Support Grows for US Creating a Sovereign Wealth Fund
Ray Dalio, Joseph Stiglitz say such a move could help close the wealth inequality gap.
Newsmakers
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.
Firefighters Union Head Accused of Pension Mismanagement
Internal audit alleges that International Association of Fire Fighters President Harold Schaitberger misreported millions of dollars in union funds.
Black-Owned Asset Manager Sues NJ Pension Fund, BlackRock for Racial Bias
State officials purportedly admitted the agency had ‘an aversion’ to minority-owned firms, the lawsuit says.
Vatican Calls for Catholics to Divest from Fossil Fuels
Church urges its 1.2 billion members to invest in renewable energy and to monitor mining activities.
Unease Remains Around Incoming Chief at Norges Bank
The supervisory board at the sovereign wealth fund told the national parliament that further control measures are needed to prevent conflicts of interest.
Austin Takes Steps to Save Local Pensions
The city’s Audit and Finance Committee enables new legislative allowances to save its police and employees’ retirement systems.
Supreme Court Rules Pensioners in Fully Funded Plans Can’t Serve ERISA Suits
Plaintiffs charging mismanagement of funds would have received the same fixed payment regardless of investment outcomes, the ruling said.
Why Paul Tudor Jones Sees a Bright Future for Bitcoin
To trend-spotting hedgie, the cryptocurrency is ‘the fastest horse,’ so he buys its futures.
Senators Urge Pelosi to Include Pension Fix in Next Stimulus Package
However, Senate Majority Leader Mitch McConnell has objected to providing funds to fix pension issues.
Trump Considers Banning Chinese Stock in Federal Pension, Reports Say
The White House is reportedly reviewing its options against a planned investment into Chinese equities.
Tufts University CIO Sally Dungan Dies of Cancer
Dungan, who had led the $2 billion fund for nearly 18 years, is credited with creating Tufts’ Investment Office.
More Federal Spending Means Higher Taxes, Says Leon Cooperman
Tax breaks like those on capital gains will end, hedge fund hotshot predicts, if either Trump or Biden wins.