U.S. Corporate Pension Funding Rises to 88.5%
The funded status of the average U.S. corporate pension plan rose 0.8% in June to 88.5% as assets fell less than liabilities, BNY Mellon Asset Management has said.
Newsmakers
Australia's Superfunds Embrace New Carbon-Pricing Scheme
Superannuation funds are predicting that the Gillard Governmentʼs new carbon-pricing scheme will lead to greater investment in clean energy and clean technology.
Passings: Martin Jack, Former IBM Pension Chief, 58
Martin Jack, the former director of IBM's in-house pension and risk management consulting group in Europe, has died of a heart attack. By Jay Vivian, retired Managing Director, IBM Retirement Funds.
Wells Fargo Agrees to Settle Mortgage Lawsuit for $125 Million
Wells Fargo & Co. has offered to settle a lawsuit over the sale of mortgage pass-through certificates for $125 million.
Chinese Timber Pummels Paulson’s Biggest Fund
The Advantage Plus Fund, John Paulson’s flagship, lost 11% in June as a result of huge losses with Sino-Forest.
Japan’s Government Pension Investment Fund Suffered Sharp Drop in 2010 FY
Japan’s Government Pension Investment Fund, the world’s largest asset owner, was down 5% in the 2010 fiscal year.
With Teachers' Still Holding Out, NYC Comptroller Credits Hedge Funds for Pension Success
New York City’s pension funds gained the most in 13 years last fiscal year.
PIMCO Scores on Inflation Bet
Pacific Investment Management Co. (PIMCO) gained $50 million and Morgan Stanley lost tens of millions when they took opposing positions on inflation.
Counterintuitively, CalPERS Sues State Street — and Then Rehires Them
As custody banks such as State Street face lawsuits for fraud and misrepresentation over foreign-exchange pricing, industry sources say such allegations may have little material impact on their relationships with pension funds.
World Bank Report: Herding Prevalent Among Pension Funds
A report by the World Bank explains that pension funds herd more in assets for which they have less market information and when risk increases.
Bank of America’s $8.5 Billion Settlement Hit With Legal Challenge
A group of 11 mortgage-bond investors have filed a challenge to Bank of America’s proposed $8.5 billion settlement with holders of its subprime mortgage securities.
In Second Major European RE Deal, Norway's Oil Fund to Buy Paris Property From AXA
Norway's oil fund -- the Government Pension Fund Global (GPFG) -- has agreed to form a joint venture to buy $1 billion of real estate assets in Paris from AXA.
PIMCO Offers Cautiously Optimistic Outlook on Currencies
Governments will moderate their controls on capital and currency market interventions in the coming years in response to the preferences of international capital, says PIMCO.
China SWF Aims to Buy Facebook Shares
China's sovereign wealth fund and financial firm Citibank are reportedly interested in buying a stake in social network Facebook.
Internal Report Shows Even Before War, Libya’s SWF Was in Chaos
A 2010 internal document from the Libyan Investment Authority has revealed that the multi-billion dollar sovereign wealth fund was wracked by mismanagement and confusion months before NATO’s intervention into the country.