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.
Newsmakers
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.
Report: Amid Rising Popularity of Mergers, Australia's Superfunds Should Remain Wary of Drawbacks
Research conducted by Russell Investments warns that the growing trend for mergers among Australia's industry superannuation funds may not be serving the best interests of members.
ADIA to Rejigger External Equities Teams
The Abu Dhabi Investment Authority (ADIA) aims to streamline relationships with external fund managers to aid in pooling information within the organization, Reuters has reported.
Auditor Report Labels CalSTRS a 'High-Risk' State Liability, Depleted in 30 Years
The California State Teachers' Retirement System (CalSTRS), facing massive funding shortfalls, has been labeled a "high risk" problem for California by the state auditor.
Despite Pension Overhaul, New Jersey Suffers Another Credit Rating Blow
Even with New Jersey Gov. Chris Christie’s proposed public pension reforms, Fitch Ratings has downgraded the State of New Jersey's outstanding general obligation (GO) bonds to 'AA-' from 'AA'.
UTIMCO Heightens Hedging on Euro-Debt, Inflation Fears
The University of Texas Investment Management Co. is expanding derivative use to hedge against a euro-region debt default or a collapse in the dollar, while simultaneously upping limits on commodities including gold, Bloomberg has reported.