has pulled off another coup.
“We are looking forward to working with AFP in developing both public policy and investment practices that will benefit the thousands of participants belonging to the retirement plans of our members,” Allen Reed, chairman of CIEBA and president of General Motors Investment Management, said in a prepared statement.
Jacque Johnson, executive director of CIEBA, will become vice president, CIEBA at AFP and will continue to be the primary CIEBA contact in the Bethesda office.
CIEBA counts more than 140 large corporate funds among its members. Collectively, they manage over $1 trillion in plan assets. AFP represents 14,000 financial professionals.