SSgA: Asset Management Fees Up, AUM Down
Investment management fees at Street Global Advisors (SSgA) reached $229 million, up from $196 million from a year earlier, while assets under management dropped slightly.
Newsmakers
Consultants: Pensions, While Hesitant, Likely to Increase Derivative Use
While schemes are still reluctant to use derivatives, pension funds are increasingly using these investment vehicles to hedge against interest-rate risk, consultants say.
CalPERS Emerges as Latest News Corp Shareholder to Withhold Support for Murdochs
The California Public Employees' Retirement System (CalPERS), the largest public pension in the US, is the latest News Corp shareholder to withhold support for Rupert Murdoch and his sons.
Census Bureau: Public Pension Assets Dropped Over $726B in 2009
Following a $176.7 billion loss in 2008, the US Census Bureau has shown that state and local public employee retirement systems had $2.5 trillion in total cash and investment holdings in 2009, a $726.1 billion or 22.7% decrease from $3.2 trillion in the previous year.
Pension Legislation Strengthens CalPERS CFO Position
New legislation signed by California Governor Jerry Brown -- which becomes law on January 1, 2012 -- has paved the way for CalPERS to strengthen its Chief Financial Officer position responsible for managing the financial processes for the pension fund, encouraging that transparency and internal controls are maintained.
Hermes' Nusseibeh: Investors Are Guilty of Fueling Dangerous Financial Complexity
Saker Nusseibeh, the head of investments of Hermes and chairman of the new 300 Club, tells aiCIO that institutional investors should avoid following the heard and instead question and scrutinize unnecessary complexity.
Alaska Permanent Fund Makes Headway in Tapping New CIO
The Alaska Permanent Fund Corporation is making progress in selecting a new chief investment officer to replace Jeffrey Scott, who departed from the fund in early August to join consulting firm Wurts and Associates.
Florida's SBA Chief Called to Discuss Investment
The head of Florida's pension fund is being called to discuss a $125 million investment in a public meeting.
Norway’s Government Pension Fund Global Sets Limit of $25 Million for External Manager Bonuses
In a letter from Norges Bank to the Ministry of Finance, Norway’s Government Pension Fund Global revealed that it set an upper limit of $25 million on annual bonuses it pays to external fund managers.
State Street’s McLellan, Pennings Depart Amidst Question Over Transition Cost
Ross McLellan and Edward Pennings of State Street Global Markets’ portfolio solutions group – which covers transition management – have departed the firm following questions over the pricing of a fixed-income transition, multiple sources tell aiCIO.
Aon Hewitt Predicts 'Major Unintended Consequences' for Pensions Following UK's QE2
The Bank of England has unleashed £75 billion of emergency support in an effort to lessen tensions threatening the UK's recovery, yet Aon Hewitt predicts the move of QE2 will only exacerbate pension funding problems.
Florida Attorney General to Pension: $11K Bill for Public Records Is Indefensible; SBA Defends Actions
Florida Attorney General Pam Bondi has said it is "indefensible" that the state pension is asking for nearly $11,000 to collect public records regarding the scheme's investments.
With WellsCanning Acquisition, Consulting Firm Towers Watson Harnesses Insurance Biz
Towers Watson has expanded its investment services for insurers and reinsurers with its acquisition of WellsCanning.
OMERS Plans to Establish $180 Million Venture Capital Fund
The Ontario Municipal Employees Retirement System (OMERS) is set to launch a venture capital arm that plans to commit $180-million in the next three years.
Yale Endowment Outperforms Harvard's Investment Return in Fiscal Year
Yale University's endowment earned a 21.9% investment return last year with foreign stocks and private equity investments driving the gains.