Manager Selection
Advisors Asset Management Taps Clifford Corso as CIO
He leaves Insight Investment to oversee nearly $40 billion in assets
News
Market Moves
Black Gold: Oil Prices Are Set to Hit $100 Again, BofA Says
Per-barrel costs have shot up from $18 in early 2020, and may even reach $175, the bank’s analysts contend.
Corporate Moves
Bob Doll Named CIO of Faith-Based Boutique Firm
Former chief equity strategist at Nuveen and BlackRock joins Crossmark Global Investments.
Asset Allocation
Norway’s Sovereign Wealth Fund Excludes 3 Firms for Rights Violations
Shapir Engineering and Industry, Mivne Real Estate, and Honeys Holdings were deemed an ‘unacceptable risk.’
Asset Allocation
Locus Raises $50 Million in Funding Round Led by GIC
The supply chain and machine learning company is looking to cut costs in the growing warehouse and logistics sector.
Corporate Moves
LA Fire and Police Pensions Names Ray Joseph as New CIO
Joseph will replace Tom Lopez, who is retiring after more than 40 years at the pension fund.
Market Moves
Dimon: Minimum Tax on Corporate Proceeds Abroad Is a Very Bad Idea
JPM chief, joined by Citi’s Fraser, says Biden plan will backfire on the US.
Corporate Moves
Aon to Sell US Retirement and Retiree Health Businesses in $1.4 Billion Deal
The firm is seeking regulatory approval from the US DOJ for its heavyweight merger with Willis Towers Watson by divesting parts of its business.
Regulation
Sustainable Investment Legislation Re-Introduced in Congress
Dual bills would require fiduciaries to consider ESG factors in investment decision-making.
Look Out, Dollar: The Yuan Will Keep Surging, Says Ray Dalio
Just a minor player globally, the Chinese currency will expand its use a lot over the next decade, the hedge fund honcho predicts.
Risk
British Airways Pensions Transfers $30 Billion in Assets to BlackRock
Intensifying regulation, rising operational costs, and increasingly complex investments were cited by the beleaguered airline.
Research
Behavioral Biases Can Cause Real Harm to Investors
Morningstar study finds higher bias levels lead to worse financial outcomes.
Swiss Bank Admits to Laundering over $36 Million in FIFA Bribes
Bank Julius Baer has agreed to pay nearly $80 million in penalties for its role in soccer bribery scheme.
Market Moves
How China’s Metal Price Crackdown Could Thwart the Commodities Surge
Price rises in raw materials have excited hopes for a new super-cycle. Might those be dashed?
Corporate Moves
Ellen Ellison, University of Illinois Foundation CIO, Steps Down
The allocator shared on social media that she will be leaving to pursue other endowment and investment-related activities.