Following Pension Lead, Asset Managers Investigate Alleged FX Overcharges
Fidelity and BlackRock are reportedly looking into whether custody banks overcharged them for foreign exchange transactions.
Regulation
US Federal Judge Dismisses Pension Lawsuit Against Freddie Mac
Judge John Keenan has dismissed a lawsuit by a group of pension funds which accused Freddie Mac of materially misrepresenting its exposure to risky mortgage products, leading to investment losses.
Trustees Must Join Forces to Promote Stronger Superannuation Reforms
Australian Institute of Superannuation Trustees Chief Fiona Reynolds has urged support for greater unity on superannuation reforms.
Three Pensions Head Investor Lawsuit Against Goldman Over Subprime Mortgages
Three pension funds have been named as co-plaintiffs in an investor lawsuit against Goldman Sachs Group.
SEC Pursues KKR Sovereign Client Information
A 10K filing shows that the Securities and Exchange Commission has requested information about Kohlberg Kravis & Roberts' (KKR) sovereign wealth fund clients.
REITs Overhaul Attracts UK Insurers and Pensions
The British Property Federation has said that changes to the UK’s Real Estate Investment Trust (REIT) regime will remove major barriers to large scale investment in residential real estate by institutions such as pension funds.
KPMG Survey Shows CPI Measure Cuts Private Pension Liabilities by Billions
A new survey by KPMG, a global public accounting firm, finds that using the consumer price index (CPI) as the measure of pension inflation will reduce the calculated value of private sector liabilities by nearly $98 billion (£60 billion) by the end of the year.
LDI 2.0
From aiCIO Magazine: Is there a better way to implement liability-driven investing?
CalPERS Lambastes $180 Million in Placement Agent Activity
The nation's largest pension has released a special 56-page review on placement agent activity, accusing a former chief executive and two former board members of steering billions of dollars to politically connected firms; refuses rate-of-return cut.
Commodities Firms Shy Away From Dodd-Frank Reforms
Commodities companies are fearing the impacts of the Dodd-Frank Act, which will likely lead to increased costs.
Transit System Sues BNY Mellon Over 'Unlawfully Obtained' Proceeds From Forex Trading
In the latest case of alleged foreign exchange trading misdeeds, BNY Mellon has been sued by a Pennsylvania transportation authority.
Mini-Madoff Pleads Guilty in Ponzi Case
Francisco Illarramendi has pleaded guilty to five criminal counts after US prosecutors accused the Connecticut hedge fund manager of running a multiyear Ponzi scheme that may have defrauded investors out of hundreds of millions of dollars.
PIMCO's El-Erian Says the Fed Must Exit QE2
Mohamed El-Erian, CEO and co-CIO of the Pacific Investment Management Co. (PIMCO), told CNBC that the US economy must learn how to survive independently, without artificial stimulus.
Louisiana Pension Sues NYSE, Says Proposed Deal 'Won't Offer Fair Price'
In an effort to stop a planned $9.53 billion sale to Deutsche Boerse AG, the Louisiana Municipal Police Employees’ Retirement System has sued NYSE Euronext.
Buried in Unforeseen Costs, BofA Settles Countrywide Suit
US District Judge Mariana Pfaelzer in Los Angeles has required Countrywide and its parent company, Bank of America Corp., to provide $600 million for former Countrywide shareholders, yet many investors aren't satisfied by the settlement.