Risk
Arizona Evaluates over $1.5 Billion in Private Credit Investments
System liquidates entire high-yield portfolio.
News
JPMorgan to Pay $135 Million for Improper ADR Handling
Settlement is the SEC’s eighth action against a bank or broker in its ongoing ADR investigation.
European Central Bank Projects Global Growth to Slow in 2019
Report says US-China trade tariffs are weighing down global economic activity.
Newsmakers
SFERS Hires Select Equity Group for $500 Million Portfolio
The New York City firm is selected to manage an international portfolio even as other international equity strategies are being trimmed of their assets.
Risk
Rising Interest Rates Galvanize Change in Alaska Board’s Farmland Portfolio
Management Board switches focus from row crops to permanent crops to target outsized performance.
Newsmakers
Pennsylvania Pension Revamp Starts, Barring New Hires from Legacy Plan
Newly hired state workers will get lower benefits and either a 401(k) or hybrid retirement plan to save tax dollars, prop up DB funding levels.
Q4 Market Swings Trim Corporate Pension Plans’ Funding in 2018
Funds were on track to top 90%, but investment slumps brought them in slightly below 2017’s showing.
Newsmakers
Canada Launches Pension Enhancement Plan
Enhancement will increase benefits and contributions for working Canadians.
Asset Allocation
New York Allocates over $1.9 Billion of Capital
Particular focus given to Asia-specific strategies.
Public Pensions Turn to Private Assets in 2018
Expected lower return environment spurs interest in private equity, real assets.
TPR Investigates Suspected £18 Million Pension Fraud
Regulator also charges account manager of concealing workplace pension failures.
CalSTRS Funding Report Offers Hope for the Future
While system is on track to full funding by 2046, investment volatility could throw a wrench into the process.
Lawmakers Introduce Bill to Exempt Cryptocurrencies from Securities Laws
Proposed legislation aims to provide light-touch regulatory guidance for digital tokens.
SEC Charges Audit Firm in Failure to Detect Unpaid Taxes
Crowe LLC let $100 million in unpaid taxes slip under its radar, SEC alleges.
CalPERS Restructures Infrastructure Guidelines
Pension officials hope more flexibility to invest in international infrastructure projects in developed countries will give the program more diversification and help results.