Newsmakers
Restoring Pensions from 401(k) Plans Could Cost San Diego Millions
The city might have to retroactively create DB plans for some 4,000 city workers.
News
Alternatives
‘Zero Cars, Zero Streets’: Saudis Hatch a Plan for Future City Living
Backed by the state sovereign wealth fund PIF, the idea to build a carbon-free city called ‘The Line’ at business hub NEOM was unveiled by the crown prince.
Research
US Pension Spending Supports $1.3 Trillion in Economic Output
A new report assesses the national economic impact of benefits paid by defined benefit plans to retirees.
Market Moves
Stocks Do Well with Total Democratic Dominance in Washington, Study Says
History shows that equities advance an average 9.1% then, LPL research finds.
Pensions
National Pension Service of Korea Wagers Offices, Hotels Will Recover
The world’s third largest pension fund placed a $1 billion bet on public global real estate with asset manager Russell Investments.
Risk
SEC Charges Las Vegas Business Owner for Alleged Role in Defrauding Elderly Investors
Ponzi scheme allegedly raised more than $170 million from approximately 1,100 investors.
Market Moves
Goldman: Total Democratic Control of Washington Will Improve Economic Growth
The party’s dominance will permit a third round of federal stimulus this winter, lifting 2021 GDP to 6.4% growth, the firm says, as it brightens its forecast.
Risk
SEC Charges 23-Year-Old Crypto Fund Manager with Fraud
Stefan Qin allegedly lied to investors about Virgil Sigma Fund’s strategy, assets, and financial condition.
Asset Allocation
Funded Ratio for Canadian Pension Plans Improves in 2020
After plummeting during the first quarter, the funding level of Canadian defined benefit plans rebounded to end the year at 91.2%.
Asset Management Culture
Ontario Teachers’, Ares Buy Packaging Company
The investors will take a majority stake in TricorBraun after it reported ‘record sales’ in 2020.
Manager Selection
Breaking News: Kentucky Retirement Systems Names Steven Herbert New CIO
The asset manager and former consultant is the sixth investment chief to head the fund in about 13 years. He starts Jan. 16.
Veteran Series: How Bob Maynard Turned PERSI Around
The stickler for a conventional investing style talks about his start in the business.
Asset Management Culture
Rebound for AUMs among Top 10 Hedge Fund Trends
Consultants Agecroft Partners say that a turnaround in overall hedgie results is bringing a brighter picture.
Pensions
Strong Investment Gains Fail to Boost US Corporate Pensions in 2020
Despite returns of nearly 13%, US corporate plans’ funded level remained flat for the year, thanks to falling rates, Willis says.
Consulting Firms Ask Asset Managers to Disclose Diversity Data
Verus and others have formed a diversity coalition as institutional pressure grows for greater racial equity.