Scrap DB to Save Public Pensions, Says Think Tank
An outspoken critic of UK public pensions has published bold proposals for reform—but a switch to DC has been labelled a potential “tragedy” for employees.
Regulation
Steven Cohen Banned From Supervising Hedge Funds Until 2018
The SEC barred the hedge fund manager from handling outside money for two years following charges related to insider trading.
Pensions Strike $150M London Whale Settlement
The cash deal ends a three-year legal battle with JP Morgan following the bank’s $6.2 billion loss.
State Street Overbilled Clients $200M
Excess charges to asset servicing clients spanned a period of 18 years, the firm said.
Threadneedle Fined $9M for Fixed Income Failings
Thwarted erroneous trades and lax trading processes have cost one of the UK’s largest managers.
The Soaring Cost of Consultants
Pension fund members are paying much more for consulting services than they were five years ago.
Sweden Abandons Controversial Pension Reform Plans
Criticism from all sides appears to have ushered the collapse of a proposed reform of the $144 billion system.
UK Sets Out Public Pension Backstop Rules
Politicians could step in to take over investment decisions in “particularly concerning cases” of non-compliance under new local government pension rules.
European PE Managers’ Bid to Raise Disclosure Standards
Trade body Invest Europe has brought out fresh guidelines for its members to improve transparency in the private-equity sector.
UK Watchdog Turns Spotlight on OCIO
A review of asset management competition will include an investigation into potential conflicts of interest for investment consultants.
Aviva Analyst Fined, Banned for ‘Cherry-Picking’
The staffer “exploited weaknesses in the trading systems and controls” on Aviva Investors’ bond trading desk.
Campaigners Slam UK for ESG Failure
The government has rejected proposed rules requiring pension trustees to monitor the financial impact of ESG risks.
PIMCO Hits Back at Gross Lawsuit
The Newport Beach investment giant has questioned the grounds of its former co-CIO’s $200 million legal complaint in its official response.
Tie Bonuses to Gender Balance, UK Finance Firms Told
No women could equal no bonus for finance firm bosses in the UK, if proposals in a new government-backed report are adopted.
Fenway Partners Fined $10M for Conflicts of Interest
The SEC says the company and executives breached fiduciary duty in the latest of its investigations of private equity firms.