Regulator Tightens Screw on Transition Management
Citing scandals and senior management acquiescence, the UK’s Financial Conduct Authority tells how transition management should change.
Regulation
Detroit Seeks Legal Relief over Interest Rate Swaps
The City of Detroit has asked a bankruptcy judge to cancel $1.4 billion of debt sold to fund public worker pensions.
Time to Ban Placement Agents, Says New NYC Pension Head
City Comptroller Scott Stringer has proposed “a steel barrier against pay-to-play abuses,” along with a broader compliance and ethics overhaul.
State Street Fined £23m by UK Regulator over Transition Management
The UK regulator has fined State Street for overcharging six clients in 2010 and 2011.
NJ Senate President ‘Will Shut Down Government’ over Pension Reform Threat
State Senate President Stephen Sweeney has entered a war of words with Governor Chris Christie over reforms to the New Jersey pension system.
Indiana Hunts for Outsourced Annuity Provider, Despite Bill to Block It
The public pension's plan for a major risk transfer deal is moving ahead, but so is emergency legislation to derail it.
SEC Finds Illegal Trading by Legg Mason Asset Management Arm
Western Asset Management had purchased prohibited securities that resulted in significant losses to employee benefit plans, according to the SEC.
Michigan Governor Offers a Helping Hand to Detroit Pensions
The bankrupt
city may receive a generous contribution of $350 million from its home state, in
addition to the privately raised $330 million.
Libya SWF Sues Goldman Sachs
The investment bank is being taken to task over selling poorly performing structured products.
Citi v Abu Dhabi – Will it Ever End?
The dogfight over the mid-crisis bailout has entered its sixth year.
Fines Threat for Dutch Pension Funds
The Dutch regulator has told pension funds to provide detailed costings or face a €1 million fine.
North Carolina Pension Faces Forensic Investigation
An independent
firm has been hired to examine the $83 billion fund, including potential
violations of securities laws, corruption, and lack of transparency.
PBGC Premium Increases and the Death of DB Plans
Bob Collie, Russell Investments’ chief research strategist, has said the considerable rise in costs and the Bipartisan Budget Act’s political agendas could destroy corporate DB plans.
Embattled Rhode Island Pension Reformer Running for Governor
Gina Raimondo, the state treasurer whose pension overhaul drew criticism from unions, Rolling Stone, Forbes, and elsewhere, will be pursuing a higher office.
Japanese Madoff Jailed in $240M Fraud Case
A Japanese investment manager has been handed a jail term for Christmas after defrauding pension funds of $240 million.