Consultants Slip the Regulatory Noose…for Now
Despite calls to the contrary, a review of regulation for UK investment consultants is not on the horizon.
Regulation
SEC Enforcers Recommend Action Against BlackRock Advisors
The world’s largest money manager has received notice of possible securities violations over conflict of interest disclosures.
CalSTRS Ups Member Contributions to Bridge Funding Gap
Staff, employers, and the state of California will see contributions increase to more than $5 billion in the coming years.
CalPERS Strikes Deal With San Bernardino Over Debt Payments
The Californian pension has agreed a plan with the bankrupt city of San Bernardino to repay deferred debts.
Goldman Sachs and Bain Capital Settle Antitrust Violation Suit
The first two firms to settle the seven-year collusion suit, Goldman and Bain will pay $67 million and $54 million respectively.
Consultants Accused of Serial Conflicts
A Congressman has pressed the Labor Secretary to look into pension consultants’ “breach of fiduciary duty.”
GSAM v Vervoer Battle Over
The dispute over a fiduciary management contract has been settled out of court.
NYC Pensions Seek More Alternative Investments
State senators have proposed a bill outlining a 10
percentage point increase in exposures to more attractive asset classes and
strategies.
Texas Pension Overpaid Staff in 2013, Auditor Finds
The pension funds for Texas public sector workers overpaid staff and failed to formally approve incentive plans in time, the state’s auditor has reported.
S&P Scolded for France Rating Slip
An internal error meant S&P falsely informed subscribers that France had been downgraded.
Pension Reform Could Save Pennsylvania $11B, Claims Actuary
Lawmakers are pushing for a cost-saving hybrid plan proposal combining DB and DC plans for new employees.
SEC Hits Out at Underfunded Public Pensions
SEC Commissioner Daniel Gallagher has hinted at potential fraud action against “lax accounting standards”.
BlackRock: Charge Investors to Exit in Times of Stress
The US asset management giant argues for redemption
fees to stop runs on funds in an investigation into financial stability.
Redesigning US Public Pension Plans (in the Netherlands)
Research has
found raising contributions, reducing indexation, and changing portfolio
asset allocations could help improve plans’ financial health.
Texas Pension Drops Credit Suisse After Guilty Plea
Texas ERS has suspended its trading with the Swiss bank indefinitely as of May 21.