Former Asset Management Firm COO Gets 3 Years in Prison for Fraud
Richard Diver admitted that the money he stole was consumed by his ‘wild’ personal spending.
Risk
Court Rules Pensions Can’t Exist in a State of Limbo
In ‘most unusual case,’ judges back PBGC and find that someone must be held responsible for a pension even if the sponsor is long gone.
‘No End in Sight’ to Government Spending, Gundlach Says
Bond King says that output will bring much more Treasury issuance, and the Fed’s buying a lot of it.
Head of Norway’s Wealth Fund Resigns Over Security Clearance Denial
Norges Bank’s deputy governor said his clearance was rejected because he has a wife who lives in China.
A Look Ahead to 2021: Institutional Investors Brace for a Bumpy Road
The majority of global allocators are planning defensive strategies, expecting slides in everything from stocks to SPACs, a Natixis survey says.
SEC Charges Firm for Targeting Haitian-Americans in Alleged Fraud
The CEO told investors their money would help to fund agriculture, renewable energy, and ecommerce projects in Haiti.
US Public Pensions’ Funded Ratio Declines More Than 2% in 2020
Despite funded levels falling to 70.7%, the 100 largest public plans have ‘shown great resiliency’ in the face of the pandemic.
Pension Fund Sues Cigna over Failed Anthem Merger
Lawsuit alleges Cigna’s CEO tried to sabotage the $54 billion merger when he found out he wouldn’t lead the new company.
If You Think the Dollar Has Lost Value Now—Just Wait
The buck, off almost 5% in 2020, could dive another 20%, Citigroup warns.
Why It’s Time to Make a Standalone China Allocation, Willis Says
Investors tend to invest there only as part of an emerging market strategy, which dilutes the potential return, the consulting firm concludes.
Northern Trust Sued for Allegedly Loading 401(K) with Proprietary Duds
Lawsuit claims default retirement plan investments have underperformed up to 90% of peers for nearly a decade.
Supreme Court Denies Bondholders’ Claim on Puerto Rico’s Pension Plan
Investors argued that they should get some of the government contributions to the insolvent retirement program.
Laid-Off Ford Managers Set Back on Bid for Higher Pension Payouts
Federal judge rules that they must use arbitration, instead of the courts, to seek redress.
TPR Warns Trustees to Prepare for Plan Sponsor Distress
Regulator says trustees must act quickly to protect savers if they spot warning signs of an employer’s financial difficulties.
Think You’ve Got the Risk-Return Mix Down? Guess Again
Many institutional investors trip on undetected hazards, Northern Trust study says.