Abu Dhabi SWF Buys Spanish Refiner Capsa for $5 Billion
International Petroleum Investment Co (Ipic), an Abu Dhabi sovereign wealth fund, will take ownership of Cepsa, the Spanish oil refining and distribution group.
Newsmakers
Report Shows Climate Change Poses Up to 10% of Portfolio Risk Over Next 20 Years
A study by Mercer has shown that over the next two decades, trillions of dollars are at stake over climate change.
Illinois Leans on SWFs to Relieve Pension Debt
In an act of desperation, Illinois plans to raise money from sovereign wealth funds, big banks, and insurance companies to plug its widening pension hole.
Hewitt EnnisKnupp Denied Outsourced CIO Role at Ventura, California Pension
Following the departure of the CIO of the Ventura County Retirement Board in California, consultant firm EnnisKnupp bid to provide outsourced CIO services, yet the fund denied the proposal due to costs and perceived conflicts of interest.
Aussie Pension Merges With Westscheme to Form $40 Billion Superannuation Powerhouse
AustralianSuper's presence in Western Australia will be one of the largest in the state, as one in four West Australian workers will be members of the Fund, the scheme reported.
Following Pension Tension, Pittsburgh's Schemes Gain Value
With Pittsburgh's pension still less than 30% funded and up against a state takeover earlier this year, the City Council reported good news about the city's schemes, which gained ground in the last three months of 2010.
S&P Lowers NJ's Debt Rating to AA- on Pension Funding Concerns
Citing financial stresses of its large unfunded pension liabilities, the S&P has lowered its ratings on the state of New Jersey's general obligation debt.
UK Pensions Report Surplus Growth
The UK's 6,560 final-salary schemes in the private sector covered by the Pension Protection Fund (PPF) have seen their surpluses over their liabilities more than double in January.
Comptroller Liu Says NYC Pensions Enjoy 6-Month Return of 16%
According to New York City Comptroller John C. Liu's testimony before a joint hearing of the New York State Assembly Ways and Means Committee and the State Senate Finance Committee in Albany, the city's pension funds' 6-month return has topped 16%.
BP's Former CEO Approaches Abu Dhabi's SWF to Lead New Oil Company
Tony Hayward, the former BP chief executive, has reportedly been approached by Abu Dhabi's sovereign wealth fund -- the Abu Dhabi Investment Authority (ADIA) -- to set up a new global oil company.
PIMCO's Gross Says Bankers Should Be Ashamed
In a 2,000-word diatribe, PIMCO's Bill Gross has said that Central bankers compare unfavorably to the devil and that money managers have failed to properly allocate capital.
Bloomberg Urges Major Reform to Plug Pension Hole
New York City Mayor Michael Bloomberg has proposed a major overhaul of the city's expensive pension system, which he has said would be his administration's No. 1 priority in Albany.
ATP Brings Low-Cost Pension Alternative to the UK
With the help of former Conservative pensions spokesman Nigel Waterson, Danish pension ATP is set to launch an alternative to the National Employment Savings Trust (NEST) targeting low to middle-income earners.
What Your Consultant Is Saying About…Egypt
As popular unrest and protests diffuse from Egypt and Tunisia to Jordan and Yemen, investment consultants remain calm, keeping a watchful eye on emerging markets while suggesting a long-term view.
Younger Workers Covered for First Time in Longevity Swap, JP Morgan Claims
The United Kingdom’s Pall Pension Fund has offloaded millions in longevity risk relating to younger and current employees – a first for any fund, hedge provider JP Morgan is claiming.