BNY Mellon to Pay $714M in FX Charging Settlement
The bank was accused of overcharging clients for foreign exchange trades and pocketing the profits.
Regulation
Participants Not Sole Consideration, CIOs Warned
It’s no longer as simple as upholding the financial interests of a pension fund’s members.
Should Sponsors Cut Dividends to Close Pension Deficits?
Current reporting rules could mean deficit problems “fester for too long”, warns the International Accounting Standards Board’s chairman.
Ex-CIO Guilty Plea Not Enough to Secure Insider Trading Conviction
Prosecutors still want former Wyoming CIO John Johnson to stand trial and believe there is enough evidence against him.
Why a $100B Fund Is Too Big to Fail
Global regulators have taken a major step forward in designating the world’s biggest asset managers and investment funds as “systemically important financial institutions”.
FASB to Revamp E&F Reporting Standards
The overhauled financial statements would improve transparency, the group argued, particularly on nonprofits' liquidity and net investment income.
Aviva Investors Fined £17.6M over ‘Cherry-Picking’ Trades
Two former bond traders exploited “weaknesses” in the asset manager’s systems and controls to increase their take of performance fees.
Swedish Pensions Condemn Reforms after Stellar Year
Public pension executives are still waiting for government action after promised reforms were pushed back.
NZ Super to Sue over Portuguese Banking Loans
The $20 billion pension is taking action after the collapse of Banco Espirito Santo last year.
Pension Funds Question KKR’s Fee Transparency
The private equity giant refunded certain fees following a US Securities and Exchange Commission examination, but some pensions reportedly discovered the true circumstances only through media reports.
Former ConvergEx Exec. Banned from Industry for Five Years
Craig Lax, ex-global head of execution, has admitted wrongdoing to settle the SEC’s claims that he oversaw systemic, deceptive overcharging of clients.
European Pensions Off the Hook on Derivatives Clearing
European pensions have been given two more years before new rules regarding the trading of derivatives apply to them.
California Pensions to Recover $320M from S&P
The settlements relate to the rating agency’s treatment of mortgage-backed securities before the financial crisis.
BNY Mellon Faces SEC Probe over SWF Interns
The US regulator wants to know more about BNY Mellon’s hiring of potential clients’ staff.
Pensions, TIAA-CREF Accuse REIT Firm of Accounting Fraud
NYC’s retirement system has joined a lawsuit against American Realty Capital Partners, claiming it “artificially inflated prices” of its securities.