Manager Selection
London CIV Appoints Aoifinn Devitt as CIO
Moving from a CIO position in the U.S., Devitt’s appointment is effective January 15.
News
Pensions
CalSTRS Board Approves Plan to Increase Portfolio Leverage up to 10%
The pension fund would be able to borrow as much as $30 billion to mitigate potential market downturns.
Regulation
SEC Proposal to Ban Volume Discounts for Exchange Orders Receives Mixed Feedback
Larger exchanges came out in opposition, while smaller exchanges and consumer advocates supported the change.
Newsmakers
CalSTRS CIO Chris Ailman to Retire
The long-tenured investment chief announced he will step down on June 30.
Manager Selection
Blackstone Names New Co-CIOs
The promotions of Lionel Assant and Ken Caplan come amid several new asset management appointments throughout the industry.
Newsmakers
India’s National Investment and Infrastructure Fund Names New CEO
Sanjiv Aggarwal will join the $5 billion sovereign-linked pension fund from U.K. investment firm Actis.
Corporate Moves
Asset Management, Consulting Firms Make Leadership Changes for 2024
Voya IM names new CEO; Goldman adds head of retirement role for asset, wealth group.
Risk
Vexing Gap Persists on Rates: Investors vs. Fed Officials
Futures market expects deeper cuts ahead than the central bank bunch projects.
Research
Institutional Assets Overtake Retail in 2023 for 1st Time in a Decade
U.S. retail client channels comprised $30 trillion in assets at the end of last year, while institutional assets hit $30.9 trillion, according to a new Cerulli report.
Pensions
Most US Public Pension Funds Are Distressed, per Equable Report
The average funded ratio for American pension plans was 78.1% in the most recent fiscal year study, with $1.4 trillion in total unfunded liabilities.
Pensions
New York City Pension Funds Report Calls 2023 ‘Difficult Year’ for Shareholder Proposals
Climate-related initiatives struggled due to a ‘well-funded backlash’ from conservative interest groups.
Asset Allocation
Private Credit’s Rise: You Ain’t Seen Nothin’ Yet
Consulting firm Oliver Wyman predicts even greater use of this category of debt.
Pensions
NYC, Oregon Pension Funds Named Lead Plaintiffs in Fox Lawsuit
The plaintiffs’ claim that Fox News’ business model included knowingly engaging in defamation ‘appears promising,’ a Delaware Chancery Court says.
Regulation
Julie Su Re-Nominated as Head of DOL
Nominees who have not yet been confirmed must be resubmitted at the beginning of any calendar year.
Asset Allocation
Why Consider AI Stocks, What to Be Aware of, per Morningstar
Risks and opportunities exist in machine learning for investors who want exposure.