In Surprise Move, BNY Mellon CEO Quits, Successor Named
Gerald L. Hassell will replace BNY Mellon's Robert Kelly, who has stepped down as CEO a result of "differences in approach to managing the company."
Newsmakers
Australia's Prime Minister Says Superannuation Trumps Sovereign Wealth Fund
Australia's Prime Minister Julia Gillard is adamant that the nation's trillion-dollar superannuation regime is sufficient, ruling out the need for a sovereign wealth fund.
PIMCO's Gross: I Made a Mistake
Pacific Investment Management Co. founder Bill Gross says he has "lost sleep" over a wrong call on US Treasury bond interest rates, which cost him in his Total Return bond fund.
New Zealand Supperannuation Fund Battles Slack for Investing in 'Illegal' Cluster Bombs
New Zealand's Green Party has asserted that the county's Superannuation Fund is investing in cluster-bomb manufacturers, which is illegal.
UK Schemes Lag Behind the ESG Bandwagon, Industry Group Claims
According to the UK Sustainable Investment and Finance Association, too few UK pension funds are adopting responsible investment approaches despite an uptick in interest.
BofA Sells China Bank Stake to SWFs, Institutions
Bank of America has sold about half of its 10% stake in China Construction Bank to a handful of sovereign-wealth funds and institutions in the US and Asia, totaling $8.3 billion before taxes.
Catastrophe Bonds Attract Scrutiny in Wake of Hurricane
The monitoring of Hurricane Irene's impact on catastrophe bonds continues.
BofA Profits From Buffett's Capital Injection
Berkshire Hathaway's Warren Buffett has made a major investment in the largest US bank.
Lehman Execs Aim to Settle Investor Lawsuit for $90 Million
Court documents show Lehman Brothers Holdings executives, including former Chairman Richard Fuld, are seeking the release of $90 million in insurance funds to settle a potential multibillion-dollar lawsuit brought by shareholders.
JP Morgan: Institutional Investors Take Advantage of Lackluster Markets by Rebalancing
According to JP Morgan, institutional investors are increasingly rebalancing their portfolios following recent market volatility, targeting investments in high-dividend equities, active emerging markets and selective commodities.
UK Scheme Battles Criticism for £24M Tobacco Investment
Kent County Council has encountered scrutiny from campaign groups for investing £24 million of its pension fund portfolio in tobacco companies.
Gulf Investment Corporation Appoints Russell Read as New CEO, CIO
The Gulf Investment Corporation has announced the appointment of Dr. Russell Read as Deputy CEO and Chief Investment Officer.
Obama Appoints New Federal Retirement Thrift Investment Board Chairman
Michael Kennedy has been designated as chairman of the Federal Retirement Thrift Investment Board by President Barack Obama.
OTPP and Jana Demand Division of McGraw-Hill
McGraw-Hill is moving toward a spin-off of its education business as it continues a restructuring of the company, driven by shareholder pressure.
Amid Turbulent Times, SPDR Gold Shares Emerge as World's Largest ETF
Assets are continuing to flow into the gold bullion ETF as they flow out of the S&P 500 ETF.