Former Adviser Gets Nearly 6 Years in Prison for Fraud
Gary Basralian admitted to stealing at least $2 million from his clients.
News
Falling Discount Rates Send Corporate Pension Funding Tumbling
Funded ratio of 100 largest US corporate plans drops to 83.8% from 87.7%.
L.A. Firm, Founder Charged in $19 Million Illegal Securities Offering
SEC alleges “recidivist founder” Ira Warkol charged 35% commissions.
Corporate Moves
Boris Johnson Swiftly Picks a New Work and Pensions Secretary
New head picked almost immediately after former head’s shock resignation.
Asset Allocation
CPPIB Buys Stake in Top India Logistics Provider
Fund had allocated $7.5 billion to India, fiscal results show.
Newsmakers
ExxonMobil, Shell Among 10 Oil companies Dumped By Danish Pension Fund
The move is part of MP Pension’s 2020 ESG plans, which favor the Paris Agreement.
Newsmakers
Norway’s KLP Pressures Agribusiness, Investors to Save the Amazon
$80 billion fund seeks action to end ‘devastating environmental damage.’
CIO’s Transition Management, LDI Surveys Extended
Surveys to remain open until Sept. 20.
Alternatives Investors Say Equity Markets Have Peaked
The majority also believe private equity, real-estate markets are overvalued.
People Moves Roundup
Shakeups in Schroders, M&G’s New AsiaPac team, and more.
Regulation
Adviser Charged with Defrauding NFL Players with Brain Injuries
SEC alleges Phillip Howard took advantage of ‘vulnerable investors’ to line his pockets.
Risk
Swedish Pension Fund AP2 Returns 10.7% in First Half
Despite strong return, fund fell short of its benchmark by 0.4%.
UK Firm Shuttered Over Pension Plan Mismanagement
Ecroignard Trustees was accused of investing in risky, illiquid vehicles.
Research
Fewer Deaths May Mean Increased Pension Liabilities
Lane Clark & Peacock expects UK mortality projections to show longer life expectancies.
Risk
New York Cuts Investment Return Assumptions to 6.8%
DiNapoli says a ‘more conservative approach’ needed for lower return environment.