MassPRIM Sets Timetable to Cut Out Middlemen
MassPRIM’s board has approved a plan to choose its first 10 hedge fund managers who will manage roughly $500 million that had previously been allocated for hedge fund-of-funds.
Newsmakers
TimberWest Looks Ready to Settle for Original Pension Suitors
As Vancouver-based TimberWest Forest Corporation nears the end of its 60-day “go shop” period, the company looks ready to accept the original $1.03 billion bid made by two Canadian public sector pension plans.
PIMCo Took Large Lehman Loss, Gross Shrugs
The Wall Street Journal has reported that Pacific Investment Management Co. lost $3.4 billion on its investment in Lehman Brothers but PIMCo head Bill Gross is unconcerned.
Goldman May Challenge Senate Report
Goldman Sachs is considering releasing documents about its mortgage bets that show that the Senate subcommittee's analysis, which has prompted an investigation of the securities firm, is inaccurate and incomplete.
Mayor Bloomberg Calls Liu Report on NYC Pensions 'Deeply Flawed'
A study commissioned by Comptroller John C. Liu predicts that New York City’s pension costs will peak in 2016 before they begin a gradual, steady decline, yet Mayor Mike Bloomberg sees major flaws in the report.
PIMCO's Gross: 'Buy Cheap Bonds With Safe Spread'
In a PIMCO paper, Bill Gross is urging investors to play the safe end of the credit space by shunning duration risk.
Citigroup Shuts Down Its $400 Million Proprietary Hedge Fund
Citigroup has reportedly shuttered its $400 million Quantitative Strategies hedge fund, which uses the bank's own cash to bet on stocks, according to Bloomberg News.
Cali Treasurer Urges Transparent Election Spending by CalPERS, CalSTRS
California Treasurer Bill Lockyer has sent letters to the state’s public pension funds to develop policies for full disclosure of corporate political spending.
Endowments Ignore Illiquidity Risk, Columbia Professor Says
According to Andrew Ang, professor of business, finance and economics at Columbia University, endowments around the country need to do a better job at figuring out how to allocate money among liquid and illiquid assets.
ADIA Pursues Goldman Sachs Hotel Portfolio
The Abu Dhabi Investment Authority (ADIA) is investing $475 million in Goldman Sachs' hotel portfolio.
Mercer Acquisition Highlights Continued Industry Consolidation
Evaluation Associates marks Mercer’s second investment consulting acquisition in 2011, highlighting its drive to expand in the US.
Prudential Completes First US Pension Buy-In Transaction
A North Carolina-based manufacturing company has used pension plan assets to purchase a “portfolio protected buy-in" policy, transferring investment and longevity risk to a Prudential Financial Inc. unit.
Swedish and US Pensions Partner in Agricultural Real Estate Deal
Swedish pension fund AP2 has decided to establish a joint venture with US pension fund/asset manager TIAA-CREF, with a goal of investing in agricultural real estate in the USA, Australia and Brazil.
CalPERS Efficiency Drive Captures Nearly $1 Billion in Savings
Aiming to increase efficiency while lowering waste and redundancy, the nation's largest public pension fund has captured $963 million in cost savings in 2010, with an additional $287 million of savings targeted in 2011.
Hewitt EnnisKnupp or Russell Stand to Oust Mercer at CT Pension
Connecticut Retirement Plans & Trust Funds has selected Hewitt EnnisKnupp and Russell Investments as semifinalists for its new general investment consultant.