Invesco Buying OppenheimerFunds from MassMutual for $5.7 Billion
The move will bring the fund giant’s value to $1.2 trillion, and the insurer will receive a 15% stake in the acquirer.
News
Risk
Michigan Endowment Returns 10.7%
Board of regents approves new model portfolio for 2019 fiscal year.
Brazil’s Previ Won’t Cut Vale Shares Anytime Soon
The pension fund’s recent accounting changes boost the value of its stake in the iron ore miner.
PRI Laggards Could Be Out
Asset managers and owners will be given two years to show they are responsible investors before being delisted from the United Nations-backed Principles for Responsible Investment.
Newsmakers
Norway’s Finance Ministry: Keep Sovereign Wealth Fund with Central Bank
Move rejects 2017 proposal to spin off management of the Government Pension Fund Global.
Newsmakers
Former State Street Head Sentenced to 18 Months for Fraud
Ross McLellan and others were adding secret commissions to fixed-income, equity trades with institutional clients between 2010 and 2011.
Research
Britons Missing Nearly £20 Billion in ‘Lost’ Pensions
Report says changing jobs, moving homes are most likely causes of lost pensions.
Newsmakers
Chicago Mayor Avoids Pension Mess in Final Budget Speech
Emanuel touts deficit shrinkage, but a still-whopping $28 billion hole awaits his successor next year.
Risk
Ohio Retirement System Lowers Assumed Rate of Return
Fund is cutting the rates for public employee and healthcare plans due to lower market expectations.
Newsmakers
PBGC to Cover ‘Vast Majority’ of Sears Pension Benefits
Pensions lifeboat says it’s prepared to provide for 90,000 retirees and workers.
Newsmakers
Treasurers Demand Zuckerberg Quit as Facebook Chairman
Social network CEO shouldn’t have dual role, say financial officials from NYC and three states, backing Trillium plan.
TPR Fines Trustees for Not Investing Savings Promptly
Failure to invest £1.4 million for three years affected more than 9,000 Salvus Master Trust plan members.
Investors Mixed on AI Helping, Replacing Jobs in 2025
Tech has low adoption, but Fidelity’s CIO says it’s ‘still early days.’
Asset Allocation
HSBC UK Pension Plan to Invest $328 Million in Renewables
Bank wants enough onshore solar and wind energy to power an Oxford-sized area.
Asset Allocation
Penn State Endowment Returns 7.8% in 2018
Performance is among the lowest reported by other major public universities so far this year.