
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.
The firm has tapped Peter Gunning, who had been CIO previously.
The new head means the 82-year-old firm has women in both of its highest roles.
Peter Gunning, who once had the role, resumes it until a replacement is found.
Asset manager takes over from the food and beverage maker’s in-house investment operation.
The so-called $20 billion club’s pension funded status rises to 84.4%.
30-year industry leader to succeed Len Brennan, who will become strategic advisor to the firm.
Tax considerations, rising PBGC premiums drive move, Russell Investments says.