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News October 30, 2006 Issue

Advisers' LM-10 Filings Disclose Plenty of Treats

After months of delay, the contractor hired by the Department of Labor finally has begun posting LM-10s on the agency’s website.

We couldn’t resist taking a peek.

Not surprisingly, many investment advisers reported that they treated their union official clients to dinners and sporting events (Packers, Knicks, 76’ers, Eagles).

And whoo-eee, y’all sure do like to play golf! The LM-10s reported more golf outings, tournaments, and charity events than you could shake a stick at.

At times, the level of detail was painful. We learn that Fidelity Investments Institutional Services treated an employee of the United Steelworkers of America to a $5 baseball cap and a $10 Fidelity logo desk accessory. Fidelity Management Trust fęted the chief investment officer of the Building Trades United Pension Trust Fund with a $7 dollar label lifter (among other things). "These are clear labels that you put over wine labels to lift the wine labels off of the bottles," the firm helpfully disclosed.

After reviewing a number of LM-10s, IM Insight has decided that in our next life, we want to come back as a client of JPMorgan Asset Management. Among the items listed on the firm’s form: Basketball tickets that cost $400 a head. A $352 dinner for two. A $529 dinner for three.

And lastly, we must note the business entertainment practices of Boston-based Columbia Management.

In February 2005, the firm took a representative of the New England Regional Council of Carpenters to (… drumroll …) "Disney on Ice."

What — you expected golf? In Boston, in February?

In any event, the skating thing must’ve gone over well. The next month, the firm took the controller of that very same union to "Champions on Ice."