SEC Levels Fraud Charges at Advisors over Alts Investments
The SEC has alleged that an Atlanta, Georgia-based advisory firm broke the law when recommending alternative investments to public sector pensions.
Regulation
Six Banks Fined $5.8B Over FX Rigging
Citi, JP Morgan, Barclays, RBS, UBS, and Bank of America were involved in conspiracies to manipulate exchange rates, according to regulators.
London Whale Boss Wins Privacy Case Against Regulator
The FCA improperly identified JP Morgan’s ex-international CIO in its London Whale report, a court confirmed.
Oral Agreements with Asset Managers May Be Binding, Court Rules
CalPERS could be on the hook for an alleged $100 million oral contract with an ex-manager that it never OK’d in writing.
Moody’s Junks Chicago Rating Amid Pension Crisis
The Windy City suffers a junk bond status as it deals with $20 billion in unfunded pension liabilities.
Illinois Thwarted in Attempt to Cut Pension Shortfall
Rating agencies are on alert after an attempt to reduce a $100 billion pension gap was thrown out by the state’s Supreme Court.
Court Ruling to Balloon Oregon Pension Liabilities
A 2013 change to the public pension’s index-linked policy was deemed illegal by the court.
Lobby Group Urges European Pension Rules Rethink
Low rates and yields mean it is time for rule-makers to adapt their policies, says a Europe-wide industry action group.
Ex-Wyoming Pension CIO Avoids Jail Time for Insider Trading
John Johnson has been sentenced to supervised release and community service for illegal activities committed before his tenure as a public fund CIO.
BlackRock Fined $12M Over Conflict of Interest Claim
The world’s largest asset manager failed to disclose an ex-manager’s personal holdings in a company he invested in for BlackRock, the SEC said.
BNY Mellon Fined £126M for Custody Failings
The world’s largest custodian has been criticised by the UK financial regulator for “serious failures”.
UN Pension CEO Rebuffs Fraud Allegations
Sergio Arvizú has called staff and union heads’ accusations baseless, slanderous, and a “smear campaign.”
IMF Calls for Fund Manager Stress Tests
“Weak” supervision of asset managers needs to be addressed, particularly regarding liquidity, the IMF has argued.
Swedish Public Funds Drop Stocks over Ethics Concerns
The AP funds’ Ethics Council has given up asking three companies to change.
Securities Lending 'No Barrier' to Shareholder Activism
Investors prefer to lose lending income rather than forfeit their proxy votes, academics have found.