Norges Bank Board Defends Chief Executive Pick, Again
At a parliamentary hearing, the board governor helped the hedge fund manager Nicolai Tangen, under fire since his appointment.
Newsmakers
CalPERS CIO Ben Meng’s Departure Linked to Questions on His Financial Disclosure
At issue: allegations of unreported stock transactions and also his holdings in three private equity firms the plan invested in, including Blackstone and Carlyle.
John Powers, Former CEO of Stanford Management Company, Dies at 67
He helped grow the university’s endowment by nearly $10 billion over nine years.
CalPERS CIO Ben Meng Resigns from Nation’s Largest Pension Fund
Deputy chief Dan Bienvenue will take over until the retirement system finds a replacement.
GCM Grosvenor Merges with SPAC to Go Public
Interest in the so-called ‘blank check’ companies has surged during the pandemic from investors seeking easier ways to fund IPOs.
Maryland State Pension Receives $405,000 in LIBOR Restitution from UBS
The payout settles charges that the Swiss bank manipulated interest rate benchmark during the 2008 financial crisis.
Under New Ownership, McClatchy Could Offload $1.4 Billion Pension Assets to PBGC
The bankrupt newspaper chain’s retirement obligations propelled it into Chapter 11, but the new owner, hedge fund Chatham, will get a clean slate.
Support Grows for US Creating a Sovereign Wealth Fund
Ray Dalio, Joseph Stiglitz say such a move could help close the wealth inequality gap.
Australian Pension Fund Commits to Becoming Net Zero by 2050
HESTA also pledges to reduce portfolio’s carbon emissions by one-third within 10 years.
Sam Zell Calls Markets ‘Too Optimistic,’ Expects U-Shaped Recovery
Although he says the economy is now in a recession, Zell doesn’t think it will be as deep as expected.
DOL Proposes Exemption, New Compensation for Fiduciaries
Investment professionals acting in their clients’ best interest can receive compensation for advice such as rollover recommendations, the agency said.
Firefighters Union Head Accused of Pension Mismanagement
Internal audit alleges that International Association of Fire Fighters President Harold Schaitberger misreported millions of dollars in union funds.
Black-Owned Asset Manager Sues NJ Pension Fund, BlackRock for Racial Bias
State officials purportedly admitted the agency had ‘an aversion’ to minority-owned firms, the lawsuit says.
Vatican Calls for Catholics to Divest from Fossil Fuels
Church urges its 1.2 billion members to invest in renewable energy and to monitor mining activities.
Unease Remains Around Incoming Chief at Norges Bank
The supervisory board at the sovereign wealth fund told the national parliament that further control measures are needed to prevent conflicts of interest.