CalPERS Rebounds to Pre-Crisis Levels Following Lehman's Downfall
In a significant milestone, the largest US public pension is worth as much as when Lehman Brothers Holdings went bankrupt in 2008, Bloomberg is reporting.
Newsmakers
Seeking Independence, PIMCo Assumes Control of Fund Sales From Parent Company
In what parent company Allianz called a "natural part" of the bond fund manager’s push from bonds into stocks and other investments, the Pacific Investment Management Co. has planned to assume control over the selling of its mutual funds.
LACERA Terminates Goldman Mandate From Portfolio; Goldman Promises Greater Transparency to Dodge Conflicts of Interest
The Los Angeles County Employees Retirement Association (LACERA) has reportedly axed Goldman Sachs Asset Management's mandate to bring the core-plus exposure in line with the fund’s fixed-income suballocation targets.
'Gold Mine' CA Pension Chief Quits
Tim Thonis, pension administrator of the Ventura County Retirement Board in California, resigned unexpectedly, and while speculators blame years of failed promises over pay raises, he cites governance as the reason.
Goldman Sachs Strikes Deal With Pension Buyout Specialist
The bank has formed a deal with Paternoster, acquiring all of the
shares in the pension insurer to nearly double Goldman's $4.7 billion
insurance business in the UK.
Union Chief Defends Pensions, Decries 'Political Rhetoric'
While Florida lawmakers are resolute on revamping the state and municipal pension system, union members from the AFL-CIO labeled allegations that Florida's public employee retirement plans are underfunded and provide lavish benefits as "myths."
Former NYC School Chancellor Blasts Pension Accounting
The prominent former public official, who was in charge of
the New York City public school system for eight years, rails against pension
accounting assumptions in a Monday opinion piece.
In Striving for Openness Among Public Pensions, SEC Pursues CalPERS for Inadequate Disclosure
Since the financial crisis hit, the US regulator has been especially keen on hunting down public pensions for lack of transparency about their investments and about information regarding their financial impacts on the state.
Swiss Re Executes Longevity Transfer, More Expected
A Swiss Re deal to transfer $50 million in longevity risk
may bring back to life a market that has suffered since the onset of the
financial crisis.
Denmark's Largest Pension Lays Off Bonds From Indebted EU Nations
ATP's CEO Lars Rohde has said that the fund will avoid government bonds issued by the European Union's most indebted nations, as it considers the risk too great.
With Facebook, Did Pension and Sovereign Funds Miss an Opportunity – or Dodge a Bullet?
A Goldman unit that invests on behalf of asset owners turned
down an opportunity to invest capital in social network Facebook, raising
questions over whether the bank’s eventual investment is a robust one.
Buffett CEO, CIO Succession Questions Flare Again
An upcoming Vanity Fair article further reveals the thinking
of Warren Buffett regarding who eventually will take control of his $100
billion portfolio.
With Eight Hours to Go, Pittsburgh Finds Pension Solution – and Now Waits
The besieged city will have to wait – possibly until
September – to find out if their pension solution is accepted by the state,
avoiding a takeover.
aiCIO’s Year in Review: The Intricate Economics of (Outsourced) Investment Labor
Why it’s important: Because it’s a trend that crosses the
asset owning space from endowments to insurance funds – and because it’s here
to stay.
aiCIO's Year in Review: Scandal! Third Party Marketers Continue to Wreak Havoc
Why it's important: Because we thought we were done with the placement agent
scandal a year ago – but boy, were we wrong.