Evidence increasingly shows that a “crime” of extensive underperformance has been committed in pension funds and endowments, according to Charles Ellis, an author and consultant to large institutional investors in the US and Asia.
The funding deficit of US defined benefit pension plans in the S&P 1500 has grown to $543 billion, representing an aggregate funding ratio of 74% as of June 30.
The US Department of Justice has brought a case against BNY Mellon alleging it cheated customers on foreign exchange services, leading to revenues of more than $1.5 billion from some of the largest institutional investors worldwide.
One of the largest Eurozone banks has brought a pension specialist on board as it waits out the region’s crisis before taking its UK arm public, aiCIO has learnt.
The executive director of the $37 billion Teachers’ Retirement System of the State of Illinois has hinted that the plan may lower its assumed rate of return.