Yeah, and Larry Fink Doesn’t Like Remote Work, Either
BlackRock chief says homebound labor stifles cooperation and erodes corporate culture.
Newsmakers
Sept 10: Live Conversation with CalPERS’ Anne Simpson and ISS’ Viola Lutz on Climate Risk and Financial Performance
Register now to reserve your space at tomorrow’s CIO's Allocator Insights webinar.
New York Pension Plan Names Navyug Patel Deputy Investment Chief
He is taking the spot vacated by Anastasia Titarchuk, who now is the program’s CIO.
Treasury Rejects Benefit Cut Requests from Musicians, Teamsters Pensions
MPRA rejections were the first under Treasury Secretary Mnuchin.
Norges Bank Board Defends Chief Executive Pick, Again
At a parliamentary hearing, the board governor helped the hedge fund manager Nicolai Tangen, under fire since his appointment.
CalPERS CIO Ben Meng’s Departure Linked to Questions on His Financial Disclosure
At issue: allegations of unreported stock transactions and also his holdings in three private equity firms the plan invested in, including Blackstone and Carlyle.
John Powers, Former CEO of Stanford Management Company, Dies at 67
He helped grow the university’s endowment by nearly $10 billion over nine years.
CalPERS CIO Ben Meng Resigns from Nation’s Largest Pension Fund
Deputy chief Dan Bienvenue will take over until the retirement system finds a replacement.
GCM Grosvenor Merges with SPAC to Go Public
Interest in the so-called ‘blank check’ companies has surged during the pandemic from investors seeking easier ways to fund IPOs.
Maryland State Pension Receives $405,000 in LIBOR Restitution from UBS
The payout settles charges that the Swiss bank manipulated interest rate benchmark during the 2008 financial crisis.
Under New Ownership, McClatchy Could Offload $1.4 Billion Pension Assets to PBGC
The bankrupt newspaper chain’s retirement obligations propelled it into Chapter 11, but the new owner, hedge fund Chatham, will get a clean slate.
Support Grows for US Creating a Sovereign Wealth Fund
Ray Dalio, Joseph Stiglitz say such a move could help close the wealth inequality gap.
Australian Pension Fund Commits to Becoming Net Zero by 2050
HESTA also pledges to reduce portfolio’s carbon emissions by one-third within 10 years.
Sam Zell Calls Markets ‘Too Optimistic,’ Expects U-Shaped Recovery
Although he says the economy is now in a recession, Zell doesn’t think it will be as deep as expected.
DOL Proposes Exemption, New Compensation for Fiduciaries
Investment professionals acting in their clients’ best interest can receive compensation for advice such as rollover recommendations, the agency said.