Asset Allocation
New York State Common Earmarks $1.9B in September Investments
More than half of the monthly commitments were made within the pension giant’s credit portfolio.
News
Asset Allocation
Sovereign Wealth Funds Taking Up Larger Share of Global Asset Ownership
As of 2022, SWFs make up 38.9% of total assets among the world’s largest 100 asset owners, up from 32% in 2021.
Research
Higher Interest Costs Will Continue for Some Time, Study Says
The so-called ‘natural interest rate’ is on the rise and will keep the cost of money aloft into the 2030s, per Bloomberg Economics.
Regulation
Asset Management Advisory Firm President Charged by SEC in Massive Fraud
John Hughes bilked dozens of victims of nearly $300 million in a ‘brazen and sophisticated fraud’ and has already pleaded guilty to criminal charges.
Pensions
UK Chancellor’s Autumn Statement Proposes Pension, Benefits Increases
The Conservative Party government’s plans also include consolidating smaller pension funds and extending programs to spur investing in startups.
Asset Allocation
Norway’s Pension Giant Bulks Up Boston Commercial Real Estate Holdings
The $1.44 trillion Government Pension Fund Global has been investing in office real estate in the area since 2013.
Manager Selection
NYC Pensions Increase Allocation to Emerging Managers Following Outperformance
Minority- and women-owned managers have beaten the city’s pension funds’ benchmarks in all asset classes since 2015.
Risk
SEC Accuses Kraken of Operating Unregistered Securities Exchange
The charge will only stick if the court agrees with the SEC that the tokens involved are, indeed, securities.
Risk
Nvidia Results Romp, So How Come Its Stock Slipped?
Market-wide forces are impacting the high-flying shares, which have led the S&P 500 all year.
Market Moves
No End in Sight for Venture Capital Struggles
Due to high interest rates, among other things, VC investment in new companies and IPO exits are way down from previous years.
Asset Allocation
Texas Constitutional Amendment Creates Endowment Fund for Newer Universities
A separate proposition enabling a cost-of-living increase to pensions for retired teachers was also approved.
Regulation
FINRA Proposes Allowing Projected Performance in Marketing to Institutional Investors
The regulating body breaks with its previous skepticism of projected performance, but only for qualified purchasers and institutional investors.
Regulation
DOL Announces Form 5500 Changes
The adjustments include revisions to Schedules MEP and MB.
Manager Selection
Kathleen Jacobs Named CIO of RWJBarnabas Health
After stepping down in September from overseeing NYU’s endowment, the investment chief’s appointment to run the $8 billion system is effective in January 2024.
Market Moves
Tech Stocks’ Multiples Too Rich to Keep Fueling S&P 500 Rise, Says Sage
Historically, when the sector’s P/Es are this high, its market performance flags over the next 12 months, per Jack Ablin.