The Hartford Transfers $1.6 Billion in Pension Liabilities to Annuity
Responsibility of benefits for 16,000 former employees transfers to Prudential.
SkyBridge Out $1.6 Billion at Fiscal Year End
Outflows beat inflows for the first time in a decade at Scaramucci’s former home.
Robert Soros Resigns to Build New Branch, Invest in Firm
Firm seeks to hire a global macro-portfolio manager for its two macro teams.
Eighth Annual Industry Innovation Awards: Nominations Open
Nominations for innovative and talented asset owners and managers/servicers open until Aug. 4.
Corporate Moves
BlackRock to Head ASU Foundation Endowment
The asset management Goliath is making inroads in endowments and foundations.
Newsmakers
Report: Pensions Use Accounting Tricks to Keep Up Appearances
NC State report finds “unscrupulous accounting” practices widespread among state pension plans.
New Chamber of Commerce Index Shows Healthy Commercial Construction Sector
96% of executives surveyed in the sector expect steady or growing revenue in 2017.
Newsmakers
Philippines Social Security Net Revenues Plunge
Sharp drop due to 43% rise in Q1 disbursements, and additional benefit for retirees.
Asset Allocation
MSCI Set to Include Chinese Big Caps, But Growth May Be Elsewhere
The 222 large-cap stocks being included in emerging market ETF are largely part of the old Chinese economy.
Newsmakers
Mylan Board Re-Elected, Beats “Vote No” Campaign
Although shareholders voted against Management Proposal 5, the directors remain.
Risk
Michigan Pension Bill Goes to Gov. Snyder
If Senate Bill 401 passes, hybrid plans would get a 7% contribution state and schools.
CalPERS Pressured into Rethinking Private Equity Strategy
Pension fund defends use of “essential” asset class, despite high fees.
Asset Allocation
Credit Suisse Points to Weakening of Commodity Fundamentals in May
Mild June forecast, weakening of Brazilian currency, and loosening of Indonesia’s export restrictions contributed to worldwide losses, report says.
Newsmakers
Cambodia Plans to Launch National Pension Fund
Recently released 10-year plan outlines country’s ambitious economic goals.
Asset Allocation
Hedge Funds Continue Upward Climb, With Event-Driven Funds Leading the Way
China-focused emerging market funds leading global returns, and are up a whopping 11.60% YTD.