Calls for New Australian SWF Meet Resistance
Widespread calls for Australia to establish a commodity-backed sovereign wealth fund are meeting stiff resistance from politicians and analysts who question the wisdom of such a fund.
Newsmakers
MassPRIM: BNY Mellon Cheated Us Out of $10 Million More Than Originally Thought
Massachusetts State Treasurer Steven Grossman has upwardly revised his June 13 accusation that BNY Mellon overcharged the state’s $50 billion pension fund on foreign exchange trading.
AFL-CIO Joins Pensions in Commitment to Infrastructure Development, Job Creation
The AFL-CIO has announced plans to work with pension fund managers to ensure that at least $10 billion in union pension money is made available to fund infrastructure projects within the next five years.
UK Prosecutors Team Up With SEC to Investigate Bribery Among SWFs
The director of the UK's Securities Fraud Office (SFO) has been contacted by the US over inquiries involving financial institutions and whether bribes were paid in transactions with sovereign wealth funds, Bloomberg has reported.
Kentucky Pension Investigated Over Placement Agents, 'Troubling Aspects' Found
While an audit of the Kentucky Retirement Systems found no evidence of pay-to-play activity, "troubling aspects" regarding the use of financial middlemen that connect money managers with pensions, known as placement agents, were revealed.
Bank of America Agrees to Mammoth $14 Billion Settlement
Bank of America has agreed to settle for $14 billion with investors who bought ill-fated subprime mortgage securities from its Countrywide Financial subsidiary.
CalPERS Paid Millions for Internal Review, Revealing Allegations of Corruption, Bribery, Questions Over Legal Fees
The nation's largest public pension fund paid $11 million to a Washington, DC, law firm to conduct an internal review, raising questions over legal fees.
Alabama Lawsuit Raises Questions Over In-State Public Pension Money
A class action lawsuit has been filed on behalf of employees in Alabama's state pension plan, raising questions over investments in golf courses, condominiums, hotels, and resorts.
Ontario Teachers Gets Top Up From Union Members, Government
In a deal that mirrors New Jersey’s, the Canadian province’s massive pension system will see its deficit erased via an increase in contributions from the government and members.
Signals from China: Euro Good, Dollar (Potentially) Bad
Recent statements by the heads of the China Investment Corporation and the Chinese Social Security system express faith in the Euro – and concern over the value of the U.S. dollar.
Sweden's Pension Group Weighs Scheme Consolidation
Sweden has initiated a review of the country's state pension funds, which collectively manage more than €100 billion ($141.8 billion).
PIMCO's El-Erian Envisions Greek Default to Resolve Debt Problems
PIMCO's El-Erian predicts a Greek default, yet says a default will not prompt a new global financial crisis because the country is too small in terms of economic impact.
Cornell Endowment Rocked by Another Resignation
Fewer than two months after the controversial departure of Cornell University’s chief investment officer Michael Abbott, senior investment officer John Regan has announced that he will also resign.
With Deteriorating Financial Situation, Moody's Slashes Illinois County Rating
Moody's Investors Service has given Illinois' biggest county a rating downgrade.
As Greece Dumps Infrastructure, Do Institutional Investors Stand to Gain?
While institutional investors may view Greece's selloff of state assets to get loans as an opportunity, some say it's too early to tell.