Retired workers in the bankrupt city of Detroit, Michigan, have accepted cuts to the pensions as part of a plan to help the city re-emerge from bankruptcy.
Practices by two hedge funds have been criticised by the Permanent Subcommittee on Investigations for their use of “basket option structures” to crank up leverage and reduce tax bills.
The global asset management industry made profits of $93 billion in 2013, but traditional managers face disruptive challenges, the Boston Consulting Group has said.
A whopping 97% of investors are set to increase their hedge fund allocation in the second half of 2014 as equity and bond market valuations remain high, Credit Suisse has found.
Hiromichi Mizuno is to join the Japanese Government Pension Investment Fund’s investment committee as it seeks to diversify away from low-yielding bonds.
The M&A recovery has helped event-driven funds top the performance charts in the first six months of the year as total industry assets breached $3 trillion.