Market Moves
A New Tech Bubble Is Poised to Pop, Warns Bernstein
Profitless companies with soaring stocks, like Pinterest and Snap, are flirting with trouble, the firm’s analysts say.
News
Asset Allocation
Norway Pension Giant Asked to Shed 25% to 30% of Companies from Index
Finance Ministry calls for the Government Pension Fund Global to drop up to 2,200 equity investments.
Regulation
SEC Finds Potentially Misleading, Unproven Claims by ESG Funds
Agency issues risk alert over poor disclosure practices by some sustainable investment product providers.
Pensions
US Corporate Pension Funding Nudges Higher in FY 2020
Asset returns of 13.4% offset plunging discount rates to lift funded levels to 88.4%.
Newsmakers
Florida Senate Passes Bill to Move Most State Workers to DC Plan
Opponents say the proposed legislation attempts to solve a problem that doesn’t exist.
Pensions
Illinois Governor Signs Chicago Firefighters’ Pension Bill into Law
Critics say it will more than double the city’s annual pension costs to $30 million.
Regulation
Extortionist Pleads Guilty to Crypto Firm Shakedown
Michael Hlady, who claimed to be part of the FBI, CIA, and NSA, threatened to ‘destroy’ a startup.
Asset Management Culture
MBS Wants Saudi Arabia Fund to Reach $2 Trillion in Assets
The crown prince’s ambitious plan for the Public Investment Fund would change the kingdom’s dependence on oil while creating the world’s largest pool of institutional money, but questions remain.
Market Moves
Look Out: Higher Volatility Is Gonna Hit US, UBS Says
Virus jitters, higher growth and inflation, and a record-setting market will amp up the fear gauge, the bank warns.
Asset Management Culture
More Investors Are Allocating to Emerging Alternatives Managers
The lack of in-person meetings did not dampen interest in smaller firms, which are putting themselves out there through Zoom.
Pensions
Funded Levels of Canadian DB Plans Climb to 20-Year High
Surging bond prices helped boost defined benefit plans’ funded ratios to 124%.
Market Moves
Electric Vehicle Stocks Will Short Out, Arnott Predicts
A lot of the EV makers will go bust, paralleling many once-hot smartphone and airline outfits, says his Research Affiliates.
Pensions
The New Kentucky Investment Chief Just Got a 41% Pay Boost
Still, the salary remains at the low end for allocators at public pension funds.
Asset Management Culture
University of Pennsylvania Targets Net-Zero by 2050
The $14.9 billion endowment becomes the latest institutional investor to target the goals of the Paris Agreement.
Risk
Tech Firm CEO Sentenced to 8 Years in Prison for Fraud
Daniel Boice pleaded guilty to defrauding 250 investors out of more than $18 million.