BNY Mellon Survey: HFs and SWFs Exert Strong Appeal
According to a Bank of New York Mellon survey, companies around the world are looking to attract hedge fund and sovereign wealth fund investment.
News
Seeking Liquidity, Harvard Ups Cash Allocation to $1 Billion
The oldest and richest college in the US has released its annual report saying that following the financial crisis that left endowments around the country struggling to run their campuses, it has boosted its holdings of cash, US Treasuries, and other easy-to-sell assets.
Princeton University to Cut 50% of Private Equity Managers
The $14.4 billion endowment of Princeton University is planning to terminate 50% of its private equity managers, reducing its investments in leveraged buyouts.
Survey Shows 25 States Underpaid Pensions in 2009
With only 24 of 73 pensions with assets over $1 billion currently considered funded, it's clear that serious issues need to be tackled, the report by Loop Capital Markets notes.
New Jersey to Boost Cap on Alts to 38%; Negotiating Fee Cut
New Jersey State Investment Council is planning to boost its alternatives target to 38%, while the state's pension fund for teachers and government workers is negotiating reductions in fees and expenses for private investment managers.
US Department of Labor Sues Investment Managers and Advisors Over Madoff Investments
New York-based Ivy Asset Management, Beacon Associates Management, J.P. Jeanneret Associates, Andover Associates Management and their principals have been sued by the Department of Labor for allegedly failing to examine swindler Bernard Madoff’s business practices and consequently losing millions in pension money.
Flash Crash Report Points Finger at Wrong Source of Big Trade That Went Bad
The trade and algorithm blamed for sparking the Flash Crash in the report by the SEC and CFTC was not executed by “mutual fund complex” Waddell & Reed but their executing broker, Barclay's Capital. The report's contention that the algorithm was simplistic and did not take price changes into full account may also be untrue. aiCIO's Joe Flood reports.
New York State Pension Commits $300 Million to Blackstone
US private equity firm Blackstone has won a $300 million commitment to its latest buyout fund from New York State’s pension system.
US Department of Labor to Expand Definition of 'Fiduciary'
In an effort to protect participants from conflicts of interest and self-dealing, the Department of Labor (DoL) has proposed expanding its definition of the term "fiduciary" under federal retirement law.
Survey Shows SWF Acquisitions Double in H1, Reflecting Confidence in Global Markets
A report released this week shows the number and value of
acquisitions made by sovereign wealth funds followed by the Monitor
Group and Fondazione Eni Enrico Mattei (FEEM) doubled in the first half
of 2010, with SWFs spending the most money in Europe, which accounted
for 40% of the total expenditure, followed by North America, which
accounted for about a third of the total value of deals, or about $7.5
billion.
Gubernatorial Candidate Bill White Says Texas Investments Politically Connected, TRS Denies
Bill
White, the Democrat challenging Gov. Rick Perry, has accused the
governor and his appointees of pressuring the staff of the Teacher
Retirement System (TRS) to pick investment companies benefiting Perry
contributors, yet an external investigative party has stated there are
no improprieties with respect to how the investment decisions at TRS were made.
Puerto Rico's Pension Head Seeks Probe of Pension Officials After In-Depth Study
Retirement Systems Administrator Héctor Mayol Kauffmann has urged a probe of former officials following an in-depth study by consulting firm Conway MacKenzie that showed the pension system’s status worsened markedly as a result of bad oversight.
PAAMCo Refutes Allegations It Misled Investors Over Women-Owned Status
Pacific Alternative Asset Management Company (PAAMCo) is in the spotlight over whether it was "designed to mislead" by appearing as a women-owned business.
Milken Institute Says California’s Public Pensions Need Overhaul to Address Funding Shortfalls
A new study concludes that raising the retirement age and increasing employee contributions is only the first step in addressing California’s mounting public pension liabilities.
Pittsburgh City Council Turns Down Parking Lease Plan
The council has rejected Mayor Luke Ravenstahl's proposal to lease parking assets for a pension bailout.