Risk
Markowitz Redux: Updating Modern Portfolio Theory
Two academics create a new measure to divine a security’s price after a certain holding period.
News
Corporate Moves
3M to Freeze Nonunion Pension Plans in 2028
The company is focused on ‘providing employees with more flexibility and control’ by moving to the 401(k) structure.
Manager Selection
WTW Promotes David Eisenreich to North America Head of Retirement
Eisenreich has been with the firm since 2005 and replaces the retiring Michael Archer.
Manager Selection
Boann Social Impact Hires Alicia Dubois as CIO
The fund will seek to expand impact investing in Canada.
Risk
10 Predictions for 2024, in Memory of Byron Wien
JPM’s Cembalest gives prophecy a try in a tribute to the late market sage.
Pensions
Funded Levels Rose for Canadian DB Plans in 2023, But Risks Remain
Interest rates and market volatility continue to pose a significant risk for many plans.
Asset Allocation
Thames Water Marked Down by More Than 60%
The U.K.’s Universities Superannuation Scheme downgraded the value of its holdings in the private utility, putting infrastructure investments under a spotlight.
Market Moves
Hedge Funds’ Popularity Flags Among Allocators, per Consulting Firm
Institutions will taper off their investments to hedge operators, says Agecroft Partners.
Pensions
Pension Risk Transfer Growth Fuels UK Insurance Rating
Higher interest rates have boosted the funded statuses of U.K. pension schemes and given Fitch Ratings reason for optimism.
Regulation
PBGC Requests Nominations for Open Advisory Council Position
The deadline for nominations is February 16.
Regulation
Updated Form 5500 and Instructions Released
Defined benefit plans will see important changes to Schedule R and Schedule MEP.
SEC, DOJ Charge Dozy Mmobuosi in ‘Massive’ Fraud
The Nigerian businessman with claimed assets of more than $7 billion was widely reported to have been close to buying English soccer club Sheffield United.
Manager Selection
CalPERS Interim CIO Dan Bienvenue Joins CAIA Board
Bienvenue’s 3-year term began January 1.
Research
Why Stocks Might Rise 10% in 2024, per CFRA’s Stovall
When the S&P 500 advances more than 20%, as it did in 2023, history says it will climb an average 10% in the next year, an investment sage finds.
Regulation
SECURE 2.0 Cash Balance Reforms Codified by IRS
The changes should make it easier for defined benefit plans to pass IRS backloading tests.