Regulation
Limited Partners Swell Ranks as PE Fee Battle Intensifies
An organization of private equity investors is the latest group to push for reform of the sector’s charging practices.
Regulator Relaxes Dutch Deficit Rules
Underfunded pensions in the Netherlands will now be granted 12 years to recover, rather than 3.
From All Sides, Pressure Mounts Over Private Equity Fee Practices
The IRS, SEC, and 13 state pensions have all moved to force private equity firms to fully disclose fees, pay taxes on them, and repent to clients when they don’t.
Make Advisors Accountable, CalPERS Urges DoL
America’s largest pension has weighed in on the proposal to extend fiduciary duty to retirement advisors.
BNY Mellon Fined for Bribing SWF with Internships
The bank hired several interns who didn’t meet its GPA or interview standards, but were related to Middle Eastern sovereign wealth fund officials, the SEC alleged.
Citigroup to Pay Failed HF Investors $180M
The bank’s advisors and fund managers were accused of misrepresenting the risk attached to two leveraged fixed income strategies.
Citigroup To Settle HF Fraud Lawsuit for $13.5M
The bank allegedly deceived investors on the state of its liquidated corporate special opportunities hedge fund in 2007, according to court documents.
Insurer Sued Over Fees for Funds it Doesn’t Manage
Investors are unhappy with fees charged by State Farm Investment Management for target-date funds run by BlackRock.
Guggenheim Fined $20M for Conflict of Interest Charges
The firm’s subsidiary, Guggenheim Partners Investment Management, failed to report a $50 million loan from a client to a senior executive in 2010, the SEC said.
Why Asset Managers Shouldn’t Ignore the SEC’s PIMCO Probe
Bond market illiquidity and mega-manager leverage foster compliance issues—and not just for PIMCO, Morningstar argues.
SEC Warns PIMCO Over Potential Legal Action
An investigation into valuations in the PIMCO Total Return Active ETF’s portfolio could prompt civil action against the asset manager.
JP Morgan in $388M MBS Settlement
Two pension funds are among investors that have settled with the investment bank over the sale of mortgage-backed securities.
Fund Managers Dismiss IMF Stability Warnings
Assertions that mutual funds and management groups pose risks to the wider financial system have been disputed by an industry body.
Why Plan Sponsors Make Bad Plan Designers
Employer incentives + member behavioral biases = poor DC outcomes, policy researchers argue.