Jerome Powell Has the Worst Fed Day Record for Stocks
S&P 500 returns are mainly negative on day he announces decisions; not so for prior chairs.
News
Pensions
The Public Sector Pension Investment Board Gains 18.4% in FY2021
An extraordinary recovery in the capital markets netted the Canadian allocator double-digit earnings.
Pensions
Sanofi Agrees to Bolster Pension, Match Dividends with Plan Contributions
TPR pressures French biopharmaceutical company to boost UK defined benefit plan funding.
Dentist-Turned-Investment Adviser Charged in Three Frauds by SEC
Edgar Radjabli is accused of manipulating the securities market for Veritone, among other schemes.
Market Moves
Why the Fed Won’t Tighten Soon: Too Much Unemployment, Says Strategist
The high jobless level counters any push to curb central bank stimulus, argues Commonwealth’s McMillan.
Asset Allocation
GIC and Equinix to Pump Extra $3.9 Billion into Data Centers
When completed, the global portfolio will be valued at more than $6.9 billion and will service the world’s top cloud service providers.
Asset Management Culture
Air France–KLM Completes De-Risking of Pension Plans
The airline struck a deal with five unions to convert a ground crew pension into a defined contribution plan.
Pensions
Despite Market Rebound, Rising Unemployment Hurt Public Pensions
A report from the Center for Retirement Research finds that layoffs led to increased contribution rates.
Asset Allocation
Greater Breadth Will Pull Stocks Out of Sideways Pattern, Stovall Says
As the tech stars dim, other sectors are charging upward, thus triggering the next breakout, CFRA sage declares.
Maine Becomes First State to Pass Fossil Fuel Divestment Bill
The state pension fund has more than $1 billion invested in companies such as Chevron, Exxon, and ConocoPhillips.
Corporate Moves
Moneta Taps Aoifinn Devitt as CIO
Former CIO of the Chicago Policemen’s Annuity and Benefit Fund becomes the first woman to manage the firm’s portfolio.
Market Moves
Will High Inflation Do a Number on Stocks? You Bet, Says Goldman
Its 50-year study documents just how an escalating CPI is no friend to the market.
Asset Management Culture
PSERS Trustees Yank Their Request to Oust Executive Director, CIO
Board members at the beleaguered pension fund withdrew their call for a vote of termination at Friday’s meeting.
Asset Allocation
Korean Asset Managers Earn Record Profits in Q1
The country’s 328 firms saw an aggregate 424.7% increase in income from a year earlier.
Corporate Moves
Penn SERS CIO Seth Kelly Resigns
He leaves the pension fund after less than a year on the job; Deputy CIO James Nolan will take over as acting CIO.